Solid oxide fuel cells (SOFCs) oxidize fuels to produce energy. These electrochemical conversion devices find vast applications across different industrial verticals. Advantages of the fuel cells include their higher efficiency, fuel flexibility, lower costs, environment friendly nature and stability. With all these characteristics of the products, the solid oxide fuel cell market is set to grow at a steady compound annual growth rate, all over the world. This global rise in the SOFC demand is expected to be driven by the growing applications of the products. Rising demand for clean energy and global awareness and rapid adoption are also set to influence the trends of demand and revenue turnovers in the global industry.
Segmentation in the SOFC Market
Detailed study of all the industry segments provides clear information about the prevailing trends for that product. In case of the solid oxide fuel cell market, researchers have segmented the industry on the basis of the technologies and their applications. Demand recorded across different geographic regions is also taken into consideration. Analysis of all these aspects of the industry gives clear picture as far as the future growth prospects and investment avenues are concerned. The technology segment is sub-divided into tubular, planar and others. The applications segment is divided into large and small stationary, portable and military applications and transportation. On the basis of geography, the SOFC industry is divided into Europe, Asia Pacific, North America and the rest of the world.
Future Prospects – Growth by 2018
Various factors are responsible for the steady growth in the solid oxide fuel cell market. These factors include the innate characteristics of the fuel cells, which include durability, low emission and the cost factors. Apart from that, the ability of these cells to work in stationary, transportation and portability applications, zero emission records and service as a source of clean energy are also expected to catalyze the global industry. However, there are a few hindrances for the manufacturers as well. These hindrances include establishment of the proper infrastructure, commercialization and high cost of the catalysts. Apart from that, the innovative technologies and growing applications of the SOFCs are expected to create positive atmosphere as far as the industry growth is concerned.
According to the latest reports, the solid oxide fuel cell market is anticipated to grow at a CAGR of over 8% from 2013 to 2018. At the expected compound annual growth rate, the researchers expect this market to become worth $3.32 billion by the end of the year 2018. During the forecasting timeframe, Asia Pacific is set to dominate the global industry, which the market leader nations like South Korea and Japan. Increasing investments in the region along with the rising demands will also trigger the growth rate on global scale.
