Solid oxide fuel cell (SOFC) is an electrochemical device used as an auxiliary power unit in vehicles and stationary power generation units, owing to its high efficiency, long-term stability, fuel flexibility, and low emissions.
A major factor driving growth of the solid oxide fuel cell market is increasing demand for energy efficient renewable power generation technology across the globe. A major factor hampering growth of the global solid oxide fuel cell market is high cost of the fuel cells.
The global solid oxide fuel cell market is segmented on the basis of type, application, and region. On the basis of type, the target market is segmented into planar and tubular. The planar segment is expected to register highest growth in terms of revenue in the target market during the forecast period.
On the basis of application, the target market is segmented into power generation, combined heat and power, and military. The power generation segment is expected to witness highest growth in the target market during the forecast period.
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On the basis of region, the global solid oxide fuel cell market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest share in terms of revenue and is expected to dominate the target market during the forecast period, owing to rising demand for solid oxide fuel cell for power generation in this region. The Asia Pacific market is projected to register highest CAGR over the forecast period. The market in Europe is estimated to witness significant share in terms of revenue in next 10 years.
Key players operating in the global solid oxide fuel cell market are Bloom Energy, Doosan Fuel Cell America, Inc., FuelCell Energy, Inc., LG Fuel Cell Systems Inc., General Electric Company, Protonex Technology Corporation, Atrex Energy, Inc., Ceres Power Holdings plc, Watt Fuel Cell Corporation, and Convion Ltd.