Global Solid Oxide Fuel Cell Market is expected to reach USD 1.42 billion by 2025, growing at a CAGR of 30%, according to a report by Grand View Research, Inc. Government funding is largely being replaced by corporate funding and in turn exhibited to display positive growth potential. There has been an increase of more than 44% of corporate funding from the period 2013 until 2016 hence displaying feasible commercialization prospect for the technology.
The rising pressure among nations to reduce carbon emissions while strengthening energy security is another factor favoring the growth of the solid oxide fuel cell market. Due to its working characteristic, solid oxide fuel cell has an efficiency in the range of 50-60%. However, there are concerns among solid oxide fuel cell manufacturers to reduce the production cost to generate significant profit margin.
The soaring capital & operational costs and underutilization of various facilities for the development of solid oxide fuel cell electric vehicle market are likely to result in high investment risks. High capital costs are directly related to the compression and storage of hydrogen. Therefore, highly pressurized hydrogen storage requires costly compressors. This is likely to pose a threat to market participants.
The Asia Pacific region is expected to benefit due to favorable governmental regulations in countries such as Japan and South Korea. Fuel cell powered automobiles and residential projects receive government subsidies in the region. Big players in North America such as Walmart, Coca-Cola, Equinix, Apple, CenturyLink, AT&T, Verizon are actively investing in solid oxide fuel cell technology to reduce emissions and generate power for company operations.
Full Research Report on Global Solid Oxide Fuel Cells (SOFC) Market Analysis:
http://www.grandviewresearch.com/industry-analysis/solid-oxide-fuel-cells-market
Further key findings from the report suggest:
View more reports of this category by Grand View Research at:http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the Global Solid Oxide Fuel Cell (SOFC) Market on the basis of application and region:
Application Outlook (Volume, Units; Capacity, Kw; Revenue, USD Thousand; 2014 - 2025)
· Distributed Energy Generation
§ Residential Application
§ Commercial Application
§ Natural Gas Compression Station
§ Data Centers
§ Military & Defense Application
§ Grid Support
§ Industrial
§ Remote Application
§ Others
· EPS/UPS
· Transportation
· Portable
Regional Outlook (Volume, Units; Capacity, Kw; Revenue, USD Thousand; 2014 - 2025)
View press release of this research report by Grand View Research:http://www.grandviewresearch.com/press-release/global-solid-oxide-fuel-cells-sofc-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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