Industry Insights
SOFCs are becoming an attractive option for energy-efficient power generation resulting in the rising demand for the product in combined heat and power applications. The U.S., since the past five years, is attempting to actively collaborate with private companies through government bodies such as the U.S. Department of Energy and Environmental Protection Agency. In Canada, private players along with government agencies are ameliorating their position on FC induced energy reliance and considers it as a prime source of energy security for the future.
The industry is likely to witness strategic partnerships to strengthen their position in the emerging markets. Public-private partnerships are predicted to be critical for attaining an economically viable technological shift. The introduction of green technologies as an alternative to existing practices is anticipated to lead to high costs, which in turn is projected to challenge the innovations carried out by the key players. Majority of industry participants need to address the shortcomings regarding technical aspects such as stack degradation rates for SOFCs.
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Application Insights
SOFCs have significant growth opportunities in the residential as well as the commercial sectors. In the U.S., stationary SOFCs are widely used in data centres and as a power source for various other commercial purposes. Stationary solid oxide fuel cells are also finding a potential market in military applications.
Countries such as Germany, Japan, and South Korea are strengthening their regulatory framework which acts as a catalyst for the utilization of solid oxide fuel cells in residential applications. France and the UK are funding extensive amount for fuel cell research purposes due to the rising electricity prices
Regional Insights
Some of the major businesses in the U.S. such as Coca-Cola, Bank of America, eBay, Google, and Walmart have announced plans to adopt solid oxide fuel cell for consumption. The data center industry in the U.S. alone consumed over 80 billion kilowatts of electricity in 2015. The adoption of solid oxide fuel cell technology for operations is expected to reduce the electricity utilization cost of data centers by a significant margin.
Asia’s dominance is expected to increase over the forecasted period. The Asia Pacific region is estimated to account for the highest growth rate from the period 2017 until 2025. The region is expected to account for around 50% of the global demand as a large number of manufacturers are based in Japan and the region also witnesses high demand for solid oxide fuel cell.
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Attributes & Details
Base year for estimation
2016
Actual estimates/Historical data
2014 - 2015
Forecast period
2017 - 2025
Market representation
Volume in units, capacity, revenue in USD Thousand and CAGR from 2017 to 2025
Regional scope
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Country scope
U.S., Germany, U.K., France, China, South Korea, Taiwan, Japan
Report coverage
Volume forecast, capacity forecast, revenue forecast, company share, competitive landscape, growth factors and trends
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