The 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.
Browse full research report on Global
Solid Oxide Fuel Cells Market: http://www.grandviewresearch.com/industry-analysis/solid-oxide-fuel-cells-market
Further key findings from the report suggest:
- The global solid oxide fuel cell market demand is expected to exceed 1,773.3 MW by 2025, at a predicted CAGR of 40.4% from 2017 to 2025
- The transportation application is expected to witness growth rate in terms of units sold whereas stationary applications is expected to have the highest growth rate in terms of revenue
- Asia Pacific was the largest consumer of solid oxide fuel cell in 2016, in terms of units, closely followed by North America
- The consumption of solid oxide fuel cell in Europe is expected to reach 112.6 MW by the end of 2025 due to the restructuring of infrastructure in Germany and France
- Japan accounted for over 30% of the global solid oxide fuel cell demand in 2016 and is expected to maintain dominance over the forecast period
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented
the global solid oxide fuel cell market on the basis of application and region:
Application Outlook (Volume,
Units; Capacity, Kw; Revenue, USD Thousand; 2014 - 2025)
- Stationary
- 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)
- North America
- U.S.
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- South Korea
- Taiwan
- Japan
- Central & South America
- Middle East & Africa
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.
For more information: www.grandviewresearch.com
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