(PRWEB) August 10, 2014
The report “Solid Oxide Fuel Cell Market by Type (Planar, Tubular, Others), Application (Large Stationary, Small Stationary, Transportation, Portable & Military), Geography - Global Trends & Forecast to 2018” defines and segments the global solid oxide fuel cell market with an analysis and forecast of the revenue. The SOFC market will grow from an estimated $2.19 billion in 2013 to $3.32 billion by 2018, with a CAGR of 8.7%.
Browse 89 market data tables and 59 figures spread through 228 pages and in-depth TOC on “Solid Oxide Fuel Cell Market - Global Trends & Forecast to 2018”.
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Asia-Pacific: Largest market for floating production systems
Asia-Pacific is estimated to be the largest revenue-generating region for SOFC. Japan and South Korea will be the major countries driving the market. SOFCs are also dominating the European and North American markets. In the ROW, different applications are growing, but the growth rate is low due to lesser awareness. These regions contain prospective future markets for SOFC along with some other regions in Asia-Pacific.
Planar SOFC: Biggest market by type
Planar SOFC is the largest SOFC type used across the globe. Despite having a higher installation cost, it has higher power to area ratio compared to the other types. Planar SOFCs, with their high electrical efficiency and ability to be used in sub megawatt and megawatt applications, are one of the widely used fuel cell systems. Planar SOFC technology can be adapted for all types of applications and it also supports portable and military applications due to its high electrical efficiency.
Solid Oxide Fuel Cells are extremely versatile compared to other types of fuel cell systems. SOFCs can be used for developing portable, transportation, and stationary applications. They are also flexible when it comes to the type of fuel required as they can run on a variety of fuel including natural gas, gasoline, diesel, and hydrogen. These qualities have resulted in various government institutions, companies, and universities conducting research on SOFC to facilitate their rapid commercialization. SOFC systems are made of different types depending on the technology used in its electrolyte. The most commonly used types are planar and tubular, which are available commercially.
The SOFC market scenario is competitive with various companies covering one or more applications. Asia-Pacific is the most active market for SOFC. However, the important challenges for SOFCs are in terms of commercialization. The rise in production and commercialization would in turn decrease the cost. This industry is expected to see rapid commercialization in the next few years.
The focus on research and refinement of the technology helps the companies to minimize their cost of operation and maintenance while increasing efficiency and stability of the product, thus, generating great revenue for the companies. Currently, the market for planar SOFCs is higher. The research and development of SOFC involve huge investments and greater risks. So, to minimize the same, the leading players are signing contract agreements and joint ventures to have expertise in all areas of research and shipbuilding. In addition, the continuous refinements happening in technology are leading to many new product developments.
Portable & Military Use:
The application of SOFCs is growing the fastest in portable and military usage, because of their smaller size and variety of fuels that are used in solid oxide fuel cells. In military applications, SOFCs provide a better and easy way of power compared to traditional power sources.
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