Pune, Dec. 16, 2019 (GLOBE NEWSWIRE) -- The global Solid Oxide Fuel Cell Market size is projected to reach USD 2.00 billion by 2026, exhibiting a CAGR of 18.3% during the forecast period. Increasing need to develop and rapidly adopt green power generation technologies will be one of the main forces driving the growth of this market. Coupled with this is the rising awareness and commitment to aggressively tackle global warming and pollution that will catalyze the rise of this market. For instance, the US Climate Alliance came into force in mid-2017 with 24 partnering states. The aim of the coalition is to bring down emissions between 26% and 28% by 2025 from 2005 levels. The alliance, in 2018, went a step ahead and announced innovative initiatives to speed up renewable energy uptake, grid modernization, and developing clean transport alternatives. Such large-scale initiatives are expected to accelerate the Solid Oxide Fuel Cell Market growth in the coming decade.

As per a new Fortune Business Insights report, titled “Solid Oxide Fuel Cell Market Size, Share & Industry Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, Others), and Regional Forecast, 2019-2026”, the market value stood at USD 0.53 billion in 2018. The report is founded on an exhaustive research that is aimed at enabling businesses to take strategic decisions that will best help strengthen their position in this upcoming market. In addition to this, the report shares a detailed evaluation and a comprehensive analysis of the various factors, trends, prospects, and dynamics that are likely to shape the market during the forecast period.

A solid oxide fuel cell (SOFC) is a device that operates at a high temperature and produces electrical energy using the electrochemical process. Additionally, these devices can harness high operating efficiency with fuel flexibility and substantial tolerance to foreign impurities.

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Proactive Government Policies to Enhance Market Potential

Rising government investments in promoting the adoption of advanced clean energy systems is anticipated to be one of the leading Solid Oxide Fuel Cell Market trends. For example, the US Department of Energy reported that in 2019, USD 30 million were allotted to fund the fuel cell R&D sub-program in order to lower the costs of producing energy-efficient devices. Furthermore, governments across the globe are taking proactive steps to reduce their carbon footprint. This has prompted many private organizations to undertake solid measures to decrease their dependency on hydrocarbons and fossil fuels. Lastly, government intervention through tax exemptions and subsidies have reduced the overall manufacturing costs of such technologies, which augurs well for the SOFC market.

Stringent Emission Norms to Propel the Market in North America

Among regions, North America is projected to dominate the Solid Oxide Fuel Cell Market share, having generated USD 0.38 billion in revenue in 2018. This will be owing to strict government regulation of emissions, rising energy demands, and spiking investments in renewables. In Asia-Pacific, the market will be primarily driven by increasing investment in hydrogen technology and presence of big companies. Moreover, the region is witnessing a growing number of scientific symposiums and events where ways to advance existing technologies, such as improving material electrode assemblies and fuel flexibility, are debated and researched. Europe is anticipated to register steady growth owing to strong commitment by EU members to sustainability, distributed power generation initiatives, and policies to quicken the pace of uptake of clean energy alternatives such as biogas.

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Product Portfolio Diversification to be the Defining Feature of Competition

The Solid Oxide Fuel Cell Market report shared by Fortune Business Insights foresees a period of intense competition in this market. This will be a result of key players wanting to entrench their position in the market through strategic collaborations to widen their product offerings to consumers.

Key Industry Developments:

• July 2019: UK-based Ceres Power, a leader in SOFC technology, entered into an £8 million licensing agreement with Korea-based Doosan Corporation to collaboratively develop SOFC power systems to meet the rising demands of South Korea’s commercial building market.
  
  
• July 2019: Mitsubishi Hitachi Power Systems, Ltd. and NGK SPARK PLUG CO., LTD. teamed up to set up a joint venture company dedicated to the manufacture and sale of cylindrical cell stacks. These stacks are the power generating components in solid oxide fuel cells.

List of Prominent Players Operating in the Solid Oxide Fuel Cell Market are:

• AVL
• SOLIDpower Group
• Bloom Energy
• Nexceris, LLC
• Mitsubishi Hitachi Power Systems
• Ceres Power
• Bosch
• Suzhou Huatsing Jingkun New Energy Technology Co., Ltd.
• AISIN SEIKI
• Convion
• Sunfire GmbH
• FuelCell Energy
• Elcogen
• Catator

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Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Global Solid Oxide Fuel Cell Market Analysis, Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Application (MW, USD Billion)
    • Stationary
    • Transport
    • Portable
  • Market Analysis, Insights and Forecast – By End-User (MW, USD Billion)
    • Commercial
    • Data Centers
    • Military & Defense
    • Others
  • Market Analysis, Insights and Forecast – By Region (MW, USD Billion)
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

Continued..!!!

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