Solid Oxide Fuel Cell Market (SOFC) to Grow at 9.78% CAGR Driven by Advances in Technology to 2020

Feb 18, 2016, 07:30 ET from ReportsnReports

PUNE, India, February 18, 2016 /PRNewswire/ --

The global solid oxide fuel cell market report analyzes solid oxide fuel cell deployments and says as the size of the systems increase, the capital cost per unit decreases. This reduction in price will greatly influence the acceptance of solid oxide fuel cell across various end-users, allowing them to be used in a variety of applications. An example to support the above statement has been given below, where we have explained the reduction in costs for CHP Systems as well as APU systems.

Complete report on solid oxide fuel cell market spread across 71 pages, analyzing 6 major companies and providing 38 data exhibits is now available at http://www.reportsnreports.com/reports/477163-global-solid-oxide-fuel-cell-market-2016-2020.html.

The analysts forecast global solid oxide fuel cell market to grow at a CAGR of 9.78% during the period 2016-2020.Technological advancements have led to a growth in the usage of solid oxide fuel cell in various electronics devices. Significant improvements have been made to increase the system energy densities. With the increase in energy density, the lifespan and performance of solid oxide fuel cell will also increase, enabling the usage of the devices in many portable applications. These advances in technology will enable solid oxide fuel cell to replace lithium-based batteries for portable applications.

A solid oxide fuel cell is a fuel cell that produces electricity through an electrochemical process and offers benefits like low emissions, long-term stability, high efficiency, and fuel flexibility. Its flexibility in the usage of fuels is a critical factor that will spur the prospects for market growth until 2020. Due to their high operating temperature of 800°C to 1,000°C, solid oxide fuel cell are capable of running on almost any fuel to generate electricity. Emerging fuels such as syngas, pure and impure hydrogen, and biofuels can be used to operate solid oxide fuel cell. Since these fuel cells can tolerate fossil fuel impurities like ammonia and chlorides, they are widely being used for a number of applications. Order a copy of Global Solid Oxide Fuel Cell Market 2016-2020 report @ http://www.reportsnreports.com/Purchase.aspx?name=477163.

An important factor that impels the prospects for growth in solid oxide fuel cell market is the commercialization of hybrid solid oxide fuel cell. The search for higher efficiency and emission free power has resulted in the development of hybrid solid oxide fuel cell systems that utilize a gas turbine to generate power. The combination of solid oxide fuel cell with a gas turbine will offer advantages like high electrical efficiency, which is estimated to reach around 75-80%. The high efficiency of such systems will result in its increased development in countries such as Japan, the US, and the UK.

Key players in the global solid oxide fuel cell market: Acumentrics, Aisin Seiki, Bloom Energy, FuelCell Energy, Protonex, and Redox Power Systems. Other prominent vendors analyzed in this market research are Ceramic Fuel Cells, Ceres Power Holdings, Delphi, GE, Kyocera, LG Fuel Cell Systems, Mitsubishi Heavy Industries, Panasonic, Toshiba, and Ultra Electronics AMI.

Further, the report states that solid oxide fuel cell market is a highly competitive with many manufacturers both local and international facing stiff competition from not only other fuel cell manufacturers but also from alternative technologies such as solar energy, other energy storage application such as batteries, and internal combustion engines.

Another related report on Fuel Cell is Global Fuel Cell Market in the Automotive Industry 2015-2019:the analysts forecast global fuel cell market in the automotive industry to grow at a CAGR of 45.27% during the period 2016-2020. Browse complete report @ http://www.reportsnreports.com/reports/461264-global-fuel-cell-market-in-the-automotive-industry-2015-2019.html.

Key players in the global fuel cell market in the automotive industry: Ballard Power Systems, ACAL, Nuvera Fuel Cells, Plug Power and Hydrogenics. Other prominent vendors in the market are: Delphi Automotive Systems, EnergyOR Technologies, H2 Logic, Symbio FCell, Proton Motors, Oorja Protonics, Nuvera Fuel Cell, Intelligent Energy and Infintium Fuel Cell Systems

Explore other new reports on Energy and Power Market @ http://www.reportsnreports.com/market-research/energy-and-power-supplies/.

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