NEW YORK, Oct. 19, 2015 /PRNewswire/ -- The Global Solid Oxide Fuel Cell Market is poised to reach $0.41 billion in 2014 growing at a CAGR of 9.05% to reach $0.82 billion by 2022. A Solid Oxide Fuel Cell generates electricity by electrochemical process that involves oxidation of the electrolyte, when placed between the two electrodes - anode and cathode. Fuel cells are considered as potential candidates for mobile power, auxiliary power. The benefits offered by SOFC are little cost, low emission, lasting stability, high efficiency and fuel flexibility. The factors that are driving the market include electrical efficiency, biomass utilization and variety of fuels. Whereas, high capital cost may hamper the growth of the market. The market is expected to witness growth due to demand in portable fuel cells. The flexibility of applications and integration technologies are providing growth opportunities.
Global Solid Oxide Fuel Cell Market is segmented by type, by application and by geography. Based on Type market segmented into planar, tubular and other. Planar SOFCs are most preferred fuel cells due to their high power to area. Based on Application, market is classified into portable & military, stationary and transportation. Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific has the largest market for Solid Oxide Fuel Cell market. In Asia-Pacific, Japan, and South Korea are among leaders in this segment with the maximum developments. It is more likely that all types of basic fuel cells, including SOFCs, will be commercialized in the near future.
The Key players in the market include, SOFC Power S.P.A, Fuel Cell Energy, Ultra Electronics Ami, Aisin Seiki Co., Ltd., Delphi, Hexis AG, Ceres Power Holdings Plc, Watt Fuel Cell Corporation, Protonex Technology Corporation and Ceramic Fuel Cells Limited.
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