According to a new market research
report published by Credence Research “Solid Oxide Fuel Cell (SOFC) Market (Type –
Planar, Tubular; Application – Stationary, Portable and Transport) – Growth,
Future Prospects, Competitive Analysis and Forecast, 2016 – 2024” the global
SOFC market, in terms of volume, was valued at over 5.53 thousand units in 2015
and is estimated to expand with a double digit CAGR from 2016 to 2024.
Browse The Full Report At :
http://www.credenceresearch.com/report/solid-oxide-fuel-cell-sofc-market
Market Insights
Solid oxide fuel cells (SOFCs) are
the type of fuel cells which can convert electrochemical fuel to electricity
with negligible pollution. The market for solid oxide fuel cell (SOFC) is
majorly backed by the increasing adoption for SOFCs to provide off-grid power
solution, especially in countries such as Japan and South Korea. Factors such
as technical advantages of SOFCs over other types of fuel cells have led to the
growing demand for SOFCs in various applications. Furthermore, growing
government support and investments towards the technology are further expected
to fuel the growth in the overall SOFC market.
Competitive Insights:
The overall solid oxide fuel cells
market is still in its nascent stage with existence of several untapped
applications. The most prominent concern for the industry growth is the high
cost of manufacturing and elongated time for charging up. SOFCs are extensively
being used for power generation as it acts a clean source of energy. Due to
their higher efficiency as compared to other fuel cells, SOFCs stand the most
lucrative chance for further development in the coming years. Subsequently, the
market has emerged highly dynamic over the period of time. Some of the major
companies operating in the market include FuelCell Energy Solutions, Kyocera
Corporation, Ceres Power Holdings Plc., Atrex Energy, Doosan Fuel Cell,
Dominovas Energy Corporation and Delphi Automotive Systems LLC among others.
Key Trends:
- Product enhancement for higher efficiency and low start-up time
- Continual efforts towards reducing the manufacturing cost
- Partnerships with other companies in the market for product enhancement
- Focus on government contracts for business expansion
- Expansion in Asia Pacific
About
Credence Research:
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assistance with making enduring enhancements to their execution and understand
their most imperative objectives. Over almost a century, we’ve manufactured a
firm extraordinarily prepared to this task.
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