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Solid Oxide Fuel Cell Market Witness Unprecedented Growth in Coming Years
The global solid oxide fuel cell market is projected to grow at a CAGR of 13.88%, by value from 2017 to 2025. The market in North America was the largest in 2016 and is projected to hold the largest share by 2025
The global solid oxide fuel cell market is projected to grow at a CAGR of 13.88%, by value from 2017 to 2025. The market in North America was the largest in 2016 and is projected to hold the largest share by 2025, followed by the markets in Asia Pacific and Europe. The growth of the solid oxide fuel cell market is mainly driven by government subsidies and fuel cell programs in countries, such as the US and Japan, increasing demand for efficient power generation and stringent emission norms in Europe and North America.
The solid oxide fuel cell market is dominated by a few global players. The key players in this market include Bloom Energy (US), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems, (US), and Atrex Energy (US).
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Major strategies adopted by the players in the solid oxide fuel cell market over the period 2014 to 2017 (September) included contracts & agreements, joint ventures and collaborations, mergers & acquisitions, strategic alliances, and expansions and partnerships, of which contracts & agreements was the most widely used. The second most preferred strategy was joint ventures and collaborations, which included a joint venture between Bloom Energy and SoftBank (Japan) to commercialize SOFC products in Japan.
Bloom Energy (US) is a leading solid oxide fuel cell manufacturing company. The company’s core business is the supply of SOFC-based distributed power generation solutions to its commercial and retail customers as well as other end-use segments such as data centers and military bases. The company’s operation is primarily based in the US. The company, however, has also expanded its operations to Japan and India and has megawatt-scale installations in these countries. The company is focusing on contracts & agreements as its major growth strategy and has installed several of its products in retail chains, data centers, and commercial buildings.
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Aisin Seiki (Japan) is one of Japan’s leading engineering and manufacturing company. The company operates through six major segments, namely, drivetrain-related, body-related, brake and chassis-related, engine-related, information-related, and lifestyle-related. The company manufactures SOFC products through its lifestyle-related segment, wherein it offers small micro tubular combined heat and power-based solid oxide fuel cell for residential and commercial end-use.
In this report, the solid oxide fuel cell market has been analyzed with respect to three regions, namely, North America, Asia Pacific, and Europe. The market in North America is expected to lead the global solid oxide fuel cell market during the forecast period due to increasing demand for efficient power generation and government subsidies.
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