Solid Oxide Fuel Cell Market worth $3.32 Billion by 2018, According to a New Study on ASDReports

Thursday 22 May 2014, Amsterdam

The report “Solid Oxide Fuel Cell Market by Type (Planar, Tubular, Others), Application (Large Stationary, Small Stationary, Transportation, Portable & Military), Geography - Global Trends & Forecast to 2018” defines and segments the global solid oxide fuel cell market with an analysis and forecast of the revenue. The SOFC market will grow from an estimated $2.19 billion in 2013 to $3.32 billion by 2018, with a CAGR of 8.7%.


Asia-Pacific: Largest market for floating production systems

Asia-Pacific is estimated to be the largest revenue-generating region for SOFC. Japan and South Korea will be the major countries driving the market. SOFCs are also dominating the European and North American markets. In the ROW, different applications are growing, but the growth rate is low due to lesser awareness. These regions contain prospective future markets for SOFC along with some other regions in Asia-Pacific.


Planar SOFC: Biggest market by type

Planar SOFC is the largest SOFC type used across the globe. Despite having a higher installation cost, it has higher power to area ratio compared to the other types. Planar SOFCs, with their high electrical efficiency and ability to be used in sub mega watt and mega watt applications, are one of the widely used fuel cell systems. Planar SOFC technology can be adapted for all types of applications and it also supports portable and military applications due to its high electrical efficiency.


Portable & Military Use:

The application of SOFCs is growing the fastest in portable and military usage, because of their smaller size and variety of fuels that are used in solid oxide fuel cells. In military applications, SOFCs provide a better and easy way of power compared to traditional power sources.