According to a new market research report “Global Planar Solid Oxide Fuel Cell Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Component (Planar Cells, Separator Plates, Manifolds, Seals, Others) by Application (Stationary, Portable, Transportation)” published by P&S Market Research, the global planar solid oxide fuel cell market is projected to reach $804.9 million by 2022, growing at a CAGR of 11.4% during 2016 - 2022.
Browse Report Description at: https://www.psmarketresearch.com/market-analysis/planar-solid-oxide-fuel-cell-market
Global planar solid oxide fuel cell market worth $379.9 million in 2015
As per the research, the global planar solid oxide fuel cell market is likely to grow from $379.9 million in 2015 to $804.9 million by 2022. With the increasing need for high electrical efficiency, growing utilization of biomass, and rising applications in the military, transportation and small stationary sectors, the global market for planar solid oxide fuel cell is expected to witness a robust pace during the forecast period. Solid oxide fuel cell is an energy-efficient process that converts the fuel into electricity through either combustion or integrated gasification combined cycle, thereby ensuring the removal of CO2 from exhaust streams. The demand for planar solid oxide fuel cell is expected to grow at a steady rate in North America and Europe during the forecast period due to the increasing demand for alternative electric power generation technologies and growing preference towards distributed power generation.
Insights on market segments
As per the findings of research, the stationary was the largest application segment of planar solid oxide fuel cell. Based on component, planar cells generated the largest revenue in global planer solid oxide fuel cell market.
Asia-Pacific stands as the largest planar solid oxide fuel cell market
Geographically, Asia-Pacific was the largest market for planar solid oxide fuel cell, where Japan was the largest contributor to the regional market. U.S. was the major market for planar solid oxide fuel cell in North America, whereas in Europe, Germany generated the highest revenue. Rest of the World (RoW) includes Latin American and Middle East and African countries. Brazil was the largest market for planar solid oxide fuel cell in the RoW.
Growing demand for renewable and efficient energy source bolsters market growth
The main factors driving the growth of the global planar solid oxide fuel cell market include growing demand for renewable and efficient energy source and increasing demand from automotive sector. Increasing government regulations such as the Integrated Product Policy by European Commission focusing on addressing the environmental impacts of the non-renewable products has been observed in the global market for planar solid oxide fuel cell during the past decade. The search for renewable and environment-friendly source of energy would generate the demand for planar solid oxide fuel cell, that is expected to impact the market positively in both short and long term. Additionally, the widespread adoption of planar solid oxide fuel cell and hydrogen technologies in the automotive sector due to the increasing number of global companies investing in fuel cell technology coupled with the supply chain improvements is expected to boost the demand for planar solid oxide fuel cell during the forecast period.
Growing importance of alternative energy-conversion devices are replacing combustion-based electrical generators due to the high-energy conversion efficiency and low emission of planar solid oxide fuel cell. With the expected increase in deployments of Fuel Cell Electric Vehicles (FCEVs) by major automakers, industrial development is focusing on supporting FCEVs and the development of hydrogen-fueling infrastructure.
In the recent years, the government of various nations including the U.S., Germany, Japan, South Korea and China have been increasingly supporting the advancements in the planar solid oxide fuel cell technology by funding projects and research activities. For instance, as of October 2016, the U.S. Department of Energy (DOE) has invested approximately $3 million for advancing the commercialization of planar solid oxide fuel cell technology, globally.
The growth of global planar solid oxide fuel cell market is affected by elongated operational start-up time and high investment and operational cost, which is expected to have a negative impact on the planar solid oxide fuel cell in the short-term; however, the developments and technological advancements are expected to offset the impact of such factors with having a moderate impact in long term.
Increasing demand for planar solid oxide fuel cell in various industries creates scope for market growth. Planar solid oxide fuel cell offers a clean, low-pollution technology to electrochemically generate electricity at high efficiencies. Planar solid oxide fuel cell has high efficiency, reliability, modularity, fuel adaptability, and very low levels of NOx and SOx emissions thereby, gaining traction in the market. Additionally, the demand for energy-consuming goods such as the private car and the need for mobility increases the demand for planer solid oxide fuel cell in the transportation sector. Observing such requirement, regulatory bodies and government agencies of various nations including the U.S., Japan and Germany are framing strict regulations to cut down the environmental pollution from various industries such as power generation sector, chemicals, automotive and others.
Growing application in oil and gas industry creates ample opportunities for the global planar solid oxide fuel cell market. Analysts observed that planar solid oxide fuel cell is used in the oil and gas industry to provide reliable automation and gas flow computing solutions for telemetry and remote supervisory control and data acquisition (SCADA) applications.
Major players have stronghold in the global planar solid oxide fuel cell market
Some of the key players in the global market for planar solid oxide fuel cell include FuelCell Energy, Inc., Aisin Seiki Co., Ltd., Ultra Electronics Holdings plc, Ceres Power Holdings plc, Ballard Power Systems Inc., SOLIDpower S.p.a, Convion Ltd., Delphi Automotive PLC., and Chevron Corporation.
GLOBAL PLANAR SOLID OXIDE FUEL CELL MARKET SEGMENTATION