Top Emerging Trends in the Global Solid Oxide Fuel Cell Market| Technavio

LONDON–(BUSINESS WIRE)–#Energy–Technavio’s latest market research report on the global
solid oxide fuel cell (SOFC) market provides an analysis of the
most important trends expected to impact the market outlook from
2018-2022. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

According to Technavio analysts, the global
solid oxide fuel cell market will grow at a CAGR of over 22% during
the forecast period. Rising energy consumption is a major factor driving
the market’s growth.

Globally, rapid urbanization growth has led to a massive impact on the
power consumption. Fossil fuel is used to meet most of the power needs,
which proves to be harmful to the atmosphere. Thus, the demand for the
clean and efficient power source is increasing. A major portion of the
energy, in the residential and commercial sector, is used for space
heating and cooling. These needs can be met using cleaner power such as
fuel cells. SOFC operates at a high temperature of 1,472°F-1,832°F with
70% efficiency. With higher efficiency, less fuel is consumed. SOFCs are
also available in various stack sizes and are preferred for the
residential and commercial application.

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In this report, Technavio highlights the growing preference for
self-generation as one of the key emerging trends driving the global
solid oxide fuel cell market:

Growing preference for self-generation

The adoption of distributed energy generation is being driven by the
increasing need for uninterrupted and reliable power supplies in the
developed countries while it is used in the developing countries to
increase the electrification rate. Consumers are seeking for an increase
in reliability and resiliency due to the instances of natural calamities
disrupting continuous flow of power.

“Residential users are shifting towards self-generation of power as
they are less affected when the grid power fails, save energy costs due
to improved efficiency, and allow greater control of the power
generation resources. When compared with other technologies, renewable
based hybrid systems, energy storage, and diesel generators have been
the most commonly used distributed energy source,” says a senior
analyst at Technavio for research on energy
storage.

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Global solid oxide fuel cell market segmentation

This market research report segments the global solid oxide fuel cell
market into the following applications, including stationary,
transportation, and portable and key regions, including the Americas,
APAC, and EMEA.

The stationary segment held the largest market share in 2017, accounting
for nearly 83% of the market. The market share for this application is
expected to increase nearly 2% by 2022. The increased deployment of
stationary fuel cells for prime power generation and high demand from
residential micro-CHP sector and large-scale power plants are the
factors leading to its high dominance in the market.

The Americas was the leading region for the global
solid oxide fuel cell market in 2017, accounting for a market
share of nearly 46%. By 2022, APAC is expected to register the highest
growth rate of nearly 2%.

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