Global Planar Solid Oxide Fuel Cell Market (Size of $379.9 Million in 2015) to Witness 11.4% CAGR During 2016 – 2022

The global planar solid oxide fuel cell (SOFC) market was valued at $379.91 million in 2015, and it is expected to grow at a CAGR of 11.4% during 2016 – 2022. The major factors driving the growth of the market globally include need for high electrical efficiency, growing biomass utilization, military applications, transportation, and small stationary applications. The current planar solid oxide fuel cell market is limited to a few major regions, with various technological advancement and research work in progress. The multinational companies and reputed research organizations mainly in North America, Europe, and Asia-Pacific, are investing in R&D of planar SOFC. The longer start-up time and high capital investment are few factors restraining the growth of the market. Asia-Pacific is expected to create significant growth opportunities for the global planar solid oxide fuel cell market. North America was the second largest market in the global market, followed by Europe and held a market share of 36.9% and 16% respectively in 2015.

Based on application, the global planar solid oxide fuel cell market has been segmented into Portable, Stationary and Transportation. Portable fuel cells refer to fuel cell units, which are designed to be stimulated. Portable fuel cells include fuel cell APU, educational fuel cells & toys, consumer electronics and electronics. Stationary fuel cells are designed to provide power at a fixed location. These include small and large stationary prime power, backup/uninterruptible power supplies, combined heat and power, and combined cooling and power. Transportation fuel cells refer to fuel cell units that provide propulsive power or range extender function to vehicles, including UAV, cars, buses, material-handling vehicle, and others.

In 2015, Asia-Pacific held the largest share in the global planar solid oxide fuel cell market with 40.4% share in terms of value, and is expected to grow at CAGR of 11.6% during the forecast period. The growing interest towards usage of eco-friendly power source and government policies for energy sustainability is promoting the growth of the global planar solid oxide fuel cell market in the region. The demand for alternative electric power generation technologies and government’s preference towards distributed power generation are the major growth drivers for the planar solid oxide fuel cell market. North America is expected to witness significant growth at a CAGR of 11.5% during the forecast period.

The information and data in the publication “Global Planar Solid Oxide Fuel Cell Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.

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