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GIA announces the release of a comprehensive global report on Solid Oxide Fuel Cells (SOFCs) markets. Global market for Solid Oxide Fuel Cells (SOFCs) is projected to reach US$1.3 billion by 2020, driven by the ever increasing demand for electricity across the globe and the resulting need for efficient and environment friendly power production technologies.
San Jose, California (PRWEB) June 25, 2014
Follow us on LinkedIn A type of fuel cell technology, Solid Oxide Fuel Cell (SOFC) generates energy by electrochemical conversion. The technology therefore finds attractive application in the energy generation industry. As a reliable, environment-friendly and low cost source of energy with long-term stability and sustainability, SOFC is poised to witness robust growth in the coming years. With per-capita consumption of electricity on the rise worldwide, the need to increase electricity production has become a top priority for governments across the globe. As governments seek to balance energy self-sufficiency goals and commitment to climate change agreements, SOFC is soaking up the spotlight as a clean technology of the future. By boosting electricity generation capabilities of a nation, SOFCs help in attaining energy security goals. SOFCs score over traditional energy generation technologies by virtue of their higher operating efficiency and limited reliance on imported fuels. Being a multi-fuel technology, SOFCs can operate on a wide range of fuels including renewable energy, such as biogas, which makes the nation less dependent on imported fossil fuel for electricity generation.
SOFCs are increasingly used in distributed energy generation, multi mega-watt base load power plant applications, as well as in medium-watt sized residential applications. While SOFCs are primarily used for clean electricity generation in large multi-megawatt stationary power plants, its portable and smart features also make them suitable for use in small watt-portable applications, including battery chargers. The SOFC technology directly oxidizes fuel in the cell and is therefore being commercialized for powering a range of portable and mobile electronic devices. Given their higher energy efficiency and scalability benefits, SOFCs are also finding mainstream adoption for auxiliary power generation thus displacing the inefficient traditional generators.
Stringent environmental regulations and emission control norms governing the power and automobile sector are also driving growth in the market. While combustion of coal in traditional thermal power plants contributes significantly to environmental pollution, rampant proliferation of internal combustion engine powered automobiles additionally doubles the impact on the environment. The zero emission drive and tightening clean air regulations are therefore forcing power generation and automotive companies to shift their focus from conventional methods of energy generation towards developing and using a more environment-friendly technology. The scenario opens a new window of opportunities for SOFCs.
As stated by the new market research report on Solid Oxide Fuel Cells (SOFCs), Asia-Pacific represents the largest market worldwide. The United States ranks as the fastest growing market with a CAGR of 7.9% over the analysis period led by huge government support for green energy and financial subsidies for environmental friendly power generation technologies.
Major players covered in the report include Acumentrics SOFC, Ultra Electronics AMI, Adelan Ltd., Bloom Energy Corporation, Ceramic Fuel Cells Ltd., Ceres Power Limited, Convion Ltd., Delphi Automotive PLC, FuelCell Energy Inc., Versa Power Systems Inc., NexTech Materials Ltd., Rolls-Royce plc, Sunfire GmbH and Topsoe Fuel Cell A/S.
The research report titled Solid Oxide Fuel Cells (SOFCs): A Global Strategic Business Report, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US dollars for all major geographic markets including the United States, Canada, Europe (France, Germany, Italy, United Kingdom and Rest of Europe) , Asia-Pacific, and Rest of World. The global market for SOFCs is also analyzed by end-use applications Remote Power & Auxiliary Power Units (APUs), Combined Heat & Power (CHP) and Others.
For more details about this comprehensive market research report, please visit
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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