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.
As per the research, the global planar solid oxide fuel cell marketis 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.
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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.
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.
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.
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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.
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.
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