Solid oxide fuel cells (SOFC) produce electricity by the use of electrochemical conversions wherein fuels including biogas, natural gas, propane hydrogen, and other hydrocarbons are oxidized directly. The global solid oxide fuel cells (SOFC) market is predicted to experience robust growth due to the increasing requirement for zero emission energy devices and alternative sources of energy. The strict regulations on emission of carbon such as Carbon Pollution Standards introduced in the U.S. by the U.S. Environmental Protection Agency (EPA) will further provide impetus to the growth of the overall market.
This study presents an extensive review of the global solid oxide fuel cells (SOFC) market and elaborates on the extent of this market in different regions. The market sizing and forecast have also been presented with an extensive understanding of the factors driving and restraining the growth of this market. The prime players dominant in this market and their key contributions in the growth of the market have also been presented in detail.
Various analysis tools such as SWOT analysis and Porter’s five forces analysis have been employed in order to present an accurate understanding of the overall market. The competitive landscape section of the study provides insights into the prime players in the market. This section also presents a review on the micro and macro factors essential for the already present players and the emerging players looking to penetrate in this market.
Overview of the Solid Oxide Fuel Cells (SOFC) Market
SOFC refer to the devices that are utilized for the production of electricity by the use of electrochemical conversion. The fuel is oxidized directly within the cell in this type of device, which further makes it simpler to function and enables it to be used anywhere. The technology of SOFC is utilized in a number of areas such as military and transportation operations owing to its portable and smart design.
A number of companies globally are engaged in research and development activities to enhance the class of solid oxide fuel cells. This has further increased the efficiency, stability, and flexibility of solid oxide fuel cells, thus increasing their demand globally. In addition, the low emission and economical cost related with the utilization of solid oxide fuels will positively impact the development of the overall market.
Furthermore, solid oxide fuel cells are poised to be widely utilized for auxiliary and mobile power, thus providing a key growth opportunity in the market. However, soaring operating temperatures may impede the performance of solid oxide fuel cells, thus negatively impacting the development of this market. The soaring costs of catalysts and commercialization and the increasing complexity in the establishment of infrastructure of solid oxide fuel cells will also restrain the growth of the market.
In terms of type, the report segments the global solid oxide fuel cells market into planar solid oxide fuel cells, tubular solid oxide fuel cells, and thin film solid oxide fuel cells. By application, the report categorizes the market into military, transport, portable products, generators, aircrafts, and others. Geographically, the report segments the market into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Key Players in Solid Oxide Fuel Cells (SOFC) Market
The prominent players in the global solid oxide fuel cells market are Adaptive Materials, Inc., Altair Nanotechnologies Inc., The Babcock & Wilcox Co., SOFCpower, Chevron Technology, Delphi Automotive LLP, Protonex, NexTech Materials, Sunfire GmbH, Rolls-Royce plc., DDI Energy Inc., KERAFOL Keramische Folien GmbH, and Point Source Power, Inc. among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.