LONDON--(BUSINESS WIRE)--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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