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Solid Oxide Fuel Cells Market - New Revenue Pockets
Solid Oxide Fuel Cells are extremely versatile compared to other types of fuel cell systems. SOFCs can be used for developing portable, transportation, and stationary applications. They are also flexible when it comes to the type of fuel required as they can run on a variety of fuel including natural gas, gasoline, diesel, and hydrogen. These qualities have resulted in various government institutions, companies, and universities conducting research on SOFC to facilitate their rapid commercialization. SOFC systems are made of different types depending on the technology used in its electrolyte. The most commonly used types are planar and tubular, which are available commercially.
The SOFC market scenario is competitive with various companies covering one or more applications. Asia-Pacific is the most active market for SOFC. However, the important challenges for SOFCs are in terms of commercialization. The rise in production and commercialization would in turn decrease the cost. This industry is expected to see rapid commercialization in the next few years.
The focus on research and refinement of the technology helps the companies to minimize their cost of operation and maintenance while increasing efficiency and stability of the product, thus, generating great revenue for the companies. Currently, the market for planar SOFCs is higher. The research and development of SOFC involve huge investments and greater risks. So, to minimize the same, the leading players are signing contract agreements and joint ventures to have expertise in all areas of research and shipbuilding. In addition, the continuous refinements happening in technology are leading to many new product developments.
Bloom Energy (U.S.) is a supplier of breakthrough solid oxide fuel cell technology. The company produces clean, highly-efficient power onsite from almost any fuel source. This allows the cells to produce energy anywhere and the fuel can be selected according to regional availability or cost constraints.
Solid Oxide Fuel Cell Market by Type (Planar, Tubular, Others), Application (Large Stationary, Small Stationary, Transportation, Portable & Military), Geography - Global Trends & Forecast to 2018
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