NEW YORK, April 19, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global planar solid oxide fuel cell market size is expected to reach $804.9 million by 2022, growing at a CAGR of 11.4% during 2016-2022. The growth drivers of the market include growing demand for renewable and efficient energy source, increasing demand from automotive sector and growing demand for biomass utilization.
Based on component, the planar solid oxide fuel cell market has been segmented into planar cells, separator plates, manifolds, seals and others. Planer cells was the largest segment in the global market in 2015 and it is expected to remain the largest segment throughout the forecast period. The separator plates are expected to witness the fastest growth rate during the forecast period.
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Based on application, the global planar SOFC market has been segmented into stationary power, transportation, and portable power. In 2015, stationary power was the largest application segment in the global market and it is expected to remain the largest segment throughout the forecast period. The portable power segment is expected to witness the fastest growth rate during the forecast period.
Coal is used for generating electricity, which is likely to be used until non-fossil fuel-based power generation technologies are commercially proven. Since carbon-dioxide, a greenhouse gas, is the main product of the conversion process, it is important to develop technologies that will facilitate its removal from exhaust streams before it is released to the atmosphere. 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 feasibility of the gasification product, gas-fuelled solid oxide fuel cells for the on-site electricity generation, and the deterioration effect of impurities could be mitigated by cleaning the product gases or developing the contaminant-tolerant electrodes.
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The North American planar solid oxide fuel cell market was the second largest market throughout the historical period and it is expected to remain the same in the forecasted period as well. The North American market is projected to reach $299.0 million by 2022. The growth of the North American planar solid oxide fuel cell market is driven by the growth of the stationary power generation technologies. The mergers and acquisitions, and long-term contracts between various manufacturers are some of the key business strategies undertaken by many companies in the region. These factors are driving the growth of the planar solid oxide fuel cell industry in the region.
Some of the key players in the global planar solid oxide fuel cell market includes Aisin Seiki Co., Ltd., FuelCell Energy, Inc., Ceres Power Holdings plc, Ultra Electronics Holdings plc, SOLIDpower S.p.a, Ballard Power Systems Inc., Chevron Corporation, Delphi Automotive PLC. and and Convion Ltd.
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