The global is projected to reach $804.9 million by 2022, growing at a CAGR of 11.4% during 2016 - 2022.the global planar solid oxide fuel cell market is 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.
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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.
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.
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The growth of global planar solid oxide fuel cell market is affected by elongated operational start-up time and high investment and operational cost, which is expected to have a negative impact on the planar solid oxide fuel cell in the short-term; however, the developments and technological advancements are expected to offset the impact of such factors with having a moderate impact in long term.
Some of the key players in the global market for planar solid oxide fuel cell include FuelCell Energy, Inc., Aisin Seiki Co., Ltd., Ultra Electronics Holdings plc, Ceres Power Holdings plc, Ballard Power Systems Inc., SOLIDpower S.p.a, Convion Ltd., Delphi Automotive PLC., and Chevron Corporation.
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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.
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.
Request For Sample Pages: https://www.psmarketresearch.com/market-analysis/planar-solid-oxide-fuel-cell-market/report-sample
The growth of global planar solid oxide fuel cell market is affected by elongated operational start-up time and high investment and operational cost, which is expected to have a negative impact on the planar solid oxide fuel cell in the short-term; however, the developments and technological advancements are expected to offset the impact of such factors with having a moderate impact in long term.
Some of the key players in the global market for planar solid oxide fuel cell include FuelCell Energy, Inc., Aisin Seiki Co., Ltd., Ultra Electronics Holdings plc, Ceres Power Holdings plc, Ballard Power Systems Inc., SOLIDpower S.p.a, Convion Ltd., Delphi Automotive PLC., and Chevron Corporation.
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