Global SOFC Market Growth 2024-2030

Global SOFC Market Growth 2024-2030

A solid oxide fuel cell (or SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. Fuel cells are characterized by their electrolyte material; the SOFC has a solid oxide or ceramic electrolyte. Advantages of this class of fuel cells include high efficiency, long-term stability, fuel flexibility, low emissions, and relatively low cost. The largest disadvantage is the high operating temperature which results in longer start-up times and mechanical and chemical compatibility issues.

The global SOFC market size is projected to grow from US$ 572.4 million in 2023 to US$ 1235.5 million in 2030; it is expected to grow at a CAGR of 11.6% from 2024 to 2030.

LP Information, Inc. (LPI) ' newest research report, the “SOFC Industry Forecast” looks at past sales and reviews total world SOFC sales in 2023, providing a comprehensive analysis by region and market sector of projected SOFC sales for 2024 through 2030. With SOFC sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world SOFC industry.

This Insight Report provides a comprehensive analysis of the global SOFC landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on SOFC portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global SOFC market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for SOFC and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global SOFC.

According to data released by the China Association of Automobile Manufacturers, in December 2022, the production and sales of hydrogen fuel cell vehicles in China was 653 and 607, respectively. In the whole year of 2022, the production and sales of hydrogen fuel cell vehicles was 3,626 and 3,367, a year-on-year increase of 105.4% and 112.8%, respectively. According to our Fuel Cell Research Center, by the end of 2022, the number of fuel cell vehicles in the world had reached 67,000 units, a year-on-year increase of 36.6%. Among them, the number of fuel cell vehicles in China was 12,682 units.

This report presents a comprehensive overview, market shares, and growth opportunities of SOFC market by product type, application, key manufacturers and key regions and countries.

Segmentation by type
Planar
Tubular
Others

Segmentation by application
Transportation
Military
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Bloom Energy
FuelCell Energy
Aisin Seiki
Siemens Energy
Protonex
LG Fuel Cell Systems
Acumentrics
Delphi Corp
ZTEK Corporation
Redox Power Systems

Key Questions Addressed in this Report

What is the 10-year outlook for the global SOFC market?

What factors are driving SOFC market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do SOFC market opportunities vary by end market size?

How does SOFC break out type, application?

Please note: The report will take approximately 2 business days to prepare and deliver.