Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025
The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025 from estimated revenue of USD 772 million in 2020, at a CAGR of 30.1% during the forecast period. The key drivers for the solid oxide fuel cell market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources.
“Planar segment is expected to dominate the solid oxide fuel cell market”
The planar segment is expected to be the largest market, by type, during the forecast period. The growth is evident owing to the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes
“Stationary segment is expected to dominate the solid oxide fuel cell market“
The stationary segment of the market, by application, is estimated to be the largest during the forecast period. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power. The market for the stationary segment in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the fact that the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant.
“North America to lead the global solid oxide fuel cell market in terms of value”
North America is the largest solid oxide fuel cell, followed by Asia Pacific and Europe. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I–61%, Tier II–19%, and Tier III–20%
By Designation: C-Level–56%, Director Level–30%, and Others–14%
By Region: Asia Pacific–33%, North America–27%, Europe–20%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017—Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The global solid oxide fuel cell market is dominated by leading players that have an extensive regional presence. The leading players in the solid oxide fuel cell market include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan).
The report defines, describes, and forecasts the solid oxide fuel cell market, by type, application, end-user, and region. It also offers detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the solid oxide fuel cell market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global solid oxide fuel cell market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the solid oxide fuel cell market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall solid oxide fuel cell market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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