
Solid Oxide Fuel Cell (SOFC) Market Research Report
Description
Solid Oxide Fuel Cell (SOFC) Market Research Report
A solid oxide fuel cell (SOFC) is a particular type of fuel cell that operates by extracting energy directly from the oxidation process of a solid or ceramic material known as an electrolyte. The global solid oxide fuel cell market in terms of revenue grew at a compound annual growth rate (CAGR) of 9.6% from USD 895 million in 2020 to USD 1,177 million in 2023. This trend is expected to continue in the coming years with the global solid oxide fuel cell market expected to grow at a CAGR of 11.5% from 2023 to 2028, reaching USD 2,025 million in 2028. The projected rapid growth of solid oxide fuel cell is primarily driven by the increasing global interest in hydrogen and fuel cell technologies for environmentally friendly power generation. Many countries are actively investing in the development of domestic hydrogen and fuel cell industries to reduce the carbon footprint of their respective power sectors. These nations have implemented specific policies and projects aimed at fostering greater acceptance of fuel cells within their markets. Successful demonstrations of fuel cell products and systems worldwide have contributed to a more positive perception of the industry among end users.
The solid oxide fuel cell regional market is segmented into four regions, namely North America, Asia-Pacific, Europe, and the Rest of World. However, the deployment of solid oxide fuel cells worldwide is focused primarily on specific markets, including the United States, Japan, South Korea, and Europe. The valuation of the North America amounted to USD 413 million in 2022 and is projected to reach USD 809 million by 2028. Conversely, the Asia-Pacific region is anticipated to exhibit a higher CAGR of 12.4% during the forecasted period from 2023 to 2028.
The solid oxide fuel cell market can be categorized into two main segments: commercial and non-commercial. These segments encompass a wide range of applications for solid oxide fuel cell, including heat and power co-generation in buildings, backup power systems, portable power solutions, auxiliary power units, and specialized applications. The power output of an FC system can vary significantly depending on the specific end-user segment.
The global stationary segment market grew at a CAGR of 9.4% from USD 704 million in 2020 to USD923 million in 2023. It is expected to continue its rapid growth in the coming years, reaching USD 1,584 million in 2028 at a CAGR of 11.4%.
Key market players that are on the verge of large-scale commercialization of fuel cells are anticipated to implement lean manufacturing methods with a significant degree of automation. Automation plays a vital role in reducing scrap rates, minimizing setup times, and lowering direct labor costs. By adopting lean manufacturing principles, these players aim to enhance operational efficiency and improve their competitiveness in the market. Prominent players operating in the global solid oxide fuel cell market include Bloom Energy Corporation, FuelCell Energy, Inc., SunFire GmbH, Ceres Power Holdings plc, SolydEra S.p.A., Elcogen AS, Convion Ltd., Kyocera Corporation, Robert Bosch GmbH, Ballard Power Systems, Inc., Osaka Gas Co., Ltd., Mitsubishi Power, Ltd., Weichai Power Co., Ltd., Kceracell Co., Ltd., Suzhou Huatsing Jingkun New Energy Technology Co., Ltd., mPower GmbH, WATT Fuel Cell Corporation, Upstart Power, Inc., among others. These players contribute to the competitive landscape through their technological advancements, product offerings, and market presence.
This study aims to analyze the global market for various segments of solid oxide fuel cell, including:
Application: Stationary, Transportation, Portable & Others.
End-User: Commercial and Non-Commercial.
Region: North America, Europe, Asia-Pacific, and Rest of World (RoW).
Table of Contents
95 Pages
- FIGURES AND TABLES
- Part 1. Key Findings
- Part 2. Scope and Methodology
- Report Scope
- Application
- End-User
- Region
- Research Methodology
- Part 3. Solid Oxide Fuel Cell Market Overview
- Summary
- Introduction
- Part 4. Market Dynamics
- Growth Drivers and Future Trends
- Restraints and Challenges
- Part 5. Global Solid Oxide Fuel Cell Market by Application
- Stationary
- Transportation
- Portable & Others
- Part 6. Global Solid Oxide Fuel Cell Market by End-User
- Commercial
- Non-Commercial: Residential
- Non-Commercial: Military
- Part 7. Global Solid Oxide Fuel Cell Market by Region
- North America
- United States
- Europe
- Asia Pacific
- Japan
- South Korea
- China
- Australia and New Zealand
- Rest of World (RoW)
- Part 8. Competitive Analysis
- Competition Overview
- Recent Developments
- Bloom Energy Corporation
- Business Overview
- Solid Oxide Technology Platform
- Contact Information
- FuelCell Energy, Inc.
- Business Overview
- Solid Oxide-Based Long Duration Hydrogen-Based Energy Storage
- Solid Oxide Fuel Cell Manufacturing and Service Facilities
- Contact Information
- SunFire GmbH
- Business Overview
- Contact Information
- Ceres Power Holdings plc
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- SolydEra S.p.A.
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- Elcogen AS
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- Convion Ltd.
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- Kyocera Corporation
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- Robert Bosch GmbH
- Business Overview
- Solid Oxide Fuel Cell
- Contact Information
- Ballard Power Systems, Inc.
- Business Overview
- Contact Information
- Osaka Gas Co., Ltd.
- Business Overview
- Contact Information
- Mitsubishi Power, Ltd.
- Business Overview
- Contact Information
- Weichai Power Co., Ltd.
- Business Overview
- Contact Information
- Kceracell Co., Ltd.
- Business Overview
- Contact Information
- Suzhou Huatsing Jingkun New Energy Technology Co., Ltd.
- Business Overview
- Contact Information
- mPower GmbH
- Business Overview
- Contact Information
- WATT Fuel Cell Corporation
- Business Overview
- Contact Information
- Upstart Power, Inc.
- Business Overview
- Contact Information
- Disclaimer
- FIGURES AND TABLES
- Global Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
- Global Solid Oxide Fuel Cell Market by Application, 2020-2028 (USD Million)
- Global Solid Oxide Fuel Cell Market by Application, CAGR Historic and Forecast, 2020-2028
- Global Solid Oxide Fuel Cell Market by End-User, 2020-2028 (USD Million)
- Global Solid Oxide Fuel Cell Market by End-User, CAGR Historic and Forecast, 2020-2028
- Global Solid Oxide Fuel Cell Market Share by Region, 2022
- Global Solid Oxide Fuel Cell Market by Region, 2020-2028 (USD Million)
- Global Solid Oxide Fuel Cell Market by Region, CAGR Historic and Forecast, 2020-2028
- North America Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
- Europe Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
- Asia Pacific Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
- Rest of World (RoW) Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
- Bloom Energy Corporation Financial Overview (USD Million)
- Bloom Energy Corporation Revenue, by Segment, 2022
- FuelCell Energy, Inc. Financial Overview (USD Million)
- FuelCell Energy, Inc. Revenue, by Segment, 2023
- FuelCell Energy, Inc. Revenue, by Region, 2023
- Ceres Power Holdings plc Financial Overview (GBP Million)
- Ceres Power Holdings plc Revenue, by Segment, 2022
- Ceres Power Holdings plc Revenue, by Major Product/Service Lines, 2022
- Ceres Power Holdings plc Revenue, by Geography, 2022
- Ceres Power Holdings plc Solid Oxide Fuel Cell Revenue (GBP Million)
- Kyocera Corporation solid oxide fuel cell System Structural
- Kyocera Corporation solid oxide fuel cell Specifications
- Ballard Power Systems, Inc. Financial Overview (CAD Million)
- Ballard Power Systems, Inc. Revenue, by Market Application, 2022
- Ballard Power Systems, Inc. Revenue, by Region, 2022
- Osaka Gas Co., Ltd. Financial Overview (JPY Billion)
- Weichai Power Co., Ltd. Financial Overview (HKD Million)
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