PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1359926
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1359926
The global solid oxide fuel cell market is estimated to grow from USD 1.4 Billion in 2023 to USD 5.4 Billion by 2028; it is expected to record a CAGR of 31.0% during the forecast period. The growth of the solid oxide fuel cell market is attributed to the increasing demand for reliable and uninterrupted power supply serves as a significant driver for solid oxide fuel cell. Also, increasing demand for decentralized power generation in industries such as data centers, manufacturing, and grid support requires higher power capacities that can be efficiently met by large-scale fuel cell systems.
Scope of the Report | |
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Years Considered for the Study | 2020-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | (USD Million/USD Thousand) |
Segments | type, component, application, end user and region. |
Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
"Planar Solid oxide fuel cell: The largest segment of the solid oxide fuel cell market, by type "
Based on type, the solid oxide fuel cell market has been split into two types: planar and tubular. The planar solid oxide fuel cell segment is expected to be the largest segment during the forecast period. Planar solid oxide fuel cellers account for a greater share of the total solid oxide fuel cell market due to use of simple geometry and relatively easier construction process. The growth in the planar solid oxide fuel cell market is attributed to the low cost and the wide area of its application. Japan is the major residential industry in terms of production and deployment of solid oxide fuel cell, thus there is significant demand of planar solid oxide fuel cell.
"Transport segment is expected to be the fastest growing segment during forecast period based on portability"
By application, the solid oxide fuel cell market has been segmented into stationary, transport and portable. The stationary segment is expected to lead the solid oxide fuel cell market during the forecast period owing to increasing demand for primary power sources from data centers and commercial & industrial sector. Additionally, Hydrogen solid oxide fuel cells produce electricity through the electrochemical reaction of hydrogen and oxygen, with the only byproduct being water vapor. Hydrogen solid oxide fuel cells have zero greenhouse gas emissions and do not contribute to air pollution, making them a clean and environmentally friendly energy source.
"By end user, the commercial & industrial segment is expected to be the largest segment during the forecast period."
Based on end user, the solid oxide fuel cell market is segmented into commercial & industrial, residential, data centers and military & defense. The residential segment is expected to be the second largest segment the solid oxide fuel cell market during the forecast period owing to the rising need for energy reduction and energy efficiency in residential areas. Electricity demand in the residential sector tends to be highest on hot summer afternoons due to increased use of air conditioners, followed by evenings when lights are turned on. SOFCs are generally used for power generation in homes.
North America is expected to be the second-largest region in the solid oxide fuel cell market
North America is expected to be the second-largest solid oxide fuel cell market during the forecast period. The region has been at the forefront of sustainability initiatives, with strong commitments to reducing greenhouse gas emissions and transitioning to clean energy sources. Solid Oxide Fuel Cell, offering low-emission and zero-pollution power generation, align perfectly with these environmental goals. Additionally, North America has established a favorable policy and regulatory framework to promote the development and deployment of fuel cell technology. Supportive measures such as financial incentives, grants, and research funding have spurred innovation and investments in the fuel cell sector.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%
By Region: North America- 27%, Europe- 20%, Asia-Pacific - 53%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The solid oxide fuel cell market is dominated by a few major players that have a wide regional presence. The leading players in the solid oxide fuel cell market are Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.
The report defines, describes, and forecasts the global solid oxide fuel cell market by type, portability, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an 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
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) among others in the solid oxide fuel cell market.