Solid Oxide Fuel Cell Market Forecast to Surpass $5.4 Billion by 2028 with a CAGR of 31.0%

The global solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period. The growing use of electronic devices in emergency, off-grid, and automotive applications will benefit the fuel cell generator business.

Key Market Players

The major players in the solid oxide fuel cell market include Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan).

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This report segments the solid oxide fuel cell market based on type into planar and tubular. Planar has a greater material selection (including the use of metallic interconnects), lower temperature operation, predicted longer cell life, decreased thermal stress, improved reliability, and lower fuel cell cost. Because of their superior power densities and hefty system designs, planar SOFCs are often used in stationary power applications. Despite the fact that planar geometry SOFCs are a more mature technology than tubular SOFCs, the growing need for power-hungry portable devices is likely to fuel the tubular SOFC market throughout the forecasted period.

Based on application, the solid oxide fuel cell market is segmented into stationary, portable and transport. Stationary segment is expected to hold the largest market share during the forecast period. The surging adoption of advanced electronics in sectors such as aerospace, automotive, and consumer electronics that require compact backup power solutions is one of the key reasons for the growth of the solid oxide fuel cell market. The Transport segment is the fastest growing segment during the forecast period owing to the increasing development of solid oxide fuel cell for operating heavy-duty vehicles.

This report segments the solid oxide fuel cell market based on end user into six categories: residential, commercial & industrial, military & defense, and data centers. Commercial & Industrial is expected to hold the largest market share during the forecast period. Hospitals, hotels, shopping malls, office buildings, sports centers, transportation, and other industrial facilities are examples of commercial and industrial end users. Because of their great electrical efficiency, low emissions, and fuel flexibility, SOFCs are an appealing option for stationary building applications. SOFCs may convert a higher percentage of a fossil fuel's energy into power than combustion-based processes and can also create power using low- and no-carbon fuels like hydrogen.

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"Asia Pacific": The largest in the solid oxide fuel cell market"

Asia Pacific is expected to have the largest market share in the solid oxide fuel cell market between 2023–2028, followed by North America and Europe. Increase in Urbanization and population have necessitated extensive infrastructural development, driving up electricity demand throughout the region. According to the Indian Electrical and Electronics Manufacturers' Association (IEEMA), India's energy generation capacity is predicted to expand from 200 GW in 2010 to more than 800 GW by 2032 to meet rising demand for power. As a result, power equipment production will require a massive investment of around USD 300 billion over the next 3-4 years, increasing demand for solid oxide fuel cells.