Solid Oxide Fuel Cell Market to Witness Comprehensive Growth by 2028

According to a research report "Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, BOP), Application (Stationary, Portable, Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, Residential) & Region - Global Trends & Forecasts to 2028" published by MarketsandMarkets, the 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. 

Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for solid oxide fuel cell market.

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The tubular Solid oxide fuel cell segment, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the solid oxide fuel cell market has been segmented into planar solid oxide fuel cell and tubular solid oxide fuel cell. The tubular solid oxide fuel cell segment is expected to be the fastest growing segment during the forecast period, owing to even distribution of heat in the system. Tubular SOFCs operate between 900–1,000°C and exhibit higher power densities compared to planar SOFCs. The tubes offer high electrical resistance and are simple to seal. Some tubular designs eliminate the need for seals and allow for thermal expansion.

The stationary, by application, is expected to be the largest segment during the forecast period

This report segments the solid oxide fuel cell market based on application into three segments: stationary, portable and transport. The stationary segment is expected to be the second largest segment during the forecast period. Stationary segment is again categorized into three segments: primary power, backup and combined heat and power. Stationary SOFCs are primarily employed as primary power sources in a variety of facilities, including houses, business buildings, industrial locations, and ports. SOFCs can be installed on-site, even in distant places; on-site installation allows power generation to be matched to the site's electrical demands. Increasing government investments in stationary applications such as renewable power generation are also propelling the SOFC industry.

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Asia Pacific is expected to be the largest region in the solid oxide fuel cell market

Asia Pacific is expected to be the largest solid oxide fuel cell market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying to reduce its carbon footprint from various fossil fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.

Some of the major 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 strategies these players adopt include new product launches, contracts, agreements, partnerships, and investments & expansions.

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Solid Oxide Fuel Cell Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

New Revenue Pockets:

The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. The global solid oxide fuel cell market is driven by the Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms. The solid oxide fuel cell market has promising growth potential due to the rising distributed power generation applications across regions and increasing adaptivity by data centers and military sectors.

Asia Pacific accounted for a 45.5% share of the solid oxide fuel cell market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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The market is segmented, by type, into planar, and tubular. The planar segment held the largest solid oxide fuel cell market share in 2021. The market for planar segment is driven by 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. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type.

The market is segmented, by application, into portable, stationary and transport. In terms of value, the stationary held the largest share in 2021 as it is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

The solid oxide fuel cell market is segmented, by end user, into commercial & industrial, data centers, Military & defense, and residentials. The commercial & industrial segment is expected to be the largest market during the forecast period. Increased demand for clean energy generation is expected to drive the market.

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The major players in the solid oxide fuel cell market are Bloom Energy(US), Mitsubishi Power(Japan), Aisin Seiki(Japan), Hitachi Zosen Corporation(Japan), and Ceres Power(UK), Adelan (UK), Adaptive Energy (US), Solid Power (Italy), Watt fuel cell corporation (US), Upstart power (US), AVL (Austria), Convion ltd. (Finland), Kyocera Corporation (Japan), Special Power Source (US), ZTEK Corporation (US), h2e Power (India), Elcogen AS (Estonia), Miura (Japan),  and others.

Solid Oxide Fuel Cell Market Projected to Hit $6.5 Billion by 2027, at a CAGR of 33.9%

 According to the new market research report "Solid Oxide Fuel Cell Market by Type (Planar & Tubular), Application (Portable, Stationary, & Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, and Residential ) and Region - Global Forecasts to 2027", published by MarketsandMarkets™, the Solid Oxide Fuel Cell Market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms are likely to drive the Solid Oxide Fuel Cell Market. Rising distributed power generations applications across regions and increasing adaptivity by end users in data centers and military sectors will be the main opportunities growing in market. Asia Pacific is estimated to be the largest market from 2022 to 2027 and is expected to see a high demand for solid oxide fuel cell due to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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The planar segment is expected to dominate the Solid Oxide Fuel Cell Market, by product type, during the forecast period.

The market is segmented, by type, into planar and tubular type solid oxide fuel cell. The planar segment is estimated to lead the market in terms of market size; however, the tubular segment is expected to be the fastest-growing market. The growth of the planar segment is mainly because of its the simple geometry and relatively easier construction process.

The stationary segment is expected to be the largest Solid Oxide Fuel Cell Market, by application, during the forecast period.

The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

Browse in-depth TOC on "Solid Oxide Fuel Cell Market"

178 – Tables

52 – Figures  

237 – Pages

View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/solid-oxide-fuel-cell-market-39365796.html 

Commercial & industrial segment is expected to be the largest Solid Oxide Fuel Cell Market, by end-user industry, during the forecast period.

The market is segmented, by end-user, into commercial & industrial, data centers, military & defense, and residentials. The commercial & industrial segment accounted for the largest Solid Oxide Fuel Cell Market share in 2021. Increased demand for clean energy generation is expected to drive the market. The commercial and industrial segment held a 42.8% share in 2021 of the global solid oxide fuel cells market. Commercial and industrial end users include hospitals, hotels, shopping center malls, office buildings, sports centers, transportation and various others industrial facilities.

Asia Pacific is expected to dominate the global Solid Oxide Fuel Cell Market, during the forecast period

Asia Pacific accounted for a 45.5% share of the Solid Oxide Fuel Cell Market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and Rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Solid Oxide Fuel Cell Market. These players include Bloom Energy (US), Ceres(UK), Mitsubishi Power (Japan), Aisin Corporation (Japan), and Hitachi Zosen Corporation (Japan).

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Global Solid Oxide Fuel Cell Industry to 2025 - North America will be the Fastest Growing Market

Global Solid Oxide Fuel Cell Market Scenario:

Latest research, The global solid oxide fuel cell market size is expected to grow from estimated revenue of USD 772 million in 2020 to USD 2,881 million by 2025, at a CAGR of 30.1%. 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. The market is segmented by type, application, end user, and region.

Key Market Players:

Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan) are the leading players in the solid oxide fuel cell market Sunfire (Germany), Convion (Finland), Kyocera (Japan), Elcogen (Estonia), SOLIDPower (Italy), Watt Fuel Cell Corporation (US), H2E Power (India), ZTEK Corporation (US), Fuel Cell Energy (US), Doosan Fuel Cell (US), and POSCO Energy (South Korea) and others are other players operating in the market are the leading players in the global solid oxide fuel cell market.

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The planar segment is estimated to have the largest contribution in the solid oxide fuel cell market, by type

The market is segmented, by type, into planar and tubular type solid oxide fuel cell. The planar segment is estimated to lead the market in terms of market size; however, the tubular segment is expected to be the fastest-growing market. The growth of the planar segment is mainly because of its the simple geometry and relatively easier construction process.

The stationary segment is estimated to have the largest contribution in the solid oxide fuel cell market, by application

The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

Power generation: The largest end user segment of the solid oxide fuel cell market

The market is segmented, by end-user, into power generation, automotive, hydrogen generation, and others. The power generation segment accounted for the largest solid oxide fuel cell market share in 2019. Increased demand for clean energy generation is expected to drive the market. Power generation refers to distributed power generation solutions and remote and backup power solutions for residential, commercial, and industrial uses such as residential complexes, retail outlets, commercial offices, data centers, and telecom towers. The reason for the large market share of this segment is the dominance of Bloom Energy in the SOFC market, where it provides distributed power generation solutions primarily in the US, as well as other countries, such as South Korea, Japan, and India.

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North America is expected to dominate the global solid oxide fuel cell market

North America was the largest solid oxide fuel cell industry in 2019, driven mainly by activities in the US and Canada. The growth in the US 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. Asia Pacific is the second-largest market, following North America closely.

Report Objectives

• To define, describe and forecast the global solid oxide fuel cell market by type, application, end-user, and regions
• To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the market
• To strategically analyze the market with respect to individual growth trends, future prospects, and the contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments such as contracts & agreements, expansions, new product launches, mergers & acquisitions, and partnerships & collaborations in the solid oxide fuel cell market

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Solid Oxide Fuel Cell Market to Reach $2,881 Million by 2025 | Bloom Energy, Ceres Power, Mitsubishi Power, Aisin Seiki Co, Hitachi Zosen

 According to the new market research report "Solid Oxide Fuel Cell Market by Type (Planar & Tubular), Application (Portable, Stationary, & Transport), End User (Power Generation, Hydrogen Generation, Automotive, and Others), and Region - Global Forecasts to 2025", published by MarketsandMarkets™, the global Solid Oxide Fuel Cell Market size is expected to grow from estimated revenue of USD 772 million in 2020 to USD 2,881 million by 2025, at a CAGR of 30.1%. 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. The market is segmented by type, application, end user, and region.

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The planar segment is estimated to have the largest contribution in the Solid Oxide Fuel Cell Market, by type

The market is segmented, by type, into planar and tubular type solid oxide fuel cell. The planar segment is estimated to lead the market in terms of market size; however, the tubular segment is expected to be the fastest-growing market. The growth of the planar segment is mainly because of its the simple geometry and relatively easier construction process.

Browse in-depth TOC on "Solid Oxide Fuel Cell Market"

64 – Tables

46 – Figures

165 – Pages

View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/solid-oxide-fuel-cell-market-39365796.html 

The stationary segment is estimated to have the largest contribution in the Solid Oxide Fuel Cell Market, by application

The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

Power generation: The largest end user segment of the Solid Oxide Fuel Cell Market

The market is segmented, by end-user, into power generation, automotive, hydrogen generation, and others. The power generation segment accounted for the largest Solid Oxide Fuel Cell Market share in 2019. Increased demand for clean energy generation is expected to drive the market. Power generation refers to distributed power generation solutions and remote and backup power solutions for residential, commercial, and industrial uses such as residential complexes, retail outlets, commercial offices, data centers, and telecom towers. The reason for the large market share of this segment is the dominance of Bloom Energy in the SOFC market, where it provides distributed power generation solutions primarily in the US, as well as other countries, such as South Korea, Japan, and India.

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North America is expected to dominate the global Solid Oxide Fuel Cell Market

North America was the largest solid oxide fuel cell industry in 2019, driven mainly by activities in the US and Canada. The growth in the US 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. Asia Pacific is the second-largest market, following North America closely.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Solid Oxide Fuel Cell Market. These players include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan).

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About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

​

Solid Oxide Fuel Cell Market to Undertake Strapping Growth During 2025

The solid oxide fuel cell market is expected to grow at a CAGR of 13.88% from 2017 to 2025, to reach a market size of USD 1,140.6 million by 2025. Government subsidies and fuel cell programs, increasing demand for efficient power generation, and stringent emission norms in the US and Europe are the major factors driving the growth of solid oxide fuel cell market.

Browse 88 Market Data Tables and 28 Figures spread through 133 Pages and in-depth TOC on " 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"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/solid-oxide-fuel-cell-market-39365796.html

The solid oxide fuel cell market is dominated by a few global players that are established brand names with a wide regional presence. The key players in this market include Bloom Energy (US), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (US), and Atrex Energy (US).

Based on application, the Combined Heat and Power (CHP) segment is expected to be the fastest growing segment from 2017 to 2025. This segment is expected to witness growth mainly due to government initiatives and programs for installation of fuel cells. The Japanese ene-farm program for residential and commercial CHP installations is driving the market for this segment due to subsidies provided by the government for fuel cell-based CHP installations. The German government’s Callux program and European Union’s ene-field project are the driving factors for the growth of this segment in Europe.

Based on end-use, data centers is the fastest growing segment for the power generation application for the solid oxide fuel cell market. Data centers currently consume 2% of electricity in the US, and the stringent emission norms as along with the demand for cost-effective power generation, in addition to government incentives, is driving the market for this segment especially in the US.

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Based on region, Asia Pacific is expected to be the fastest growing region for the solid oxide fuel cell market from 2017 to 2025. The market in this region is mainly driven by the Japanese government’s policy of phasing out nuclear energy from its energy mix and replacing it with a natural gas-based power generation. The Japanese government’s initiatives, such as the ene-farm project for residential CHP installations as well as subsidies for fuel cell-based distributed power generation are further driving the solid oxide fuel cell market.

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