Solid Oxide Fuel Cell Market Size, Share & Trends Analysis Report By Application (Transportation, Portable, Industrial), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030
Solid Oxide Fuel Cell Market Growth & Trends
The global solid oxide fuel cell market size is expected to reach USD 7.1 billion by 2030, registering a CAGR of 13.7% according to a new report by Grand View Research, Inc. Growing expenditure on infrastructure and industry development is expected to have a positive impact on the global market in the forecast period.
Installers and system providers usually hold stock of significant equipment in the inventory. However, manufacturers face bottlenecks and shortages due to the limited production in countries, severely affected by the COVID-19. Further, upcoming Solid oxide fuel cells (SOFC) based large-scale projects are expected to witness delays in commissioning due to the disruptions in supply chain and halting of on-site construction activities.
Rising awareness about alternative sources of energy is one of the major factors encouraging market growth. Increasing carbon emission levels is a global issue, and government authorities worldwide are supporting technological advancements to tackle the issue by providing research funding and drafting supportive policies and plans.
The global SOFC market is highly competitive owing to the ongoing technological advancements by the existing vendors and new entrants. Market players are concentrating on strengthening their relations with system installers due to their strong local presence and close ties with the clients, which in turn is likely to help enhance geographical presence.
Solid Oxide Fuel Cell Market Report Highlights
- In terms of revenue, the stationary segment accounted for a prominent market share of 81.59% during 2022 and is further expected to witness major growth during the forecast period
- As of 2022, the Asia Pacific accounted for 49.48% revenue share in the overall SOFC market
- In Europe, Germany dominated the market by the revenue share during 2021
- Government funding and aggressive mergers & acquisitions between companies for alternative energy technologies contribute to heavy investments in Europe. Transportation is predicted to be the viable segment for the utilization of solid oxide fuel cells during the coming years
- Chapter 1 Methodology & Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definition
- 1.3 Information Procurement
- 1.3.1 Purchased Database
- 1.3.2 GVR’s Internal Database
- 1.3.3 Secondary Sources
- 1.3.4 Third-Party Perspective
- 1.3.5 Primary Research
- 1.4 Information Analysis
- 1.4.1 Data Analysis Models
- 1.5 Market Formulation and Data Visualization
- 1.6 Data Validation and Publishing
- Chapter 2 Executive Summary
- 2.1 Market Summary
- Chapter 3 Market Variables, Trends & Scope
- 3.1 Market Lineage Outlook
- 3.1.1 Global Fuel cell Market Outlook
- 3.2 Penetration & Growth Prospect Mapping
- 3.3 Industry value chain analysis
- 3.4 Technology Overview
- 3.4.1 Technology Trends
- 3.5 Regulatory Framework
- 3.5.1 Policies and Plans by Major Country
- 3.5.1.1 U.S.
- 3.5.1.2 Germany
- 3.5.1.3 China
- 3.5.1.4 Japan
- 3.5.2 Standard and Compliances
- 3.6 Market Dynamics
- 3.6.1 Market Driver Analysis
- 3.6.1.1 Increasing private-public partnerships
- 3.6.1.2 Reduced environmental impact
- 3.6.2 Market Restraint Analysis
- 3.6.2.1 High cost of solid oxide fuel cell systems
- 3.6.3 Market Opportunity Analysis
- 3.7 Solid Oxide Fuel Cell Industry Analysis - Porter’s
- 3.8 Solid Oxide Fuel Cell Industry Analysis - PESTEL analysis
- 3.9 Impact of Corona Virus on Solid Oxide Fuel Cell (SOFC) Market
- 3.9.1 Challenges
- 3.9.2 Steps Taken
- 3.9.3 Impact Verdict - Medium
- Chapter 4 Global SOFC Market: Application Estimates & Trend Analysis
- 4.1 Global SOFC Market: Application Movement Analysis, 2022 & 2030
- 4.2 Market size & forecasts and trend analysis, 2018 to 2030 for the following:
- 4.2.1 Stationary
- 4.2.1.1 Global SOFC market estimates and forecasts, by Stationary Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 4.2.2 Transportation
- 4.2.2.1 Global SOFC market estimates and forecasts, by Transportation Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 4.2.3 Portable
- 4.2.3.1 Global SOFC market estimates and forecasts, by portable Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- Chapter 5 Global SOFC Market: Regional Estimates & Trend Analysis
- 5.1 Global SOFC Market: Regional Movement Analysis, 2022 & 2030
- 5.2 North America
- 5.2.1 North America SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.2.2 U.S.
- 5.2.2.1 U.S. SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.3 Europe
- 5.3.1 Europe SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.3.2 Germany
- 5.3.2.1 Germany SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.3.3 France
- 5.3.3.1 France SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.3.4 U.K.
- 5.3.4.1 U.K. SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.4 Asia Pacific
- 5.4.1 Asia Pacific SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.4.2 China
- 5.4.2.1 China SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.4.3 Japan
- 5.4.3.1 Japan SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.4.4 South Korea
- 5.4.4.1 South Korea SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- 5.5 Rest of World
- 5.5.1 Rest of World SOFC market estimates and forecasts, by Application, 2018 - 2030 (Thousand Units) (kW) (USD Million)
- Chapter 6 Global SOFC Market - Competitive Landscape
- 6.1 Key Global Players, Recent Market Developments & Their Impact on the Industry
- 6.2 Major Deals and Strategic Alliances
- 6.3 Vendor landscape
- 6.3.1 List of key distributors and channel partners
- 6.3.2 List of Component and Material Supplier/Distributors
- 6.3.3 Company Market Position Analysis
- Chapter 7 Company Profiles
- 7.1 Bloom Energy
- 7.1.1 Company Overview
- 7.1.2 Product Benchmarking
- 7.1.3 Financial Performance
- 7.1.4 Strategic Initiatives
- 7.2 Mitsubishi Power, Ltd.
- 7.2.1 Company Overview
- 7.2.2 Product Benchmarking
- 7.2.3 Financial Performance
- 7.2.4 Strategic Initiatives
- 7.3 Ceres
- 7.3.1 Company Overview
- 7.3.2 Product Benchmarking
- 7.3.3 Financial Performance
- 7.3.4 Strategic Initiatives
- 7.4 Cummins Inc.
- 7.4.1 Company Overview
- 7.4.2 Product Benchmarking
- 7.4.3 Financial Performance
- 7.4.4 Strategic Initiatives
- 7.5 GENERAL ELECTRIC
- 7.5.1 Company Overview
- 7.5.2 Product Benchmarking
- 7.5.3 Financial Performance
- 7.6 FuelCell Energy, Inc.
- 7.6.1 Company Overview
- 7.6.2 Product Benchmarking
- 7.6.3 Financial Performance
- 7.6.4 Strategic Initiatives
- 7.7 Ningbo SOFCMAN Energy
- 7.7.1 Company Overview
- 7.7.2 Product Benchmarking
- 7.8 AVL
- 7.8.1 Company Overview
- 7.8.2 Product Benchmarking
- 7.8.3 Strategic Initiatives
- 7.9 NGK SPARK PLUG CO., LTD.
- 7.9.1 Company Overview
- 7.9.2 Product Benchmarking
- 7.10 KYOCERA Corporation
- 7.10.1 Company Overview
- 7.10.2 Product Benchmarking
- 7.10.3 Financial Performance
- 7.11 Watt Fuel Cell Corporation
- 7.11.1 Company Overview
- 7.11.2 Product Benchmarking
- 7.11.3 Strategic Initiatives
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