Solid Oxide Fuel Cell (SOFC) Market Research Report

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).