“The solid oxide fuel cell market is projected to grow at a CAGR of 33.9% from 2022 to 2027.”
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. Rising distributed power generation applications across regions and increasing adaptivity by end users in data centers and military sectors are expected to offer lucrative opportunities for the solid oxide fuel cell market during the forecast period.
“The planar segment, by product type, is expected to be the largest market from 2022 to 2027”
The planar segment held the largest share of the solid oxide fuel cell market. The growth is evident owing to 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.
“The Stationary segment, by application is expected to be the largest market from 2022 to 2027”
The stationary segment of the market, by application, is estimated to be the largest during the forecast period. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power. The market for the stationary segment in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the fact that the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant.
“Asia Pacific: The largest region in the solid oxide fuel cell market.”
Asia Pacific is expected to dominate the global solid oxide fuel cell market between 2022–2027. The region has been segmented, by country, into Japan, China, South Korea and the 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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier I–65%, Tier II–24%, and Tier III–11%
- By Designation: C-Level–35%, Director Level–25%, and Others–40%
- By Region: Asia Pacific–22%, North America–45%, Europe–18%, and Rest of the world-10%
Note: “Others” include sales managers, engineers, and regional managers
The tier of the companies is defined on the basis of their total revenue as of 2017—Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, 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), Mitsubishi Power(Japan), Aisin Corporation(Japan), Hitachi Zosen Corporation(Japan), and Ceres (UK). Some of the other major players include Adelan (UK), Adaptive Energy (US), SOLIDpower GmbH (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.
Study Coverage:
The report defines, describes, and forecasts the solid oxide fuel cell market, by type, application, end-user, and region. It also offers detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the 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:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global solid oxide fuel cell market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the solid oxide fuel cell market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
