USD 642.22 million
Solid Oxide Fuel Cell (SOFC) Market Size, Share, Growth Analysis, By Application(Stationary, Transport, Portable), By End-User(Commercial, Data Centers, Military & Defense, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2045 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Solid Oxide Fuel Cell (SOFC) Market Insights
Solid Oxide Fuel Cell (SOFC) Market size was valued at USD 642.22 million in 2019 and is poised to grow from USD 889.48 million in 2023 to USD 12043 million by 2031, growing at a CAGR of 38.5% in the forecast period (2024-2031).
A solid oxide fuel cell is a type of electrochemical system that generates energy through the oxidation of fuel. These devices use ceramic or solid metal oxides as electrolytes to conduct ions between the cell's cathode and anode. Furthermore, the systems are built to resist high working temperatures and can deliver optimal output with a variety of fuels, including hydrogen, natural gas, and propane, among other clean fuels and mixes. Additionally, the units are mostly powered by hydrogen fuel cell, resulting in zero-emission operations with just heat and water vapours as byproducts.
US Solid Oxide Fuel Cell Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
stationary
Fastest Growth
stationary
Growth Rate
38.5% CAGR
Global Solid Oxide Fuel Cell (SOFC) Market By Application ($ Bn)
Country Share for North America Region (%)
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Solid Oxide Fuel Cell (SOFC) Market Segmental Analysis
Global Solid Oxide Fuel Cell (SOFC) market is segmented based on application, end-user, and region. Based on the application, the Solid Oxide Fuel Cell (SOFC) Market is segmented into stationary, transport, portable. Based on the end-user, the Solid Oxide Fuel Cell (SOFC) Market is segmented into commercial, data centers, military & defense, and others. Based on the region, the Solid Oxide Fuel Cell (SOFC) Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Solid Oxide Fuel Cell Market Analysis by Application
Based on the application, the market is segmented into stationary, transport, portable. Among these, the stationery segment of the market is projected to hold the most substantial share in the market. Because of the rapid expansion in energy consumption across several verticals, as well as the need for low carbon options for efficient power production and cogeneration plants, the stationary segment is likely to grow significantly in terms of volume and revenue. Furthermore, the transport application sector is expected to increase at a quick pace because to the rapidly increasing demand for medium and heavy-duty cars, as well as significant R&D efforts.
Global Solid Oxide Fuel Cell (SOFC) Market By Application
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Solid Oxide Fuel Cell (SOFC) Market Regional Insights
Asia Pacific is expected to be one of the fastest-growing markets for solid oxide fuel cells. The expansion is fueled by massive government targets for FC technology, expanding urbanization and industrialization, rising energy demand, and transformation of existing infrastructure, among other things.
Furthermore, the European SOFC market is supported by rising demand for renewable energy generation and a greater emphasis on reducing carbon footprint and deploying hydrogen-based Combined Heat and Power (CHP) systems. For example, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a private-public collaborative R&D programme in Europe, predicted in 2019 that hydrogen fuel will account for around 24% of total regional energy consumption by 2050.
Additionally, favorable regulatory measures such as tax breaks and financial incentives in the United States and Canada are expected to drive market growth in North America. Governments have also set targets for the adoption of fuel cell technology, as well as a focused R&D initiative for FC systems that benefits the regional industry environment.
Global Solid Oxide Fuel Cell (SOFC) Market By Region
- Largest
- Fastest
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Solid Oxide Fuel Cell (SOFC) Market Dynamics
Solid Oxide Fuel Cell Market Driver
- Rising Installation of Green Energy Technologies to Favor Market Growth
Increasing worries about reducing harmful carbon activities, as well as the increased deployment of low carbon technology, are among the primary driving factors for the SOFC industry. Numerous countries have announced their goals for meeting rising energy demand with renewable energy generation sources, including the possibility for fuel cell deployment. For example, the International Energy Agency (IEA) issued its Global Energy Assessment 2021 in April 2021, stating that in 2020, clean energy use climbed by around 3%, while renewable energy generation increased by about 7%. It also stated that demand for other essential fuels fell during the same time period.
Solid Oxide Fuel Cell Market Restraint
- Operational Constraints along with Availability of Other Fuel Cell Systems to Hamper Growth
Various operational characteristics, such as long start-up periods, as well as the necessity for significant initial production costs due to the use of heat-resistant materials for construction, are some of the factors that may slow market growth. Furthermore, the widespread availability of efficient fuel cell technologies, such as proton-exchange membrane fuel cells (PEMFC) and phosphoric acid fuel cells (PAFC), may pose a challenge to the market landscape.
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Solid Oxide Fuel Cell (SOFC) Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Solid Oxide Fuel Cell Market Top Player’s Company Profiles
- Bloom Energy
- Ceres Power
- Convion
- Doosan Fuel Cell America
- Elcogen
- FuelCell Energy
- Hexis AG
- LG Fuel Cell Systems
- Protonex
- Redox Power Systems
- Rolls-Royce Power Systems
- Samsung SDI
- SFC Energy
- Siemens Energy
- SOLIDpower
- Sunfire GmbH
- Toshiba
- Ultra Electronics AMI
- WATT Fuel Cell Corporation
- ZTEK Corporation
Solid Oxide Fuel Cell Market Recent Developments
- In September 2021, The Hydrogen-based Servers were unveiled by Blooming Technologies. To potentially deliver on-site energy, this technology employs a partial oxidation stack and hydrogen as fuel. It was believed that such electrolytes would be commercially available in 2022. These PCs were tested for five months in South Korea beside the SK Eco facility.
- In January 2021, The Danish Energy Technology Development and Demonstration Program (EUDP) provided funding for a collaborative effort to advance the development and implementation of SOFC technology in the maritime industry. Alfa Laval, Haldor Topse, DTU, Svitzer, and Maersk Mc-Kinney Mller Center are among the project's collaborators.
Solid Oxide Fuel Cell (SOFC) Key Market Trends
- Continuous Research & Development Activities is a Vital Trend
Several governmental and commercial collaborative activities to produce new products with enhanced attributes have been noted in the solid oxide fuel cell (SOFC) market. Furthermore, some renowned research groups across educational institutions have launched new enterprises to specifically perform R&D projects focused on technology. In August 2020, for example, a team of researchers from Seoul National University and the Korea Institute of Science and Technology (KIST) in South Korea announced a new micro-patterning and thin-film 3-D process method for the fabrication of high-efficiency SOFC units.
Solid Oxide Fuel Cell (SOFC) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Solid Oxide Fuel Cell (SOFC) market is segmented based on application, end-user and region. Based on the application, the stationery segment of the market is projected to hold the most substantial market share. Based on the end-user, the commercial segment of the market is projected to hold the most substantial market share. Based on the region, North America region holds a substantial market share.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 642.22 million |
| Market size value in 2031 | USD 12043 million |
| Growth Rate | 38.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solid Oxide Fuel Cell (SOFC) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solid Oxide Fuel Cell (SOFC) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solid Oxide Fuel Cell (SOFC) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solid Oxide Fuel Cell (SOFC) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solid Oxide Fuel Cell (SOFC) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solid Oxide Fuel Cell (SOFC) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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