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Global Solid Oxide Fuel Cell Market Share, Size, Growth, Trends, Analysis, Forecast: By Type: Planar, Tubular; By Application: Portable, Stationary, Transport; By End User: Residential, Commercial and Industrial, Data Centres, Military and Defence; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Solid Oxide Fuel Cell Market Outlook
The global solid oxide fuel cell market size reached a value of more than USD 1.37 billion in 2022. The global market is expected to grow at a CAGR of 26.90% during the forecast period of 2023-2028, likely to attain a value of USD 5.71 billion by 2028.
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Global Solid Oxide Fuel Cell Market Trends
A solid oxide fuel cell (SOFC) is an electrochemical conversion device that is utilised to produce electricity. This device uses the natural tendency of oxygen and hydrogen to cause a reaction and convert the chemical energy in fuels into electrical energy, like a battery . The SOFCs are suitable for stationary power generation for homes and businesses. The waste heat generated can also be utilised for efficient combined heat and power systems.
- Key players around the world are increasingly investing in the development of efficient solid oxide fuel cells. Some of the key research groups across educational institutions have expressed their intention new to specifically perform R&D projects focused on solid oxide fuel cell technology.
- The implementation of stringent policies on the utilisation of conventional energy sources, such as fossil fuels and natural gas, can aid the growth of the SOFC market. This can be attributed to the rising awareness about environmental damages and increasing efforts to reduce carbon emissions.
- With the rising concerns for carbon emissions and the increasing implementation of green technologies to deliver clean and efficient energy, the demand for solid oxide fuel cells is expected to surge further.
Global Solid Oxide Fuel Cell Market Analysis
Based on type, the market can be segmented into planar and tubular. Based on the application, it can be bifurcated into portable, stationary, and transport. Based on end-user, the market can be divided into residential, commercial and industrial, data centres, military and defense. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Bloom Energy Corporation
- Mitsubishi Heavy Industries, Ltd.
- Ceres Power Holdings plc
- FuelCell Energy, Inc.
- AVL List GmbH
- Others
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Applications of Solid Oxide Fuel Cells
Based on application, the market can be bifurcated into portable, stationary, and transport. The stationary segment is expected to hold a significant share of the market due to the rising demand for energy in various fields. Due to the implementation of strict policies on carbon emissions, the demand for low-carbon alternatives for energy is surging, which can enhance the solid oxide fuel cell market expansion.
End-Users of Solid Oxide Fuel Cells
Based on end-users, the market can be segmented into residential, commercial and industrial, data centres, military and defence.
The commercial segment is expected to hold a dominating position in the market as the energy demand across various fields keeps increasing. The market is likely to go through significant growth as the adoption of clean energy generation rises rapidly.
In addition, the data centre segment is expected to experience significant growth owing to the construction of new and advanced data centres with cleaner energy generation.
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Competitive Landscape
Bloom Energy Corporation, headquartered in California, United States, is a leading company in the field of renewable energy source manufacturing. Their leading segment in the field includes their solid oxide technology for distributed power generation and hydrogen. The company applies their technologies and solutions for electrolysers, hydrogen fuel cells, carbon capture, and biogas, among multiple others.
Mitsubishi Heavy Industries, Ltd. Is one of the world’s largest industrial groups, with a focus in various fields, such as energy, logistics and infrastructure, industrial machinery, aerospace and defence. The company is headquartered in Tokyo, Japan, and it is one of the core companies that are part of the Mitsubishi Group. They have a wide array of product categories, including energy, aircraft, computer network systems, environment, and automotive, among many others.
Ceres Power Holdings plc is a leading fuel cell technology and engineering company, founded in 2004. They have been leading the climate technology field with the development of clean energy solutions. It is a United Kingdom-based company, focused on the field of power generation and hydrogen technologies, and develops the solid oxide fuel cell energy solution.
Other market players include FuelCell Energy, Inc. and AVL List GmbH, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solid Oxide Fuel Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Solid Oxide Fuel Cell Historical Market (2018-2022)
8.3 Global Solid Oxide Fuel Cell Market Forecast (2023-2028)
8.4 Global Solid Oxide Fuel Cell Market by Type
8.4.1 Planar
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Tubular
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Solid Oxide Fuel Cell Market by Application
8.5.1 Portable
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Stationary
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Transport
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Solid Oxide Fuel Cell Market by End User
8.6.1 Residential
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Commercial and Industrial
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Data Centres
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Military and Defence
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.7 Global Solid Oxide Fuel Cell Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Solid Oxide Fuel Cell Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Solid Oxide Fuel Cell Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Solid Oxide Fuel Cell Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Bangladesh
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Solid Oxide Fuel Cell Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Mexico
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Argentina
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Solid Oxide Fuel Cell Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 South Africa
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 Nigeria
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bloom Energy Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mitsubishi Heavy Industries, Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Ceres Power Holdings plc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 FuelCell Energy, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 AVL List GmbH
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solid Oxide Fuel Cell Market: Key Industry Highlights, 2018 and 2028
2. Global Solid Oxide Fuel Cell Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Solid Oxide Fuel Cell Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Solid Oxide Fuel Cell Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Solid Oxide Fuel Cell Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Solid Oxide Fuel Cell Historical Market: Breakup by End User (USD Billion), 2018-2022
7. Global Solid Oxide Fuel Cell Market Forecast: Breakup by End User (USD Billion), 2023-2028
8. Global Solid Oxide Fuel Cell Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Solid Oxide Fuel Cell Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Solid Oxide Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Solid Oxide Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Solid Oxide Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Solid Oxide Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Solid Oxide Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Solid Oxide Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Solid Oxide Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Solid Oxide Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Solid Oxide Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Solid Oxide Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Solid Oxide Fuel Cell Market Structure
Key Questions Answered in the Report
The global market for solid oxide fuel cells attained a value of USD 1.37 billion in 2022.
The market is expected to grow at a CAGR of 26.90% during the forecast period of 2023-2028.
The market is expected to attain a value of USD 5.71 billion by 2028.
The market growth is driven by the growing demand for solid oxide fuel cells due to the rising implementation of clean energy and the introduction of strict norms for carbon emissions.
The increasing investments by market players and governments in the research and development of alternative power sources are expected to deliver new growth opportunities to the market.
The regional markets include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The types available in the market include planar and tubular.
The various applications of solid fuel cells include portable, stationary, and transport.
The solid oxide fuel cells are utilized by residential, commercial and industrial, data centres, military and defense.
The key players in the market include Bloom Energy Corporation, Mitsubishi Heavy Industries, Ltd., Ceres Power Holdings plc, FuelCell Energy, Inc., and AVL List GmbH, among others.
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