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).
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 7
Part 2. Scope and Methodology 8
Report Scope 9
Application 9
End-User 9
Region 9
Research Methodology 10
Part 3. Solid Oxide Fuel Cell Market Overview 12
Summary 12
Introduction 15
Part 4. Market Dynamics 17
Growth Drivers and Future Trends 17
Restraints and Challenges 20
Part 5. Global Solid Oxide Fuel Cell Market by Application 23
Stationary 23
Transportation 24
Portable & Others 26
Part 6. Global Solid Oxide Fuel Cell Market by End-User 28
Commercial 29
Non-Commercial: Residential 30
Non-Commercial: Military 31
Part 7. Global Solid Oxide Fuel Cell Market by Region 33
North America 37
United States 39
Europe 40
Asia Pacific 42
Japan 44
South Korea 46
China 49
Australia and New Zealand 52
Rest of World (RoW) 54
Part 8. Competitive Analysis 56
Competition Overview 56
Recent Developments 58
Bloom Energy Corporation 61
Business Overview 61
Solid Oxide Technology Platform 62
Contact Information 63
FuelCell Energy, Inc. 64
Business Overview 64
Solid Oxide-Based Long Duration Hydrogen-Based Energy Storage 66
Solid Oxide Fuel Cell Manufacturing and Service Facilities 66
Contact Information 67
SunFire GmbH 68
Business Overview 68
Contact Information 68
Ceres Power Holdings plc 69
Business Overview 69
Solid Oxide Fuel Cell 71
Contact Information 73
SolydEra S.p.A. 74
Business Overview 74
Solid Oxide Fuel Cell 74
Contact Information 74
Elcogen AS 75
Business Overview 75
Solid Oxide Fuel Cell 75
Contact Information 76
Convion Ltd. 77
Business Overview 77
Solid Oxide Fuel Cell 77
Contact Information 78
Kyocera Corporation 79
Business Overview 79
Solid Oxide Fuel Cell 79
Contact Information 81
Robert Bosch GmbH 82
Business Overview 82
Solid Oxide Fuel Cell 82
Contact Information 82
Ballard Power Systems, Inc. 83
Business Overview 83
Contact Information 85
Osaka Gas Co., Ltd. 86
Business Overview 86
Contact Information 86
Mitsubishi Power, Ltd. 88
Business Overview 88
Contact Information 88
Weichai Power Co., Ltd. 89
Business Overview 89
Contact Information 89
Kceracell Co., Ltd. 90
Business Overview 90
Contact Information 90
Suzhou Huatsing Jingkun New Energy Technology Co., Ltd. 91
Business Overview 91
Contact Information 91
mPower GmbH 92
Business Overview 92
Contact Information 92
WATT Fuel Cell Corporation 93
Business Overview 93
Contact Information 93
Upstart Power, Inc. 94
Business Overview 94
Contact Information 94
Disclaimer 95
FIGURES AND TABLES
Global Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
Global Solid Oxide Fuel Cell Market by Application, 2020-2028 (USD Million)
Global Solid Oxide Fuel Cell Market by Application, CAGR Historic and Forecast, 2020-2028
Global Solid Oxide Fuel Cell Market by End-User, 2020-2028 (USD Million)
Global Solid Oxide Fuel Cell Market by End-User, CAGR Historic and Forecast, 2020-2028
Global Solid Oxide Fuel Cell Market Share by Region, 2022
Global Solid Oxide Fuel Cell Market by Region, 2020-2028 (USD Million)
Global Solid Oxide Fuel Cell Market by Region, CAGR Historic and Forecast, 2020-2028
North America Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
Europe Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
Asia Pacific Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
Rest of World (RoW) Solid Oxide Fuel Cell Market, Net Growth, 2020-2028 (USD Million)
Bloom Energy Corporation Financial Overview (USD Million)
Bloom Energy Corporation Revenue, by Segment, 2022
FuelCell Energy, Inc. Financial Overview (USD Million)
FuelCell Energy, Inc. Revenue, by Segment, 2023
FuelCell Energy, Inc. Revenue, by Region, 2023
Ceres Power Holdings plc Financial Overview (GBP Million)
Ceres Power Holdings plc Revenue, by Segment, 2022
Ceres Power Holdings plc Revenue, by Major Product/Service Lines, 2022
Ceres Power Holdings plc Revenue, by Geography, 2022
Ceres Power Holdings plc Solid Oxide Fuel Cell Revenue (GBP Million)
Kyocera Corporation solid oxide fuel cell System Structural
Kyocera Corporation solid oxide fuel cell Specifications
Ballard Power Systems, Inc. Financial Overview (CAD Million)
Ballard Power Systems, Inc. Revenue, by Market Application, 2022
Ballard Power Systems, Inc. Revenue, by Region, 2022
Osaka Gas Co., Ltd. Financial Overview (JPY Billion)
Weichai Power Co., Ltd. Financial Overview (HKD Million)