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Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, BOP), Application (Stationary, Portable, Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, Residential) & Region - Global Trends & Forecasts to 2028

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    Report

  • 232 Pages
  • October 2023
  • Region: Global
  • Markets and Markets
  • ID: 5236600
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The global solid oxide fuel cell market is estimated to grow from USD 1.4 Billion in 2023 to USD 5.4 Billion by 2028; it is expected to record a CAGR of 31.0% during the forecast period. The growth of the solid oxide fuel cell market is attributed to the increasing demand for reliable and uninterrupted power supply serves as a significant driver for solid oxide fuel cell. Also, increasing demand for decentralized power generation in industries such as data centers, manufacturing, and grid support requires higher power capacities that can be efficiently met by large-scale fuel cell systems.

Planar Solid oxide fuel cell: The largest segment of the solid oxide fuel cell market, by type 

Based on type, the solid oxide fuel cell market has been split into two types: planar and tubular. The planar solid oxide fuel cell segment is expected to be the largest segment during the forecast period. Planar solid oxide fuel cellers account for a greater share of the total solid oxide fuel cell market due to use of simple geometry and relatively easier construction process. The growth in the planar solid oxide fuel cell market is attributed to the low cost and the wide area of its application. Japan is the major residential industry in terms of production and deployment of solid oxide fuel cell, thus there is significant demand of planar solid oxide fuel cell.

Transport segment is expected to be the fastest growing segment during forecast period based on portability

By application, the solid oxide fuel cell market has been segmented into stationary, transport and portable. The stationary segment is expected to lead the solid oxide fuel cell market during the forecast period owing to increasing demand for primary power sources from data centers and commercial & industrial sector. Additionally, Hydrogen solid oxide fuel cells produce electricity through the electrochemical reaction of hydrogen and oxygen, with the only byproduct being water vapor. Hydrogen solid oxide fuel cells have zero greenhouse gas emissions and do not contribute to air pollution, making them a clean and environmentally friendly energy source.

By end user, the commercial & industrial segment is expected to be the largest segment during the forecast period.

Based on end user, the solid oxide fuel cell market is segmented into commercial & industrial, residential, data centers and military & defense. The residential segment is expected to be the second largest segment the solid oxide fuel cell market during the forecast period owing to the rising need for energy reduction and energy efficiency in residential areas. Electricity demand in the residential sector tends to be highest on hot summer afternoons due to increased use of air conditioners, followed by evenings when lights are turned on. SOFCs are generally used for power generation in homes.

North America is expected to be the second-largest region in the solid oxide fuel cell market

North America is expected to be the second-largest solid oxide fuel cell market during the forecast period. The region has been at the forefront of sustainability initiatives, with strong commitments to reducing greenhouse gas emissions and transitioning to clean energy sources. Solid Oxide Fuel Cell, offering low-emission and zero-pollution power generation, align perfectly with these environmental goals. Additionally, North America has established a favorable policy and regulatory framework to promote the development and deployment of fuel cell technology. Supportive measures such as financial incentives, grants, and research funding have spurred innovation and investments in the fuel cell sector.

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 and assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
  • By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%
  • By Region: North America- 27%, Europe- 20%, Asia-Pacific - 53%

Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, 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), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.

Research Coverage:

The report defines, describes, and forecasts the global solid oxide fuel cell market by type, portability, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an 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 solid oxide fuel cell market has experienced significant development and growth in recent years. The increasing demand for portable power solutions, driven by factors such as outdoor recreational activities, emergency preparedness, and the need for reliable off-grid power, has propelled the market forward. Key market players have been actively engaged in product development, introducing innovative features such as higher power capacities, improved portability, faster charging, integration with renewable energy sources, advanced control systems, connectivity options, and enhanced safety features. Additionally, the market has witnessed the expansion of product offerings with varying size, catering to different end-use requirements.
  • Product Development/ Innovation: Manufacturers in the solid oxide fuel cell market actively engage in product development and innovation to enhance the capabilities of their offerings. They focus on increasing power capacity through advancements in battery technology, improving portability by reducing weight and refining the form factor, and enabling faster charging through enhanced charging efficiency. Integration of renewable energy sources, such as solar panels, is a key area of innovation, along with the development of advanced control and monitoring systems for better user control and visibility.
  • Market Development: The solid oxide fuel cell market offers substantial growth opportunities driven by several factors. Primarily, the increasing global focus on sustainability and the transition towards cleaner energy sources have created a favorable environment for fuel cell technology. Solid oxide fuel cell offer low-emission and zero-pollution power generation, aligning with environmental goals and regulations. Secondly, advancements in fuel cell technology, such as improved efficiency, durability, and cost-effectiveness, have enhanced their performance and made them more attractive for various applications. These technological developments have expanded the market potential for solid oxide fuel cell in sectors such as transportation, residential, commercial, and industrial. Additionally, government support through incentives, policies, and funding programs further accelerates the adoption of solid oxide fuel cell.
  • Market Diversification: Doosan Fuel Cell and the government of South Australia have entered into an agreement that encompasses several key areas of collaboration. The agreement involves the exchange of equipment and expertise to facilitate the production of environmentally friendly hydrogen and its derivatives.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) among others in the solid oxide fuel cell market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Inclusions and Exclusions
1.3.2 Markets Covered
Figure 1 Solid Oxide Fuel Cell Market Segmentation
1.3.3 Regional Scope
1.3.4 Years Considered
1.3.5 Currency Considered
1.4 Limitations
1.5 Stakeholders
1.6 Summary of Changes
1.7 Impact of Recession

2 Research Methodology
2.1 Research Data
Figure 2 Solid Oxide Fuel Cell Market: Research Design
2.1.1 Primary and Secondary Research
2.1.1.1 Primary Data
2.1.1.1.1 Key Data from Primary Sources
2.1.1.1.2 Breakdown of Primaries
2.1.1.2 Secondary Data
2.1.1.2.1 Key Data from Secondary Sources
2.2 Market Breakdown and Data Triangulation
Figure 3 Solid Oxide Fuel Cell Market: Data Triangulation
2.3 Market Size Estimation Methodology
2.3.1 Bottom-Up Approach
Figure 4 Solid Oxide Fuel Cell Market: Bottom-Up Analysis
2.3.2 Top-Down Approach
Figure 5 Solid Oxide Fuel Cell Market: Top-Down Analysis
2.3.3 Demand-Side Analysis
Figure 6 Key Metrics Considered to Analyze Demand for Solid Oxide Fuel Cells
2.3.3.1 Regional Analysis
2.3.3.2 Country Analysis
2.3.3.3 Demand-Side Assumptions
2.3.3.4 Demand-Side Calculations
2.3.4 Supply-Side Analysis
Figure 7 Key Metrics Considered to Analyze Supply of Solid Oxide Fuel Cells
Figure 8 Solid Oxide Fuel Cell Market: Supply-Side Analysis
2.3.4.1 Supply-Side Calculations
2.3.4.2 Supply-Side Assumptions
Figure 9 Solid Oxide Fuel Cell Market: Market Share Analysis, 2022
2.4 Forecast
2.5 Recession Impact

3 Executive Summary
Table 1 Solid Oxide Fuel Cell Market Snapshot
Figure 10 Asia-Pacific Held Largest Share of Solid Oxide Fuel Cell Market in 2022
Figure 11 Planar Segment to Dominate Solid Oxide Fuel Cell Market During Forecast Period
Figure 12 Balance of Plant (Bop) Segment to Account for Larger Market Share in 2028
Figure 13 Stationary Segment to Depict Highest CAGR in Solid Oxide Fuel Cell Market from 2023 to 2028
Figure 14 Commercial & Industrial Segment to Hold Largest Share of Solid Oxide Fuel Cell Market in 2023

4 Premium Insights
4.1 Attractive Opportunities for Players in Solid Oxide Fuel Cell Market
Figure 15 Increasing Focus on Clean Power Generation to Boost Market Growth from 2023 to 2028
4.2 Solid Oxide Fuel Cell Market, by Region
Figure 16 Asia-Pacific Solid Oxide Fuel Cell Market to Exhibit Highest CAGR During Forecast Period
4.3 Asia-Pacific Solid Oxide Fuel Cell Market, by Application and Country
Figure 17 Stationary Segment and China Held Largest Shares of Solid Oxide Fuel Cell Market in Asia-Pacific in 2022
4.4 Solid Oxide Fuel Cell Market, by Type
Figure 18 Planar Segment to Hold Larger Market Share in 2028
4.5 Solid Oxide Fuel Cell Market, by End-user
Figure 19 Commercial & Industrial Segment to Account for Largest Market Share in 2028
4.6 Solid Oxide Fuel Cell Market, by Application
Figure 20 Stationary Segment to Hold Largest Share of Solid Oxide Fuel Cell Market in 2028
4.7 Solid Oxide Fuel Cell Market, by Component
Figure 21 Balance of Plant (Bop) Segment to Account for Largest Market Share in 2028

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 22 Solid Oxide Fuel Cell Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Federal Investments in Fuel Cell Installation Projects
Figure 23 Clean Energy Investments in Advanced Economies vs. Emerging Economies, 2015-2021
5.2.1.2 Higher Energy Efficiency of Solid Oxide Fuel Cells Than Reciprocating Engines
5.2.1.3 Introduction of Stringent Carbon Emission Norms
Figure 24 Co2 Emissions from Energy Combustion and Industrial Process, 2000-2022 (Gt Co2)
Figure 25 Energy-Related Co2 Emissions, by Sector, 2019-2022 (Gt Co2)
5.2.2 Restraints
5.2.2.1 High Fuel Cell Installation and Manufacturing Costs
5.2.2.2 Availability of Alternatives
5.2.3 Opportunities
5.2.3.1 Rising Adoption of Efficient Electrochemical Devices for Combined Heat and Power Generations
Table 2 Comparison Between Fuel Cells and Other Distributed Power Generation Sources
5.2.3.2 Increasing Electricity Consumption in Data Centers
5.2.4 Challenges
5.2.4.1 Long Start-Up Time and High Operational Temperature
5.2.4.2 Limitations of Hydrogen Storage Systems
5.2.4.3 High Spending on Alternative Clean Energy Technologies
Figure 26 Global Investments in Renewable Energy
5.2.4.4 Fuel Cell Degradation and Carbon Dusting
5.3 Trends/Disruptions Impacting Customers’ Businesses
5.3.1 Revenue Shifts and New Revenue Pockets for Players in Solid Oxide Fuel Cell Market
Figure 27 Revenue Shifts and New Revenue Pockets for Players in Solid Oxide Fuel Cell Market
5.4 Market Mapping
Figure 28 Solid Oxide Fuel Cell Market: Market Mapping
5.5 Supply Chain Analysis
Figure 29 Solid Oxide Fuel Cell Market: Supply Chain Analysis
5.5.1 Raw Material Supply
5.5.2 Component Manufacturing
5.5.3 Hardware Assembly
5.5.4 Distribution/End-users
Table 3 Companies and Their Roles in Solid Oxide Fuel Cell Ecosystem
5.6 Pricing Analysis
5.6.1 Average Selling Pricing Trend, by Component
Table 4 Solid Oxide Fuel Cell Market: Cost Break-Up, by Stack Component
Table 5 Solid Oxide Fuel Cell Market: Cost Break-Up, by Balance of Plant (Bop) Component
Figure 30 Solid Oxide Fuel Cell Market: Stack Manufacturing Cost Per kW
5.6.2 Average Selling Price of Solid Oxide Fuel Cells Offered by 3 Key Players
Table 6 Average Selling Price of Solid Oxide Fuel Cells Offered by 3 Key Players
5.6.3 Average Selling Price Trend, by Region
Table 7 Average Selling Price Trend, by Region
5.7 Regulatory Landscape
5.7.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 8 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 9 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 10 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.7.2 Solid Oxide Fuel Cell Market: Regulatory Framework
5.7.2.1 Regulatory Frameworks in North America
5.7.2.2 Regulatory Frameworks in Europe
5.7.2.3 Regulatory Frameworks in Asia-Pacific
5.8 Patent Analysis
Figure 31 Solid Oxide Fuel Cell Market: Patent Registrations, 2012-2022
5.8.1 List of Major Patents
Table 11 Solid Oxide Fuel Cell: Patent Registrations, 2018-2022
5.9 Case Study Analysis
5.9.1 Ikea Leveraged Bloom Energy's Fuel Cells for On-Site Power Generation
5.9.1.1 Challenges
5.9.1.2 Solution
5.9.2 Samsung Heavy Industries and Bloom Energy Partnered to Develop Efficient Fuel-Cell Ships
5.9.2.1 Challenges
5.9.2.2 Solution
5.9.3 Convion Deployed Elcogen's Sofc and Stack Technology for Efficient Power Generation
5.9.3.1 Challenges
5.9.3.2 Solution
5.10 Technology Analysis
5.10.1 Hybrid Sofcs
5.10.2 Integrated Biomass Gasifiers
5.11 Key Conferences and Events, 2023-2024
Table 12 Solid Oxide Fuel Cell Market: List of Conferences and Events, 2023-2024
5.12 Trade Analysis
5.12.1 HS Code 280410
5.12.2 Export Scenario
Table 13 Export Data for HS Code: 280410, by Country, 2020-2022 (USD Thousand)
Figure 32 Export Data for Top 5 Countries, 2020-2022 (USD Thousand)
5.12.3 Import Scenario
Table 14 Import Data for HS Code: 280410, by Country, 2020-2022 (USD Thousand)
Figure 33 Import Data for Top 5 Countries, 2020-2022 (USD Thousand)
5.13 Porter's Five Forces Analysis
Figure 34 Solid Oxide Fuel Cell Market: Porter's Five Forces Analysis
Table 15 Solid Oxide Fuel Cell Market: Porter's Five Forces Analysis
5.13.1 Threat of Substitutes
5.13.2 Bargaining Power of Suppliers
5.13.3 Bargaining Power of Buyers
5.13.4 Threat of New Entrants
5.13.5 Intensity of Competitive Rivalry
5.14 Key Stakeholders and Buying Criteria
5.14.1 Key Stakeholders in the Buying Process
Figure 35 Solid Oxide Fuel Cell Market: Influence of Stakeholders on Buying Process for Top 3 End-users
Table 16 Solid Oxide Fuel Cell Market: Influence of Stakeholders on Buying Process for Top 3 End-users (%)
5.14.2 Buying Criteria
Figure 36 Solid Oxide Fuel Cell Market: Key Buying Criteria, by End-user
Table 17 Solid Oxide Fuel Cell Market: Key Buying Criteria, by End-user

6 Solid Oxide Fuel Cell Market, by Type
6.1 Introduction
Figure 37 Solid Oxide Fuel Cell Market Share, by Type, 2022
Table 18 Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
6.2 Planar
6.2.1 Use of Planar Sofcs in Stationary Power Applications to Fuel Segmental Growth
Table 19 Planar: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
6.3 Tubular
6.3.1 Adoption of Energy-Hungry Portable Devices to Drive Market
Table 20 Tubular: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)

7 Solid Oxide Fuel Cell Market, by Component
7.1 Introduction
Figure 38 Solid Oxide Fuel Cell Market Share, by Component, 2022
Table 21 Solid Oxide Fuel Cell Market, by Component, 2020-2028 (USD Million)
7.2 Stack
7.2.1 Enforcement of Emission Regulations to Boost Solid Oxide Fuel Cell Stack Manufacturing
Table 22 Stack: Solid Oxide Fuel Cell Market, by Component, 2020-2028 (USD Million)
7.2.1.1 Cells
7.2.1.2 Interconnects
7.2.1.3 End Plates
7.2.1.4 Sealants
7.2.1.5 Other Stack Components
7.3 Balance of Plant (Bop)
7.3.1 Use of Bop Components for Efficient Power Generation to Contribute to Market Growth
Table 23 Balance of Plant (Bop): Solid Oxide Fuel Cell Market, by Component, 2020-2028 (USD Million)
7.3.1.1 Heat Transfer Components
7.3.1.2 Power Electronics & Control Systems
7.3.1.3 Instruments & Sensors
7.3.1.4 Fuel Reformers/Desulfurizers
7.3.1.5 Other Bop Components

8 Solid Oxide Fuel Cell Market, by Application
8.1 Introduction
Figure 39 Solid Oxide Fuel Cell Market Share, by Application, 2022
Table 24 Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
8.2 Portable
8.2.1 High Preference for Mobile Energy Storage Systems to Boost Segmental Growth
Table 25 Portable: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
8.3 Stationary
8.3.1 Installation of Primary Power Sources in Residential Buildings to Accelerate Segmental Growth
Table 26 Stationary: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
Table 27 Stationary: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
8.3.1.1 Primary
8.3.1.1.1 Utilization of Fuel Cell Units to Generate Primary Power to Contribute to Segmental Growth
Table 28 Primary: Solid Oxide Fuel Cell Market for Stationary Applications, by Region, 2020-2028 (USD Million)
8.3.1.2 Backup
8.3.1.2.1 Adoption of Fuel Cells for Backup Power Generation in Data Centers to Boost Market Growth
Table 29 Backup: Solid Oxide Fuel Cell Market for Stationary Applications, by Region, 2020-2028 (USD Million)
8.3.1.3 Combined Heat & Power
8.3.1.3.1 Increasing Number of Combined Heat & Power Programs to Support Segmental Growth
Table 30 Combined Heat & Power: Solid Oxide Fuel Cell Market for Stationary Applications, by Region, 2020-2028 (USD Million)
8.4 Transport
8.4.1 Development of Sofcs for Heavy-Duty Vehicles to Fuel Market Growth
Table 31 Transport: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)

9 Solid Oxide Fuel Cell Market, by End-user
9.1 Introduction
Figure 40 Solid Oxide Fuel Cell Market Share, by End-user, 2022
Table 32 Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
9.2 Residential
9.2.1 Increasing Power Consumption by Residential Buildings to Drive Segmental Growth
Table 33 Residential: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
9.3 Commercial & Industrial
9.3.1 Rising Need to Curb Carbon Emissions from Commercial & Industrial Buildings to Propel Market
Table 34 Commercial & Industrial: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
9.4 Data Centers
9.4.1 Reliance on Sofc Platforms as Primary Power Source in Data Centers to Fuel Segmental Growth
Table 35 Data Centers: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
9.5 Military & Defense
9.5.1 Growing Demand for Fuel-Flexible Power Systems for Military & Defense Applications to Contribute to Market Growth
Table 36 Military & Defense: Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)

10 Solid Oxide Fuel Cell Market, by Region
10.1 Introduction
Figure 41 Asia-Pacific to Register Highest CAGR During Forecast Period
Figure 42 Solid Oxide Fuel Cell Market Share, by Region, 2022
Table 37 Solid Oxide Fuel Cell Market, by Region, 2020-2028 (USD Million)
Table 38 Solid Oxide Fuel Cell Market, by Region, 2020-2028 (Mw)
10.2 Asia-Pacific
10.2.1 Recession Impact on Market in Asia-Pacific
Figure 43 Asia-Pacific: Solid Oxide Fuel Cell Market Snapshot
Table 39 Asia-Pacific: Solid Oxide Fuel Cell Market, by Country, 2020-2028 (USD Million)
Table 40 Asia-Pacific: Solid Oxide Fuel Cell Market, by Country, 2020-2028 (Mw)
Table 41 Asia-Pacific: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 42 Asia-Pacific: Solid Oxide Fuel Cell Market for Planar, by Country, 2020-2028 (USD Million)
Table 43 Asia-Pacific: Solid Oxide Fuel Cell Market for Tubular, by Country, 2020-2028 (USD Million)
Table 44 Asia-Pacific: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 45 Asia-Pacific: Solid Oxide Fuel Cell Market for Portable Applications, by Country, 2020-2028 (USD Million)
Table 46 Asia-Pacific: Solid Oxide Fuel Cell Market for Stationary Applications, by Country, 2020-2028 (USD Million)
Table 47 Asia-Pacific: Solid Oxide Fuel Cell Market for Transport Applications, by Country, 2020-2028 (USD Million)
Table 48 Asia-Pacific: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
Table 49 Asia-Pacific: Solid Oxide Fuel Cell Market for Residential, by Country, 2020-2028 (USD Million)
Table 50 Asia-Pacific: Solid Oxide Fuel Cell Market for Commercial & Industrial, by Country, 2020-2028 (USD Million)
Table 51 Asia-Pacific: Solid Oxide Fuel Cell Market for Data Centers, by Country, 2020-2028 (USD Million)
Table 52 Asia-Pacific: Solid Oxide Fuel Cell Market for Military & Defense, by Country, 2020-2028 (USD Million)
10.2.1.1 Japan
10.2.1.1.1 Rising Focus on Efficient Power Generation for Residential Applications to Drive Market
Table 53 Japan: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 54 Japan: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 55 Japan: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.2.1.2 South Korea
10.2.1.2.1 Increasing Investments in Hydrogen-Powered Energy Servers to Propel Market
Table 56 South Korea: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 57 South Korea: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 58 South Korea: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.2.1.3 China
10.2.1.3.1 Growing Focus on Mitigating Carbon Emissions to Boost Adoption
Table 59 China: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 60 China: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 61 China: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.2.1.4 Rest of Asia-Pacific
Table 62 Rest of Asia-Pacific: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 63 Rest of Asia-Pacific: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 64 Rest of Asia-Pacific: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.3 North America
Figure 44 North America: Solid Oxide Fuel Cell Market Snapshot
10.3.1 Recession Impact on Market in North America
Table 65 North America: Solid Oxide Fuel Cell, by Country, 2020-2028 (USD Million)
Table 66 North America: Solid Oxide Fuel Cell, by Country, 2020-2028 (Mw)
Table 67 North America: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 68 North America: Solid Oxide Fuel Cell Market for Planar, by Country, 2020-2028 (USD Million)
Table 69 North America: Solid Oxide Fuel Cell Market for Tubular, by Country, 2020-2028 (USD Million)
Table 70 North America: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 71 North America: Solid Oxide Fuel Cell Market for Portable, by Country, 2020-2028 (USD Million)
Table 72 North America: Solid Oxide Fuel Cell Market for Stationary, by Country, 2020-2028 (USD Million)
Table 73 North America: Solid Oxide Fuel Cell Market for Transport, by Country, 2020-2028 (USD Million)
Table 74 North America: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
Table 75 North America: Solid Oxide Fuel Cell Market for Residential, by Country, 2020-2028 (USD Million)
Table 76 North America: Solid Oxide Fuel Cell Market for Commercial & Industrial, by Country, 2020-2028 (USD Million)
Table 77 North America: Solid Oxide Fuel Cell Market for Data Centers, by Country, 2020-2028 (USD Million)
Table 78 North America: Solid Oxide Fuel Cell Market for Military & Defense, by Country, 2020-2028 (USD Million)
10.3.1.1 US
10.3.1.1.1 Rising Emphasis on Clean Energy Generation to Fuel Market Growth
Table 79 US: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 80 US: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 81 US: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.3.1.2 Canada
10.3.1.2.1 Growing Energy Demand from Industrial Facilities to Drive Market
Table 82 Canada: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 83 Canada: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 84 Canada: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.4 Europe
10.4.1 Recession Impact on Market in Europe
Table 85 Europe: Solid Oxide Fuel Cell Market, by Country, 2020-2028 (USD Million)
Table 86 Europe: Solid Oxide Fuel Cell Market, by Country, 2020-2028 (Mw)
Table 87 Europe: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 88 Europe: Solid Oxide Fuel Cell Market for Planar, by Country, 2020-2028 (USD Million)
Table 89 Europe: Solid Oxide Fuel Cell Market for Tubular, by Country, 2020-2028 (USD Million)
Table 90 Europe: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 91 Europe: Solid Oxide Fuel Cell Market for Portable, by Country, 2020-2028 (USD Million)
Table 92 Europe: Solid Oxide Fuel Cell Market for Stationary, by Country, 2020-2028 (USD Million)
Table 93 Europe: Solid Oxide Fuel Cell Market for Transport, by Country, 2020-2028 (USD Million)
Table 94 Europe: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Thousand)
Table 95 Europe: Solid Oxide Fuel Cell Market for Residential, by Country, 2020-2028 (USD Million)
Table 96 Europe: Solid Oxide Fuel Cell Market for Commercial & Industrial, by Country, 2020-2028 (USD Million)
Table 97 Europe: Solid Oxide Fuel Cell Market for Data Centers, by Country, 2020-2028 (USD Million)
Table 98 Europe: Solid Oxide Fuel Cell Market for Military & Defense, by Country, 2020-2028 (USD Million)
10.4.1.1 Germany
10.4.1.1.1 Growing Investments in Fuel Cell Technology Projects to Boost Market Growth
Table 99 Germany: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 100 Germany: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 101 Germany: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.4.1.2 UK
10.4.1.2.1 Rising Implementation of Emission Reduction Rules to Propel Market
Table 102 UK: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 103 UK: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 104 UK: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.4.1.3 Italy
10.4.1.3.1 High Preference for Clean Transportation to Accelerate Market Growth
Table 105 Italy: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Thousand)
Table 106 Italy: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Thousand)
Table 107 Italy: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Thousand)
10.4.1.4 Rest of Europe
Table 108 Rest of Europe: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Thousand)
Table 109 Rest of Europe: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Thousand)
Table 110 Rest of Europe: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Thousand)
10.5 RoW
10.5.1 Recession Impact on Market in RoW
Table 111 RoW: Solid Oxide Fuel Cell Market, by Type, 2020-2028 (USD Million)
Table 112 RoW: Solid Oxide Fuel Cell Market, by Application, 2020-2028 (USD Million)
Table 113 RoW: Solid Oxide Fuel Cell Market, by End-user, 2020-2028 (USD Million)
10.5.1.1 Latin America
10.5.1.1.1 Increasing Hydrogen and Fuel Cell Research to Boost Market Growth
10.5.1.2 Middle East & Africa
10.5.1.2.1 Rising Use of Sofcs as Backup Power Source to Accelerate Market Growth

11 Competitive Landscape
11.1 Overview
11.2 Strategies Adopted by Key Players, 2018-2023
Table 114 Strategies Adopted by Key Players, 2018-2023
11.3 Market Share Analysis, 2022
Table 115 Solid Oxide Fuel Cell Market: Degree of Competition
Figure 45 Market Share Analysis, 2022
11.4 Market Evaluation Framework, 2018-2023
Table 116 Market Evaluation Framework, 2018-2023
11.5 Segmental Revenue Analysis of Key Players, 2018-2022
Figure 46 Segmental Revenue Analysis, 2018-2022
11.6 Competitive Scenarios and Trends
11.6.1 Deals
Table 117 Solid Oxide Fuel Cell Market: Deals, 2018-2023
11.6.2 Others
Table 118 Solid Oxide Fuel Cell Market: Others, 2018-2023
11.7 Evaluation Matrix of Key Players, 2022
11.7.1 Stars
11.7.2 Emerging Leaders
11.7.3 Pervasive Players
11.7.4 Participants
Figure 47 Solid Oxide Fuel Cell Market: Evaluation Matrix of Key Companies, 2022
Table 119 Company Type Footprint
Table 120 Company Component Footprint
Table 121 Company Application Footprint
Table 122 Company End-user Footprint
Table 123 Company Regional Footprint
Table 124 Company Product Footprint
Table 125 Company Overall Footprint
11.8 Evaluation Matrix of Start-Ups/Small- and Medium-Sized Enterprises (SMEs), 2022
11.8.1 Progressive Companies
11.8.2 Responsive Companies
11.8.3 Dynamic Companies
11.8.4 Starting Blocks
Figure 48 Solid Oxide Fuel Cell Market: Evaluation Matrix of Start-Ups/SMEs, 2022
11.9 Competitive Benchmarking
Table 126 Solid Oxide Fuel Cell Market: List of Key Start-Ups/SMEs
Table 127 Company Type Footprint: Competitive Benchmarking of Key Start-Ups/SMEs
Table 128 Company Component Footprint: Competitive Benchmarking of Key Start-Ups/SMEs
Table 129 Company Application Footprint: Competitive Benchmarking of Key Start-Ups/SMEs
Table 130 Company End-user Footprint: Competitive Benchmarking of Key Start-Ups/SMEs
Table 131 Company Regional Footprint: Competitive Benchmarking of Key Start-Ups/SMEs
Table 132 Company Product Footprint: Competitive Benchmarking of Key Start-Ups/SMEs

12 Company Profiles
Business Overview, Products/Services/Solutions Offered, Recent Developments, Analyst's View
12.1 Key Players
12.1.1 Bloom Energy
Table 133 Bloom Energy: Company Overview
Figure 49 Bloom Energy: Company Snapshot
Table 134 Bloom Energy: Products/Services/Solutions Offered
Table 135 Bloom Energy: Product Launches
Table 136 Bloom Energy: Deals
Table 137 Bloom Energy: Others
12.1.2 Aisin Corporation
Table 138 Aisin Corporation: Company Overview
Figure 50 Aisin Corporation: Company Snapshot
Table 139 Aisin Corporation: Products/Services/Solutions Offered
Table 140 Aisin Corporation: Deals
12.1.3 Mitsubishi Heavy Industries, Ltd.
Table 141 Mitsubishi Heavy Industries, Ltd.: Company Overview
Figure 51 Mitsubishi Heavy Industries, Ltd.: Company Snapshot
Table 142 Mitsubishi Heavy Industries, Ltd.: Products/Services/Solutions Offered
Table 143 Mitsubishi Heavy Industries, Ltd.: Deals
Table 144 Mitsubishi Heavy Industries, Ltd.: Others
12.1.4 Kyocera Corporation
Table 145 Kyocera Corporation: Company Overview
Figure 52 Kyocera Corporation: Company Snapshot
Table 146 Kyocera Corporation: Products/Services/Solutions Offered
Table 147 Kyocera Corporation: Others
12.1.5 Miura Co. Ltd.
Table 148 Miura Co. Ltd.: Company Overview
Figure 53 Miura Co. Ltd.: Company Snapshot
Table 149 Miura Co. Ltd.: Products/Services/Solutions Offered
Table 150 Miura Co. Ltd.: Product Launches
12.1.6 Ceres
Table 151 Ceres: Company Overview
Figure 54 Ceres: Company Snapshot
Table 152 Ceres: Products/Services/Solutions Offered
Table 153 Ceres: Deals
Table 154 Ceres: Others
12.1.7 Convion
Table 155 Convion: Company Overview
Table 156 Convion: Products/Services/Solutions Offered
Table 157 Convion: Deals
12.1.8 Watt Fuel Cell Corporation
Table 158 Watt Fuel Cell Corporation: Company Overview
Table 159 Watt Fuel Cell Corporation: Products/Services/Solutions Offered
Table 160 Watt Fuel Cell Corporation: Deals
12.1.9 Elcogen AS
Table 161 Elcogen AS: Company Overview
Table 162 Elcogen AS: Products/Services/Solutions Offered
Table 163 Elcogen AS: Deals
Table 164 Elcogen AS: Others
12.1.10 Sunfire GmbH
Table 165 Sunfire GmbH: Company Overview
Table 166 Sunfire GmbH: Products/Services/Solutions Offered
Table 167 Sunfire GmbH: Deals
Table 168 Sunfire GmbH: Others
12.1.11 Solydera Spa
Table 169 Solydera Spa: Company Overview
Table 170 Solydera Spa: Products/Services/Solutions Offered
Table 171 Solydera Spa: Deals
Table 172 Solydera Spa: Others
12.1.12 H2E Power
Table 173 H2E Power: Company Overview
Table 174 H2E Power: Products/Services/Solutions Offered
Table 175 H2E Power: Deals
12.1.13 Upstart Power, Inc.
Table 176 Upstart Power, Inc.: Company Overview
Table 177 Upstart Power, Inc.: Products/Services/Solutions Offered
Table 178 Upstart Power, Inc.: Deals
Table 179 Upstart Power, Inc.: Product Launches
12.2 Other Players
12.2.1 Ztek Corporation, Inc.
Table 180 Ztek Corporation, Inc.: Company Overview
12.2.2 Special Power Sources
Table 181 Special Power Sources: Company Overview
12.2.3 Adelan
Table 182 Adelan: Company Overview
12.2.4 Sofcman
Table 183 Sofcman: Company Overview
12.2.5 Edge Autonomy
Table 184 Edge Autonomy: Company Overview
12.3 R&D Players
12.3.1 Fuelcell Energy, Inc.
Table 185 Fuelcell Energy, Inc.: Company Overview
Figure 55 Fuelcell Energy, Inc.: Company Snapshot
Table 186 Fuelcell Energy, Inc.: Products/Services/Solutions Offered
Table 187 Fuelcell Energy, Inc.: Deals
Table 188 Fuelcell Energy, Inc.: Others
12.3.2 Doosan Fuel Cell Co. Ltd.
Table 189 Doosan Fuel Cell Co. Ltd.: Company Overview
Figure 56 Doosan Fuel Cell Co. Ltd.: Company Snapshot
Table 190 Doosan Fuel Cell Co. Ltd.: Deals
12.3.3 Robert Bosch GmbH
Table 191 Robert Bosch GmbH: Company Overview
Figure 57 Robert Bosch GmbH: Company Snapshot
Table 192 Robert Bosch GmbH: Products/Services/Solutions Offered
Table 193 Robert Bosch GmbH: Deals
Table 194 Robert Bosch GmbH: Others
12.3.4 Poscoenergy
Table 195 Poscoenergy: Company Overview
12.3.5 Clara Venture Labs
Table 196 Clara Venture Labs: Company Overview
12.3.6 Cummins Inc.
Table 197 Cummins Inc.: Company Overview
Details on Business Overview, Products/Services/Solutions Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies.

13 Appendix
13.1 Insights from Industry Experts
13.2 Discussion Guide
13.3 Knowledgestore: The Subscription Portal
13.4 Customization Options

Companies Mentioned

  • Adelan
  • Aisin Corporation
  • Bloom Energy
  • Ceres
  • Clara Venture Labs
  • Convion
  • Cummins Inc.
  • Doosan Fuel Cell Co. Ltd.
  • Edge Autonomy
  • Elcogen AS
  • Fuelcell Energy, Inc.
  • H2E Power
  • Kyocera Corporation
  • Mitsubishi Heavy Industries, Ltd.
  • Miura Co. Ltd.
  • Poscoenergy
  • Robert Bosch GmbH
  • Sofcman
  • Solydera Spa
  • Special Power Sources
  • Sunfire GmbH
  • Upstart Power, Inc.
  • Watt Fuel Cell Corporation
  • Ztek Corporation, Inc.

Table Information

Report AttributeDetails
No. of Pages232
PublishedOctober 2023
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 1.4 Billion
Forecasted Market Value ( USD ) by 2028 $ 5.4 Billion
Compound Annual Growth Rate31.0%
Regions CoveredGlobal
No. of Companies Mentioned24

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