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Solid Oxide Fuel Cells (SOFCs): Global Strategic Business Report

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    Report

  • 269 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 450633

Global Solid Oxide Fuel Cells (SOFCs) Market to Reach $9.3 Billion by 2030

The global market for Solid Oxide Fuel Cells (SOFCs) estimated at US$748.9 Million in the year 2022, is projected to reach a revised size of US$9.3 Billion by 2030, growing at a CAGR of 37.1% over the analysis period 2022-2030. Stationary, one of the segments analyzed in the report, is projected to record a 35.5% CAGR and reach US$7 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Transportation segment is readjusted to a revised 40.4% CAGR for the next 8-year period.

The U.S. Market is Estimated at $219.1 Million, While China is Forecast to Grow at 34.8% CAGR

The Solid Oxide Fuel Cells (SOFCs) market in the U.S. is estimated at US$219.1 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2030 trailing a CAGR of 34.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 33.1% and 31.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 24.5% CAGR.

Select Competitors (Total 33 Featured) -

  • Adelan Ltd.
  • Atrex Energy Inc.
  • Bloom Energy Corporation
  • Ceramic Fuel Cells Limited
  • Ceres Power Limited
  • Convion Ltd.
  • Elcogen AS
  • FuelCell Energy, Inc.
  • Hexis AG
  • SOLIDpower S.p.A.
  • Sunfire GmbH
  • Ultra Electronics Holdings Plc

What's New?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Fuel Cells - A Rudimentary Overview
  • Recent Market Activity
  • Solid Oxide Fuel Cells - A Curtain Raiser
  • Current and Future Analysis
  • Collaborative Effort - Key to Successful Commercialization
  • Present Levels of Commercialization
  • Solid Oxide Fuel Cells (SOFCs) - Global Key Competitors Percentage Market Share in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
  • Adelan Ltd. (UK)
  • Atrex Energy, Inc. (USA)
  • Bloom Energy Corporation (USA)
  • Ceramic Fuel Cells Limited (Australia)
  • Ceres Power Limited (UK)
  • Convion Ltd. (Finland)
  • Elcogen AS (Estonia)
  • FuelCell Energy, Inc. (USA)
  • Hexis AG (Switzerland)
  • SOLIDpower S.p.A. (Italy)
  • Sunfire GmbH (Germany)
  • Ultra Electronics Holdings Plc (UK)
3. MARKET TRENDS & DRIVERS
  • SOFCs Takes on Competition from Market Leader PEMFC Head-On
  • Growing Focus on Environmental Protection to Drive Adoption of SOFCs in Power & Transportation Sector
  • Growing Demand for Electricity Driving Demand for SOFCs in Power Sector
  • SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
  • SOFCs: Ideal for Distributed Power Generation
  • Growing Focus on Renewable Energy to Add to Market Demand for SOFCs
  • Positive Outlook for Fuel Cell Integrated Residential CHPs
  • Efforts in Full Swing to Make SOFC a Mainstream Technology for APU in Automobiles
  • Factors Indicating Potential Opportunity for SOFCs in Heavy-Duty Trucks and Refrigerated Transport Vehicles
  • Opportunities in Military & Defense Sector
  • SOFCs Make Perfect Sense for Mobile Networks
  • The Role of the Government in Driving the Market’s Future
  • Favorable Government Policies Remain Critical to Success
  • Investments Pour In, Promising to Expand the Industry’s Scope
  • Planar SOFC Remains the Dominant SOFC Technology in the Market
  • SOFCs: A Technology of Interest to Developed Countries
  • Japan - A Unique Case of Environment Driven and Energy Driven Market
  • Developing Nations Set to Follow Developed Markets in Adoption of SOFCs
  • China on the Verge of a Fuel Cell Boom
  • Technological Developments Widen Scope of Applications for SOFCs
  • Technological Innovations Promise to Revolutionize SOFC Manufacturing
  • Nano Coatings Emerge as Means to Enhance Durability of SOFC
  • SOFC Demand Not Disruptive to Supplies of Rare Earth Elements
  • Conventional Power Companies Vie for the SOFC Pie
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 2: World Historic Review for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 3: World 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2023 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 5: World Historic Review for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 6: World 16-Year Perspective for Stationary by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 8: World Historic Review for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 9: World 16-Year Perspective for Transportation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2023 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Portable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 11: World Historic Review for Portable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 12: World 16-Year Perspective for Portable by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2023 & 2030
  • Table 13: World Solid Oxide Fuel Cells (SOFCs) Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Table 14: USA Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 15: USA Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 16: USA 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
CANADA
  • Table 17: Canada Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 18: Canada Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 19: Canada 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
JAPAN
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Table 20: Japan Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 21: Japan Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 22: Japan 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
CHINA
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Table 23: China Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 24: China Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 25: China 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
EUROPE
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Table 26: Europe Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 27: Europe Historic Review for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 28: Europe 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2023 & 2030
  • Table 29: Europe Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 30: Europe Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 31: Europe 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
FRANCE
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • Table 32: France Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 33: France Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 34: France 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
GERMANY
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • Table 35: Germany Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 36: Germany Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 37: Germany 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
ITALY
  • Table 38: Italy Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 39: Italy Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 40: Italy 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
UNITED KINGDOM
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Table 41: UK Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 42: UK Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 43: UK 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
REST OF EUROPE
  • Table 44: Rest of Europe Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 45: Rest of Europe Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 46: Rest of Europe 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
ASIA-PACIFIC
  • Solid Oxide Fuel Cells (SOFCs) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Table 47: Asia-Pacific Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 48: Asia-Pacific Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 49: Asia-Pacific 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
REST OF WORLD
  • Table 50: Rest of World Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 51: Rest of World Historic Review for Solid Oxide Fuel Cells (SOFCs) by Application - Stationary, Transportation and Portable Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 52: Rest of World 16-Year Perspective for Solid Oxide Fuel Cells (SOFCs) by Application - Percentage Breakdown of Value Sales for Stationary, Transportation and Portable for the Years 2014, 2023 & 2030
IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Adelan Ltd.
  • Atrex Energy Inc.
  • Bloom Energy Corporation
  • Ceramic Fuel Cells Limited
  • Ceres Power Limited
  • Convion Ltd.
  • Elcogen AS
  • FuelCell Energy, Inc.
  • Hexis AG
  • SOLIDpower S.p.A.
  • Sunfire GmbH
  • Ultra Electronics Holdings Plc

Table Information