CHICAGO, Oct. 5, 2023 /PRNewswire/ -- Solid Oxide Fuel Cell Market is expected to reach USD 5.4 billion by 2028 from USD 1.4 billion in 2023 at a CAGR of 31.0% during the 2023–2028 period according to a new report by MarketsandMarkets™. Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for Solid Oxide Fuel Cell Market.
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Solid Oxide Fuel Cell Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.4 Billion |
Estimated Value by 2028 | $5.4 Billion |
Growth Rate | Poised to Grow at a CAGR of 31.0% |
Largest Market | Asia Pacific |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/USD Thousand) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Solid Oxide Fuel Cell Market by type, component, application, end user and region. |
Geographies Covered | Asia Pacific, North America, Europe, and Rest of the World |
Key Market Challenge | Fuel cell degradation and carbon dusting |
Key Market Opportunities | Increasing electricity consumption in data centers |
Key Market Drivers | Introduction of stringent carbon emission norms |
The tubular Solid oxide fuel cell segment, by type, is expected to grow at the highest CAGR during the forecast period.
Based on type, the Solid Oxide Fuel Cell Market has been segmented into planar solid oxide fuel cell and tubular solid oxide fuel cell. The tubular solid oxide fuel cell segment is expected to be the fastest growing segment during the forecast period, owing to even distribution of heat in the system. Tubular SOFCs operate between 900–1,000°C and exhibit higher power densities compared to planar SOFCs. The tubes offer high electrical resistance and are simple to seal. Some tubular designs eliminate the need for seals and allow for thermal expansion.
The stationary, by application, is expected to be the largest segment during the forecast period
This report segments the Solid Oxide Fuel Cell Market based on application into three segments: stationary, portable and transport. The stationary segment is expected to be the second largest segment during the forecast period. Stationary segment is again categorized into three segments: primary power, backup and combined heat and power. Stationary SOFCs are primarily employed as primary power sources in a variety of facilities, including houses, business buildings, industrial locations, and ports. SOFCs can be installed on-site, even in distant places; on-site installation allows power generation to be matched to the site's electrical demands. Increasing government investments in stationary applications such as renewable power generation are also propelling the SOFC industry.
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Asia Pacific is expected to be the largest region in the Solid Oxide Fuel Cell Industry
Asia Pacific is expected to be the largest Solid Oxide Fuel Cell Market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying to reduce its carbon footprint from various fossil fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.
Key Market Players:
Some of the major players in the Solid Oxide Fuel Cell Companies are Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, and investments & expansions.
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Recent Developments
- In June 2023, Bloom Energy signed an agreement with Perenco, an independent oil & gas company, to deploy 2.5 megawatts (MW) of Bloom's solid oxide fuel cell technology in England.
- In February 2023, WEICHAI POWER CO., LTD., a leading company of SOFC systems based in China, launched a stationary power SOFC system using Ceres technology. The newly launched SOFC system passed the EU CE certification.
- In January 2023, Elcogen AS signed an MOU with Korea Shipbuilding and Offshore Engineering (KSOE) and Fraunhofer Institute for Ceramic Technologies and Systems (IKTS) for developing green hydrogen production and emission-free power generation systems. As per the partnership, Elcogen AS will supply its solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technology.
- In July 2022, Aisin Corporation declared to acquire SBT Certification, an organization that sets Science Based Targets (SBTs). SBTs embody greenhouse gas emission-reduction goals that align with the scientifically established target outlined in the Paris Agreement.
- In June 2022, Bloom Energy installed a new 1 MW solid oxide fuel cell plant at the Maranello facilities of Ferrari, a sports car manufacturer. This plant provides 5% of the energy required for Ferrari's production activities. This contributed to Ferrari's aim of achieving carbon neutrality by 2030.
- In June 2022, Mitsubishi Power signed a contract with the gas- und Wärme-Institut Essen e.V. (GWI), a research institute working on heat and energy technology, under which it received an order to provide the first SOFC in Europe. The company laid the foundation of the SOFC system in 2021 and commenced its commercialization in June 2022.
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