Global Solid Oxide Fuel Cell Market Report and Forecast 2024-2032

Global Solid Oxide Fuel Cell Market Outlook

The global solid oxide fuel cell market size reached a value of more than USD 1.74 billion in 2023. The global market is expected to grow at a CAGR of 26.90% during the forecast period of 2024-2032, likely to attain a value of USD 14.81 billion by 2032.

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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