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Solid Oxide Fuel Cell Market Trends

  • Report ID: 3514
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Global Solid Oxide Fuel Cell Market

  1. Market Definition and Research Methodology
    1. Market Definition
    2. Market Segmentation
    3. Market Size Methodology
  2. Assumptions and Acronyms
  3. Research Methodology
    1.  Research Process
    2. Primary Research
    3. Secondary Research
  4. Executive Summary – Global Solid Oxide Fuel Cell Market
  5. Market Dynamics
    1.  Market Drivers
    2. Restraints
    3. Opportunities
    4. Trends
  6. Regulatory and Standards Landscape
  7. Industry Risk Analysis
  8. Impact of COVID-19 on the Solid Oxide Fuel Cell Market
  9. Technology Analysis
  10. Value Chain Analysis
  11. Industry Growth Outlook
  12. Pricing Analysis
  13. Regional Demand Analysis
  14. Comparative Analysis
  15. Competitive Positioning
  16. Competitive Landscape
    1. Market Share Analysis, 2023
    2. Competitive Benchmarking
      1. Kyocera Corporation
      2. SolydEra
      3. Elcogen AS
      4. Fuel Cell Energy
      5. POSCO Energy
      6. H2E Power
      7. ZTEK Corporation
      8. Sunfire
      9. Doosan Fuel Cell
      10. Bloom Energy
      11. Mitsubishi Power
      12. Aisin Seiki Co
      13. Ceres Power
      14. Hitachi Zosen
  17. Global Solid Oxide Fuel Market 2023-2036
    1. Market Overview
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
    4. Global Solid Oxide Fuel Cell Market-Market Segmentation Analysis 2023-2036
      1. By Type
        1. Planar, 2023-2036F (USD Million & Thousand Units)
        2. Tubular, 2023-2036F (USD Million & Thousand Units)
      2. By Mobility
        1. Stationary, 2023-2036F (USD Million & Thousand Units)
        2. Portable, 2023-2036F (USD Million & Thousand Units)
      3. By Application
        1. Combined Heat & Power, 2023-2036F (USD Million)
        2. Power Generation, 2023-2036F (USD Million)
        3. Others, 2023-2036F (USD Million)
      4. By End User
        1. Data Centers, 2023-2036F (USD Million)
        2. Commercial & Retail, 2023-2036F (USD Million)
        3. Residential, 2023-2036F (USD Million)
        4. Others, 2023-2036F (USD Million)
      5. Global Solid Oxide Fuel Cell Market by Region
        1. North America, 2023-2036F (USD Million & Thousand Units)
        2. Latin America, 2023-2036F (USD Million & Thousand Units)
        3. Europe, 2023-2036F (USD Million & Thousand Units)
        4. Asia Pacific, 2023-2036F (USD Million & Thousand Units)
        5. Middle East & Africa, 2023-2036F (USD Million & Thousand Units)
  18. Cross Analysis of Type w.r.t End User, 2023
  19. North America Solid Oxide Fuel Cell Market 2023-2036
    1. Leading Players in the Region
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
      1. By Type
        1. Planar, 2023-2036F (USD Million & Thousand Units)
        2. Tubular, 2023-2036F (USD Million & Thousand Units)
      2. By Mobility
        1. Stationary, 2023-2036F (USD Million & Thousand Units)
        2. Portable, 2023-2036F (USD Million & Thousand Units)
      3. By Application
        1. Combined Heat & Power, 2023-2036F (USD Million)
        2. Power Generation, 2023-2036F (USD Million)
        3. Others, 2023-2036F (USD Million)
      4. By End User
        1. Data Centers, 2023-2036F (USD Million)
        2. Commercial & Retail, 2023-2036F (USD Million)
        3. Residential, 2023-2036F (USD Million)
        4. Others, 2023-2036F (USD Million)
      5. By Country
        1. U.S., 2023-2036F (USD Million & Thousand Units)
        2. Canada, 2023-2036F (USD Million & Thousand Units)
  20. Europe Solid Oxide Fuel Cell Market 2023-2036
    1. Leading Players in the Region
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
      1. By Type
      2. By Mobility
      3. By Application
      4. By End-User
      5. By Country
        1. U.K., 2023-2036F (USD Million & Thousand Units)
        2. Germany, 2023-2036F (USD Million & Thousand Units)
        3. Italy, 2023-2036F (USD Million & Thousand Units)
        4. France, 2023-2036F (USD Million & Thousand Units)
        5. Spain, 2023-2036F (USD Million & Thousand Units)
        6. Russia, 2023-2036F (USD Million & Thousand Units)
        7. Netherland, 2023-2036F (USD Million & Thousand Units)
        8.  Rest of Europe, 2023-2036F (USD Million & Thousand Units)
  21. Asia Pacific Solid Oxide Fuel Cell Market 2023-2036
    1. Leading Players in the Region
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
      1. By Type
      2. By Mobility
      3. By Application
      4. By End-User
      5. By Country
        1. Australia, 2023-2036F (USD Million & Thousand Units)
        2. Japan, 2023-2036F (USD Million & Thousand Units)
        3. Singapore, 2023-2036F (USD Million & Thousand Units)
        4. South Korea, 2023-2036F (USD Million & Thousand Units)
        5. India, 2023-2036F (USD Million & Thousand Units)
        6. China, 2023-2036F (USD Million & Thousand Units)
        7. Rest of Asia Pacific, 2023-2036F (USD Million & Thousand Units)
  22. Latin America Solid Oxide Fuel Cell Market 2023-2036
    1. Leading Players in the Region
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
      1. By Type
      2. By Mobility
      3. By Application
      4. By End-User
      5. By Country
        1. Brazil, 2023-2036F (USD Million & Thousand Units)
        2. Argentina, 2023-2036F (USD Million & Thousand Units)
        3. Mexico, 2023-2036F (USD Million & Thousand Units)
        4. Rest of Latin America, 2023-2036F (USD Million & Thousand Units)
  23. Middle East & Africa Solid Oxide Fuel Cell Market 2023-2036
    1. Leading Players in the Region
    2. By Value (USD Million)
    3. By Volume (Thousand Units)
      1. By Type
      2. By Mobility
      3. By Application
      4. By End-User
      5. By Country
        1. GCC, 2023-2036F (USD Million & Thousand Units)
        2. Israel, 2023-2036F (USD Million & Thousand Units)
        3. South Africa, 2023-2036F (USD Million & Thousand Units)
        4. Rest of Middle East & Africa, 2023-2036F (USD Million & Thousand Units)
  24. Bibliography

Solid Oxide Fuel Cell Market Trends

Growth Drivers

  • Increasing Government Initiatives and R&D on Solid Oxide Fuel Cell Programs – The increasing government incentives for fuel cells support solid oxide fuel cells market growth. In the United States, several programs for fuel cells provide various incentives for the purpose of fuel cell installations which leads to solid oxide fuel cells and other fuel installations in the country. For instance, the Office of Fossil Energy (FE), U.S. Department of Energy, has chosen two projects to receive roughly USD 2.8 million in federal support for cost-shared research and development projects. The initiatives will develop solid oxide fuel cell (SOFC) technology and get us closer to providing cost-competitive fossil-based power generation with almost no emissions. Besides, in September 2020, the U.S. Department of Energy (DOE) announced the selection of 12 projects to receive approximately USD 34 million for small-scale solid oxide fuel cell systems.
  • Increasing Demand for Energy-Efficient Technology – The solid oxide fuel cell market growth is due to the rising awareness regarding harmful carbon emissions and the increasing implementation of low-carbon technologies. SOFC system can offer an overall efficiency of up to 90 percent in renewable energy resources. For instance, in April 2021, the International Energy Agency (IEA) released its World Energy Review 2021. According to this data from the IEA, the generation of electricity from renewable sources expanded by almost 7% in 2020, while the consumption of clean energy grew by about 3%.
  • Increasing Mergers and Acquisitions – For instance, the Fayetteville Public Works Commission (PWC) announced in May 2022 that it had reached an agreement with Bloom Energy to design the installation and operation of 1.5 megawatts of solid oxide fuel cells. The new project will cut emissions and enhance the municipality of Fayetteville's attempts to achieve North Carolina's clean energy criteria. The system generates power from numerous biogas streams, and the fuel cell installation will be situated next to PWC's P.O. Hoffer Water Treatment Center.

Challenges

  • High Capital Cost Associated with Solid Oxide Fuel Cell - A solid oxide fuel cell is an intricate synthesis of multiple chemical components that electrocatalytically oxidizes methane, LPG, and other natural gas-based fuels to generate electricity. Since, the fundamental chemical reaction is exothermic, SOFC runs at extremely high temperatures, typically between 700°C-1,200°C. Conventional ceramic electrolytes are ineffective at these temperatures. Yttria-stabilized zirconia (YSZ) is therefore required as an electrolyte. Zirconium possesses properties that resemble those of titanium and a melting point of 1,852 °C. Zirconium, however, costs about twice as much per unit as usual ceramic-based electrolytes.

  • Storage Problems Associated with Hydrogen as a Fuel for Solid Oxide Fuel Cells
  • Development of Alternative Fuel Cells

Solid Oxide Fuel Cell Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~34%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2033)

~ USD 7 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Base Year

2024

Forecast Year

2025-2037

CAGR

26.2%

Base Year Market Size (2024)

USD 2.01 billion

Forecast Year Market Size (2037)

USD 41.4 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Singapore, South Korea, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, Netherland, Rest of Europe)
  • Middle East and Africa (Israel, GCC, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Dhruv Bhatia


  • Report ID: 3514
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of solid oxide fuel cell is estimated at USD 2.43 billion.

The solid oxide fuel cell market size was over USD 2.01 billion in 2024 and is poised to exceed USD 41.4 billion by 2037, growing at over 26.2% CAGR during the forecast period i.e., between 2025-2037. Increasing government initiatives and R&D on solid oxide fuel cell programs and the growing demand for energy-efficient technology will drive the market growth.

Asia Pacific industry is set to hold largest revenue share of 56% by 2037, impelled by new plans launched for the adoption of solid oxide fuel cells in the region.

The major players in the market include Kyocera Corporation, SolydEra, Elcogen AS, Fuel Cell Energy, POSCO Energy, H2E Power, ZTEK Corporation, Sunfire, Doosan Fuel Cell, Bloom Energy, Mitsubishi Power, Aisin Seiki Co, Ceres Power, Hitachi Zosen
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