Solid Oxide Fuel Cell Market Size, Share, Growth Analysis 2032

Solid Oxide Fuel Cell Market Size

The global solid oxide fuel cell market size was worth around USD 1.86 billion in 2023 and is predicted to grow to around USD 21.02 billion by 2032 with a compound annual growth rate (CAGR) of roughly 30.9% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The report covers a forecast and an analysis of the solid oxide fuel cell market on a global and regional level.

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Global Solid Oxide Fuel Cell Market: Overview

Fuel cells are energy converters, more precisely, they convert chemical energy that is stored in fuel into thermal & electric energy without any combustion required. Solid oxide fuel cell (SOFC) is one of the types of fuel cells and produce heat, water, electricity, and a small amount of carbon dioxide. As a fuel, natural gas is used by solid oxide fuel cells.

Global Solid Oxide Fuel Cell Market: Growth Factors

The global solid oxide fuel cell market is growing at a lucrative rate. Factors such as a rise in inclination towards energy-efficient power generation, growing environmental concerns of carbon emission, and growing initiative by the government to encourage the use of solid oxide fuel cells are fostering the growth of the global market. SOFC operates at a very high temperature such as 500 - 1,000°C and uses calcium or zirconium oxides, which are hard, ceramic compounds of metal as electrolytes. Working at such a high temperature provides an advantage of increased reaction kinetics and no need for any metal catalyst. In addition to this, SOFC provides low-pollution technology to produce electricity electrochemically with high efficiency, fuel flexibility, long-term stability, and high combined heat & power efficiency.

Further, SOFCs are extensively used in a wide range of applications ranging from use as stationary power generation with 100W to 2MW as output to auxiliary power units in vehicles. SOFCs are also ideal for use in applications combined heat and power or heat engine energy recovery devices which enhances the overall efficiency of the fuel. Thus, SOFCs are widely adopted thereby spurring the growth of the global solid oxide fuel cell market. Moreover, the rise in sales of electric vehicles, huge investment in R&D activities for fuel cell programs, and growing demand for on-site power generation are also few factors that are augmenting the growth of the global market. Furthermore, expanding use of solid oxide fuel cells in military & data centers, and the use of advanced technologies in SOFCs areas including system development, core technology, and cell development may result in several opportunities for the growth of the global solid oxide fuel cell market over the forecast period. However, complex fabrication and relatively high costs associated with the solid oxide fuel cell may hamper the growth of the global solid oxide fuel cell market.

COVID-19 pandemic conditions have adversely affected the growth of the market. As strict lockdowns imposed by several governments resulted in a temporary shutdown of many end-use sectors of solid oxide fuel cell. This has resulted in less demand for solid oxide fuel cells and less revenue generation during the period of COVID-19 pandemic period. However, with the occurrence of the second and third waves of the infection many governments have unwillingly halted the manufacturing process which will also affect the growth of the solid oxide fuel cell market. However, the importance of solid oxide fuel cells in several sectors will propel the growth of the market over the forecast period.

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Global Solid Oxide Fuel Cell Market: Segmentation

The global solid oxide fuel cell market is bifurcated based on type, application, end-use, and region.

Based on type, the global solid oxide fuel cell market is categorized into planar and tubular.

Based on application, the global solid oxide fuel cell market is segregated into power generation, military, and combined heat & power.

By end-user segment is categorized into commercial & retail, data centers, and APU.

Solid Oxide Fuel Cell Market: Report Scope

Global Solid Oxide Fuel Cell Market: Regional Analysis

North America is anticipated to hold maximum share in the global solid oxide fuel cell market over the forecast period. North America is heavily investing in alternative power generation solutions, under this large-scale research is going on for hydrogen generation. Moreover, the high demand for fuel cell power generation is expected to contribute to the growth of the solid oxide fuel cell market in the region. Asia Pacific is expected to be the most lucrative market for solid oxide fuel cells. The electricity demand is continuously increasing in some of the densely populated countries in the region such as India and China. Also, growing industrialization and rising demand of combined heat & power is expected to spur the demand of solid oxide fuel cell in the region over the forecast period.

Global Solid Oxide Fuel Cell Market: Competitive Players

The prominent players that are operating in the global solid oxide fuel cell market are:

• Bloom Energy
• Watt Fuel Cell Corporation
• SOLIDPower
• Kyocera
• Convion
• Sunfire
• Hitachi Zosen
• Aisin Seiki Co
• Mitsubishi Power
• Doosan Fuel Cell
• Among Others

The Global Solid Oxide Fuel Cell Market is segmented as follows:

By Type

• Planar 
• Tubular

By Application

• Power Generation
• Military
• Combined Heat & Power

By End-User

• Commercial & Retail
• Data Centers
• APU

Global Solid Oxide Fuel Cell Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.