Report Description
Solid Oxide Fuel Cells Market Outlook 2031:
The global solid oxide fuel cells market size was valued at USD 1.07 Billion in 2022 and is projected to reach USD 12.16 Billion by 2031, expanding at a CAGR of 31% during the forecast period 2023 - 2031. The growth of the market is attributed to ongoing technological advancements and rising investment in the R&D activities.
A solid oxide fuel cell (SOFC) is an electrochemical device that converts the chemical energy into electrical energy by utilizing the natural tendency of oxygen and hydrogen to react with each other. Fuel cells can convert hydrogen-based fuels with higher efficiency as compared to engines and thermal power plants.
Solid oxide fuel cell (SOFC) uses a ceramic compound of metal, such as calcium or zirconium, and oxides as electrolyte. The efficiency is about 60 percent, and the operating temperature is about 1,000 °C (about 1,800 °F).
Solid Oxide Fuel Cells Market Trends, Drivers, Restraints, and Opportunities
- Increasing Internet usage and ongoing research on SOFCs are the major drivers that are contributing to the growth of the market.
- Rising hyper-scale platforms is expected to augment the solid oxide fuel cells market growth.
- High initial cost can act as a market restraint for the growth of the market.
- Emerging new technology can hinder the market growth.
- The outbreak of COVID-19 has negatively impacted the global solid oxide fuel cells market. This is due to the supply chain disruption, hindering the market growth. However, the relaxation in restrictions is anticipated to help the market recover soon.
- Rising demand for clean energy over concerns of environmental impact of energy generation from conventional sources, such as coal and natural gas is expected to create lucrative opportunities for the industry players during the forecast period.
Scope of Solid Oxide Fuel Cells Market Report
The report on the global solid oxide fuel cells market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Solid Oxide Fuel Cells Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Stationary, Transport, and Portable), End-Users (Commercial, Data Centers, Military and Defense, and Others)
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Regional scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mitsubishi Hitachi Power Systems Ltd., DuPont de Nemours Inc., Bloom Energy Corp., Sunfire GmbH, Ceres Power Holdings plc, Elcogen AS
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Solid Oxide Fuel Cells Market Segment Insights
Stationary segment to grow at a rapid pace
Based on applications, the market is divided into stationary, transport, and portable. The transport segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. SOFCs are well-suited for household and commercial applications.
Their high temperatures make them particularly efficient for combined heat and power (CHP) systems, as the waste heat can be reutilized for heating and cooling applications.
Data centers segment to hold a major market share
On the basis of end-users, the market is classified as commercial, data centers, military and defense, and others. The data centers segment is anticipated to account for a major market share due to increasing investments in data centers, and usage of clean energy source for powering these centers.
Rising use of SOFCs in these centers due to high energy efficiency of the fuel cells is driving the segment growth. Furthermore, growing concerns of greenhouse gases emissions over usage of conventional electricity generation is fueling the segment growth.

Asia Pacific to account a considerable market share
In terms of regions, the market is segregated North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to account for a considerable market share during the forecast period. In the region, Japan accounts for a major market share owing to vast applications of fuel cells, ranging from backup services for data centers to combined heat and power systems for homes.
Segments
The Global solid oxide fuel cells have been segmented on the basis of
Applications
- Stationary
- Transport
- Portable
End-users
- Commercial
- Data Centers
- Military and Defense
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
The major players of the market are Mitsubishi Hitachi Power Systems Ltd., DuPont de Nemours Inc., Bloom Energy Corp., Sunfire GmbH, Ceres Power Holdings plc, Elcogen AS.
Companies are engaging in mergers, expansions, acquisitions, and partnerships to expand their market share.

Table Of Content
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solid Oxide Fuel Cells Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solid Oxide Fuel Cells Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solid Oxide Fuel Cells Market - Supply Chain
4.5. Global Solid Oxide Fuel Cells Market Forecast
4.5.1. Solid Oxide Fuel Cells Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solid Oxide Fuel Cells Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solid Oxide Fuel Cells Market Absolute $ Opportunity
5. Global Solid Oxide Fuel Cells Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
5.3.1. Stationary
Transport
Portable
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Solid Oxide Fuel Cells Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
6.3.1. Commercial
Data Centers
Military and Defense
Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Solid Oxide Fuel Cells Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Solid Oxide Fuel Cells Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
8. North America Solid Oxide Fuel Cells Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Solid Oxide Fuel Cells Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
8.4.1. Stationary
Transport
Portable
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
8.7.1. Commercial
Data Centers
Military and Defense
Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
9. Latin America Solid Oxide Fuel Cells Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Solid Oxide Fuel Cells Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
9.4.1. Stationary
Transport
Portable
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
9.7.1. Commercial
Data Centers
Military and Defense
Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
10. Europe Solid Oxide Fuel Cells Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Solid Oxide Fuel Cells Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
10.4.1. Stationary
Transport
Portable
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
10.7.1. Commercial
Data Centers
Military and Defense
Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
11. Asia Pacific Solid Oxide Fuel Cells Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Solid Oxide Fuel Cells Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
11.4.1. Stationary
Transport
Portable
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
11.7.1. Commercial
Data Centers
Military and Defense
Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
12. Middle East & Africa Solid Oxide Fuel Cells Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Solid Oxide Fuel Cells Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Solid Oxide Fuel Cells Market Size and Volume Forecast by Applications
12.4.1. Stationary
Transport
Portable
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Solid Oxide Fuel Cells Market Size and Volume Forecast by End Users
12.7.1. Commercial
Data Centers
Military and Defense
Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Solid Oxide Fuel Cells Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Solid Oxide Fuel Cells Market: Market Share Analysis
13.2. Solid Oxide Fuel Cells Distributors and Customers
13.3. Solid Oxide Fuel Cells Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Mitsubishi Hitachi Power Systems, Ltd.
Bloom Energy Corp.
Sunfire GmbH
Ceres Power Holdings plc.
Elcogen AS
DuPont de Nemours, Inc