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Solid Oxide Fuel Cells Market Share & Growth | Forecast 2031

Solid Oxide Fuel Cells Market

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Segments - by Applications (Stationary, Transport, and Portable), End-Users (Commercial, Data Centers, Military and Defense, and Others), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

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Author :

Aamir Ansari

Fact-checked by :

Vineet Pandey

Editor :

Swapnil Hedau

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	Details
Report Title	Solid Oxide Fuel Cells Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Applications (Stationary, Transport, and Portable), End-Users (Commercial, Data Centers, Military and Defense, and Others)
Regional scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Mitsubishi Hitachi Power Systems Ltd., DuPont de Nemours Inc., Bloom Energy Corp., Sunfire GmbH, Ceres Power Holdings plc, Elcogen AS

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

Mitsubishi Hitachi Power Systems, Ltd.
Bloom Energy Corp.
Sunfire GmbH
Ceres Power Holdings plc.
Elcogen AS
DuPont de Nemours, Inc

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 (000â€™ 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

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