Solid Oxide Fuel Cell Global Market Report 2024

The global solid oxide fuel cell market has grown exponentially in recent years. It will grow from $1.70 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 30.7%. The growth witnessed during the historical period can be attributed to several factors, including efforts to establish market viability, increased utilization of hydrogen, the early stages of development within the industry, a focus on energy resilience, a concurrent rise in energy demand, and significant government funding and support.

The global solid oxide fuel cell market is expected to see exponential growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The anticipated growth in the forecast period is expected to be driven by strategies aimed at reducing costs, the expanding scope of micro CHP (Combined Heat and Power) systems, increased adoption within industrial applications, and a growing emphasis on clean energy solutions. Key trends projected for this period include continuous technological advancements, initiatives focused on transitioning to cleaner forms of energy, efforts towards enhancing grid resilience and decentralization, as well as the development of a hydrogen-based economy.

The solid oxide fuel cells market is experiencing growth driven by the increasing demand for clean energy sources. Clean energy sources, characterized by minimal to no greenhouse gas emissions during power generation, play a crucial role in reducing environmental impact. Solid oxide fuel cells (SOFCs) are at the forefront of this shift, offering a reliable and efficient technology that generates electricity through eco-friendly fuel sources via electrochemical reactions. This contributes to a reduction in reliance on fossil fuels and a decrease in carbon dioxide emissions. Notably, annual renewable capacity installations reached a new high in 2021, growing by 6% to approximately 295 GW, with predictions indicating further growth to about 320 GW in 2022 according to the International Renewable Energy Agency. This surge in demand for clean energy sources is expected to propel the solid oxide fuel cells market.

The solid oxide fuel cell market is set to witness growth fueled by the increasing demand for consumer electronics. Consumer electronics, encompassing communication, entertainment, and productivity devices, are integral to modern living. Solid oxide fuel cells (SOFCs) are emerging as a transformative power source for consumer electronics, offering a compact, efficient, and environmentally friendly energy solution. With the potential to achieve efficiencies exceeding 60%, SOFCs outperform traditional batteries. As evidenced by Lenovo's significant PC shipments, surpassing competitors in the third quarter of 2022, the demand for consumer electronics remains robust. This growing consumer electronics market is a key driver for the solid oxide fuel cell market.

A prominent trend in the solid oxide fuel cells market is product innovation, with major companies focusing on research and development to introduce innovative solutions. Robert Bosch GmbH, a German engineering and technology company, exemplifies this trend with the introduction of Bosch's solid oxide fuel cell in April 2022. This SOFC stands out for its ability to form a decentralized energy system, a concept emphasizing localized energy generation closer to consumption sites. Offering electrical efficiency exceeding 60% and overall efficiency above 85%, the SOFC can operate on various fuels such as natural gas, biomethane, and hydrogen. Its unique feature includes the ability to be combined with a cascade or cluster, forming a decentralized energy supply system and enabling the connection of SOFC clusters for high-capacity virtual power plants in the future. This product innovation trend positions companies to stay competitive in the evolving solid oxide fuel cells market.

Major players in the solid oxide fuel cell market are strategically partnering to collaborate on the commercialization of solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technologies. This strategic partnership approach involves companies leveraging each other's strengths and resources for mutual benefits. For instance, in October 2023, Elcogen AS, an Estonia-based manufacturer of solid oxide fuel cells, announced a partnership with Bumhan Fuel Cell Co., Ltd., a South Korea-based fuel cell manufacturing company. The aim of this collaboration is to expedite the global transition to sustainable energy by jointly commercializing SOFC and SOEC technologies. Elcogen will supply its SOFC and SOEC technology under the terms of the partnership, providing an effective solution for green hydrogen production and emission-free power generation. This strategic collaboration not only reduces commercial expenses but also enables clients to offer affordable energy solutions to meet net-zero requirements. The memorandum of understanding (MOU) with Bumhan builds on an existing partnership, and Elcogen is enthusiastic about working with Bumhan to bring these technologies to market, contributing to a carbon-free future.

In August 2022, Edge Autonomy, a US-based solid oxide fuel cell manufacturing company, made an undisclosed acquisition of Adaptive Energy. This acquisition is significant for the development of lightweight power systems for future unmanned aerial vehicle (UAV) projects by Edge Autonomy. The acquisition comes after the establishment of Edge Autonomy in February 2022, resulting from the merger of UAV Factory and Jennings Aeronautics. Adaptive Energy, the acquired company, specializes in the manufacturing of solid oxide fuel cells, contributing to Edge Autonomy's capabilities in UAV development. This strategic move enhances Edge Autonomy's position in the solid oxide fuel cell market and reinforces its commitment to advancing power systems for unmanned aerial vehicles.

Major companies operating in the solid oxide fuel cell market report are Bloom Energy Corporation, Mitsubishi Heavy Industries Ltd., Aisin Corporation, Hitachi Zosen Corporation, Ceres Power Holdings PLC, Adelan Ltd., Adaptive Energy LLC, SOLIDpower S.p.A., Watt Fuel Cell Corporation, Upstart Power Inc., AVL List GmbH, Convion Ltd., Kyocera Corporation, ZTEK Corporation, h2e Power Systems Pvt. Ltd., Elcogen AS, MIURA CO. LTD., Cummins Inc., Sunfire GmbH, Hexis AG, Atrex Energy Inc., FuelCell Energy Inc., Rolls-Royce Fuel Cell Systems Ltd., POSCO Energy Co. Ltd., Nexceris LLC, Catator AB, Robert Bosch GmbH, Fuji Electric Co. Ltd., General Electric Company, Ningbo SOFCMAN Energy Technology Co. Ltd.

North America was the largest region in the solid oxide fuel cell (SOFC) market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid oxide fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solid oxide fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of Solid Oxide Fuel Cells are planar and tubular. Planar SOFCs consist of flat, thin ceramic plates capable of operating at temperatures as low as 800 degrees Celsius, offering high efficiency in electricity generation. They find widespread use in electric power generation applications and are adaptable for various forms such as portable, stationary, and transportation. Planar SOFC technology is employed across commercial and industrial sectors, data centers, military and defense applications, as well as residential settings.

This report provides solid oxide fuel cell market statistics, including solid oxide fuel cell industry global market size, regional shares, competitors with a solid oxide fuel cell market share, detailed solid oxide fuel cell market segments, market trends and opportunities, and any further data you may need to thrive in the solid oxide fuel cell industry. This solid oxide fuel cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solid oxide fuel cell (SOFC) market consists of sales of alkaline fuel cells (AFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), proton exchange membrane fuel cells (PEMFC), proton-conducting electrolyte SOFC, single-chamber SOFC, direct-flame SOFC, direct methanol fuel cell, solid oxide electrolyzer cell (SOEC), Low-temperature solid oxide fuel cells, and microtubular SOFC. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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