The solid oxide fuel cell market size has grown exponentially in recent years. It will grow from $2.2 billion in 2024 to $2.85 billion in 2025 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to market viability efforts, hydrogen utilization, early stage of development, energy resilience, rising energy demand, government funding and support.
The solid oxide fuel cell market size is expected to see exponential growth in the next few years. It will grow to $7.62 billion in 2029 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to cost reduction strategies, microchip systems expansion, expansion in industrial applications, increasing focus on clean energy. Major trends in the forecast period include technological advancements, energy transition initiatives, grid resilience and decentralization, hydrogen economy development.
The demand for clean energy sources is propelling the growth of the solid oxide fuel cells market in the future. Clean energy sources, also known as renewable energy sources, are carbon-free and emit minimal to no greenhouse gases during power generation compared to fossil fuels. Solid oxide fuel cells (SOFCs) offer an efficient, reliable, and flexible technology that generates electricity from environmentally friendly fuel sources through an electrochemical reaction. This technology helps reduce fossil fuel consumption and carbon dioxide emissions, thereby increasing the demand for solid oxide fuel cells. For example, in March 2022, the U.S. Energy Information Administration reported that the share of renewable energy in power generation is expected to nearly triple, rising from 21% in 2021 to 44% by 2050. This substantial growth is mainly driven by advancements in wind and solar power technologies. Thus, the demand for clean energy sources is anticipated to significantly boost the solid oxide fuel cells market.
The increasing demand for consumer electronics is likely to drive the growth of the solid oxide fuel cell market in the upcoming years. Consumer electronics refer to electronic devices designed for individual use, providing communication, entertainment, and productivity. Solid oxide fuel cells (SOFCs) have the potential to transform the consumer electronics landscape by offering a compact, efficient, and eco-friendly power source, achieving efficiencies exceeding 60%, which is considerably higher than traditional batteries. For instance, in May 2023, the Japan Electronics and Information Technology Industries Association, a trade group based in Japan, reported that the country's electronic equipment output reached 771,457 units, with consumer electronics production rising to 32,099 units, up from 25,268 units in May 2022. Therefore, the rising demand for consumer electronics is driving the solid oxide fuel cell market.
Product innovation is a significant trend gaining traction in the solid oxide fuel cells market. Leading companies in this sector are concentrating on research and development to create new solid oxide fuel cells with distinctive features that facilitate decentralized energy supply systems, often in combination with cascades or clusters. A decentralized energy system refers to localized energy generation that is closer to the point of consumption, which reduces reliance on fossil fuels, enhances eco-efficiency, and optimizes the use of renewable energy sources along with combined heat and power. For example, in April 2022, Germany-based engineering and technology company Robert Bosch GmbH launched its solid oxide fuel cell, characterized by its decentralized energy system capability. This system can achieve electrical efficiency exceeding 60% and overall efficiency above 85%, with a targeted power output of 10 kW and the ability to produce up to 3 kW of thermal energy. It can operate on natural gas, biomethane, hydrogen, or various blends. Additionally, it can be integrated into a cascade or cluster, forming a decentralized energy supply system and enabling connected SOFC clusters for virtual power plants with high power capacities in the megawatt range in the future.
Key players in the solid oxide fuel cell market are pursuing strategic partnerships to collaborate on the manufacturing and commercialization of solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technologies. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve shared benefits and success. 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. The objective of this collaboration is to commercialize SOFC and SOEC technologies to expedite the global transition to sustainable energy. Under the terms of the agreement, Elcogen will provide its SOFC and SOEC technology, which offers an effective solution for green hydrogen and emission-free power generation. Consequently, commercial costs are lowered, enabling clients to offer affordable energy solutions to meet net-zero targets. The signing of this memorandum of understanding with Bumhan builds on an existing partnership, and Elcogen is enthusiastic about collaborating with Bumhan to bring SOFC and SOEC technologies to market, supporting the transition to a carbon-free future. Bumhan Fuel Cell Co., Ltd. is a South Korea-based manufacturer of fuel cells.
In August 2022, Edge Autonomy, a US-based manufacturer of solid oxide fuel cells, acquired Adaptive Energy for an undisclosed amount. This acquisition aims to support future UAV development with Adaptive Energy's lightweight power systems. It marks Edge Autonomy's first add-on acquisition since its founding in February 2022, following the merger of UAV Factory and Jennings Aeronautics. Adaptive Energy is also a US-based manufacturer of solid oxide fuel cells.
Major companies operating in the solid oxide fuel cell market 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, 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 2024. 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.
A Solid Oxide Fuel Cell (SOFC) is an electrochemical device that transforms chemical energy from fuels like hydrogen into electrical energy through a reaction with oxygen, all without combustion. SOFCs function at high temperatures, usually between 600°C and 1000°C, and they are more efficient in converting hydrogen-based fuels into electricity compared to engines or thermal power plants. This efficiency stems from their capability to directly convert chemical energy into electrical energy with minimal losses, making SOFCs a cleaner and more efficient energy option.
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.
The solid oxide fuel cell market research report is one of a series of new reports that 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.
This product will be delivered within 3-5 business days.
The solid oxide fuel cell market size is expected to see exponential growth in the next few years. It will grow to $7.62 billion in 2029 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to cost reduction strategies, microchip systems expansion, expansion in industrial applications, increasing focus on clean energy. Major trends in the forecast period include technological advancements, energy transition initiatives, grid resilience and decentralization, hydrogen economy development.
The demand for clean energy sources is propelling the growth of the solid oxide fuel cells market in the future. Clean energy sources, also known as renewable energy sources, are carbon-free and emit minimal to no greenhouse gases during power generation compared to fossil fuels. Solid oxide fuel cells (SOFCs) offer an efficient, reliable, and flexible technology that generates electricity from environmentally friendly fuel sources through an electrochemical reaction. This technology helps reduce fossil fuel consumption and carbon dioxide emissions, thereby increasing the demand for solid oxide fuel cells. For example, in March 2022, the U.S. Energy Information Administration reported that the share of renewable energy in power generation is expected to nearly triple, rising from 21% in 2021 to 44% by 2050. This substantial growth is mainly driven by advancements in wind and solar power technologies. Thus, the demand for clean energy sources is anticipated to significantly boost the solid oxide fuel cells market.
The increasing demand for consumer electronics is likely to drive the growth of the solid oxide fuel cell market in the upcoming years. Consumer electronics refer to electronic devices designed for individual use, providing communication, entertainment, and productivity. Solid oxide fuel cells (SOFCs) have the potential to transform the consumer electronics landscape by offering a compact, efficient, and eco-friendly power source, achieving efficiencies exceeding 60%, which is considerably higher than traditional batteries. For instance, in May 2023, the Japan Electronics and Information Technology Industries Association, a trade group based in Japan, reported that the country's electronic equipment output reached 771,457 units, with consumer electronics production rising to 32,099 units, up from 25,268 units in May 2022. Therefore, the rising demand for consumer electronics is driving the solid oxide fuel cell market.
Product innovation is a significant trend gaining traction in the solid oxide fuel cells market. Leading companies in this sector are concentrating on research and development to create new solid oxide fuel cells with distinctive features that facilitate decentralized energy supply systems, often in combination with cascades or clusters. A decentralized energy system refers to localized energy generation that is closer to the point of consumption, which reduces reliance on fossil fuels, enhances eco-efficiency, and optimizes the use of renewable energy sources along with combined heat and power. For example, in April 2022, Germany-based engineering and technology company Robert Bosch GmbH launched its solid oxide fuel cell, characterized by its decentralized energy system capability. This system can achieve electrical efficiency exceeding 60% and overall efficiency above 85%, with a targeted power output of 10 kW and the ability to produce up to 3 kW of thermal energy. It can operate on natural gas, biomethane, hydrogen, or various blends. Additionally, it can be integrated into a cascade or cluster, forming a decentralized energy supply system and enabling connected SOFC clusters for virtual power plants with high power capacities in the megawatt range in the future.
Key players in the solid oxide fuel cell market are pursuing strategic partnerships to collaborate on the manufacturing and commercialization of solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technologies. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve shared benefits and success. 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. The objective of this collaboration is to commercialize SOFC and SOEC technologies to expedite the global transition to sustainable energy. Under the terms of the agreement, Elcogen will provide its SOFC and SOEC technology, which offers an effective solution for green hydrogen and emission-free power generation. Consequently, commercial costs are lowered, enabling clients to offer affordable energy solutions to meet net-zero targets. The signing of this memorandum of understanding with Bumhan builds on an existing partnership, and Elcogen is enthusiastic about collaborating with Bumhan to bring SOFC and SOEC technologies to market, supporting the transition to a carbon-free future. Bumhan Fuel Cell Co., Ltd. is a South Korea-based manufacturer of fuel cells.
In August 2022, Edge Autonomy, a US-based manufacturer of solid oxide fuel cells, acquired Adaptive Energy for an undisclosed amount. This acquisition aims to support future UAV development with Adaptive Energy's lightweight power systems. It marks Edge Autonomy's first add-on acquisition since its founding in February 2022, following the merger of UAV Factory and Jennings Aeronautics. Adaptive Energy is also a US-based manufacturer of solid oxide fuel cells.
Major companies operating in the solid oxide fuel cell market 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, 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 2024. 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.
A Solid Oxide Fuel Cell (SOFC) is an electrochemical device that transforms chemical energy from fuels like hydrogen into electrical energy through a reaction with oxygen, all without combustion. SOFCs function at high temperatures, usually between 600°C and 1000°C, and they are more efficient in converting hydrogen-based fuels into electricity compared to engines or thermal power plants. This efficiency stems from their capability to directly convert chemical energy into electrical energy with minimal losses, making SOFCs a cleaner and more efficient energy option.
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.
The solid oxide fuel cell market research report is one of a series of new reports that 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Solid Oxide Fuel Cell Market Characteristics3. Solid Oxide Fuel Cell Market Trends and Strategies4. Solid Oxide Fuel Cell Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Solid Oxide Fuel Cell Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Solid Oxide Fuel Cell Market34. Recent Developments in the Solid Oxide Fuel Cell Market
5. Global Solid Oxide Fuel Cell Growth Analysis and Strategic Analysis Framework
6. Solid Oxide Fuel Cell Market Segmentation
7. Solid Oxide Fuel Cell Market Regional and Country Analysis
8. Asia-Pacific Solid Oxide Fuel Cell Market
9. China Solid Oxide Fuel Cell Market
10. India Solid Oxide Fuel Cell Market
11. Japan Solid Oxide Fuel Cell Market
12. Australia Solid Oxide Fuel Cell Market
13. Indonesia Solid Oxide Fuel Cell Market
14. South Korea Solid Oxide Fuel Cell Market
15. Western Europe Solid Oxide Fuel Cell Market
16. UK Solid Oxide Fuel Cell Market
17. Germany Solid Oxide Fuel Cell Market
18. France Solid Oxide Fuel Cell Market
19. Italy Solid Oxide Fuel Cell Market
20. Spain Solid Oxide Fuel Cell Market
21. Eastern Europe Solid Oxide Fuel Cell Market
22. Russia Solid Oxide Fuel Cell Market
23. North America Solid Oxide Fuel Cell Market
24. USA Solid Oxide Fuel Cell Market
25. Canada Solid Oxide Fuel Cell Market
26. South America Solid Oxide Fuel Cell Market
27. Brazil Solid Oxide Fuel Cell Market
28. Middle East Solid Oxide Fuel Cell Market
29. Africa Solid Oxide Fuel Cell Market
30. Solid Oxide Fuel Cell Market Competitive Landscape and Company Profiles
31. Solid Oxide Fuel Cell Market Other Major and Innovative Companies
35. Solid Oxide Fuel Cell Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Solid Oxide Fuel Cell Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on solid oxide fuel cell market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for solid oxide fuel cell ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solid oxide fuel cell market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- the market characteristics section of the report defines and explains the market.
- the market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- the forecasts are made after considering the major factors currently impacting the market. These include:
- the forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- the regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- the competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- the trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Planar; Tubular2) by Application: Portable; Stationary; Transport
3) by End-User: Commercial and Industrial; Data Centers; Military and Defense; Residentials
Subsegments:
1) by Planar: Flat Plate Design; Multi-Layer Planar Cells; Stack Configurations2) by Tubular: Monolithic Tubular Cells; Stackable Tubular Cells; Composite Tubular Designs
Key Companies Mentioned: Bloom Energy Corporation; Mitsubishi Heavy Industries Ltd.; Aisin Corporation; Hitachi Zosen Corporation; Ceres Power Holdings PLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Solid Oxide Fuel Cell market report include:- 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
- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 2.85 Billion |
| Forecasted Market Value ( USD | $ 7.62 Billion |
| Compound Annual Growth Rate | 27.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
