Solid Oxide Fuel Cell Market Report and Forecast 2023-2028

According to the report, the global solid oxide fuel cell market reached a value of USD 1.37 billion in 2022. Aided by the global push towards sustainable and efficient energy sources, combined with technological advancements in the SOFC domain, the market is projected to further grow at a CAGR of 26.90% between 2023 and 2028 to reach a value of USD 5.71 billion by 2028.

Solid oxide fuel cells, which fall under the larger umbrella of fuel cell technologies, are energy conversion devices that produce electricity through an electrochemical process. A distinctive trait of SOFCs is their use of solid oxide material as the electrolyte. Renowned for their flexibility, these fuel cells can run on a variety of fuels, including hydrogen, natural gas, and even certain hydrocarbons, rendering them particularly versatile in application.

A key driver steering the solid oxide fuel cell market growth is the intensifying global commitment to clean energy. As countries race to meet their carbon neutrality targets and decrease greenhouse gas emissions, the appeal of SOFCs as a reliable and environmentally benign power generation tool is magnifying. Their high electrical efficiency, often exceeding 60%, and their potential for co-generation of heat and power make them a sought-after choice in both stationary and mobile applications.

The commercial and industrial sectors, increasingly conscious of their carbon footprints, are integrating SOFCs into their energy mix. These fuel cells find application in auxiliary power units, emergency power backups, and even in large-scale electricity generation projects. Additionally, the transportation sector, especially maritime and aviation, is exploring the adoption of SOFCs as a means to reduce reliance on fossil fuels, which is in turn heightening the solid oxide fuel cell market demand.

Beyond their primary utility, solid oxide fuel cells are steadily gaining traction in niche markets. Their capability to act as energy storage systems, where they can reverse their operation and function as electrolysers, offers promising prospects in the realm of energy conservation and grid stabilisation. In terms of region, North America holds a significant portion of the solid oxide fuel cell market share. The robust growth of hydro power generation, fuelled by government policies and subsidies are driving the market growth in the region.

Market Segmentation

The market can be divided based on type, application, end user, and region.

Market Breakup by Type

• Planar
• Tubular

Market Breakup by Application

• Portable
• Stationary
• Transport

Market Breakup by End User

• Residential
• Commercial and Industrial
• Data Centres
• Military and Defence

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solid oxide fuel cell market. Some of the major players explored in the report are as follows:

• Bloom Energy Corporation
• Mitsubishi Heavy Industries, Ltd.
• Ceres Power Holdings plc
• FuelCell Energy, Inc.
• AVL List GmbH
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.