New Revenue Pockets:
The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. The global solid oxide fuel cell market is driven by the Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms. The solid oxide fuel cell market has promising growth potential due to the rising distributed power generation applications across regions and increasing adaptivity by data centers and military sectors.
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Asia Pacific accounted for a 45.5% share of the solid oxide fuel cell market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.
The market is segmented, by type, into planar, and tubular. The planar segment held the largest solid oxide fuel cell market share in 2021. The market for planar segment is driven by the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type.
The market is segmented, by application, into portable, stationary and transport. In terms of value, the stationary held the largest share in 2021 as it is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.
The solid oxide fuel cell market is segmented, by end user, into commercial & industrial, data centers, Military & defense, and residentials. The commercial & industrial segment is expected to be the largest market during the forecast period. Increased demand for clean energy generation is expected to drive the market.
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Key Market Players:
The major players in the solid oxide fuel cell market are Bloom Energy(US), Mitsubishi Power(Japan), Aisin Seiki(Japan), Hitachi Zosen Corporation(Japan), and Ceres Power(UK), Adelan (UK), Adaptive Energy (US), Solid Power (Italy), Watt fuel cell corporation (US), Upstart power (US), AVL (Austria), Convion ltd. (Finland), Kyocera Corporation (Japan), Special Power Source (US), ZTEK Corporation (US), h2e Power (India), Elcogen AS (Estonia), Miura (Japan), and others.
