Solid Oxide Fuel Cell Market Size, Industry Overview

Solid oxide fuel cells are the electrochemical devices that use fuel cell technology to generate electricity. Solid oxide fuel cells are electrochemical devices that convert the chemical energy of a fuel, typically hydrogen, into electrical energy through a chemical reaction. These fuel cells can provide a continuous and reliable source of power for various applications. Growing demand for consumer electronics along with increasing adoption of solid oxide fuel cell (HDI) technology for backup power solutions are expected to drive the demand for solid oxide fuel cell market.

The global solid oxide fuel cell market Size is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period.

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Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan) are the market leaders in the global solid oxide fuel cell market.

Bloom Energy manufactures, develops, and sells solid oxide fuel cells under the name, Energy Servers. The company operates through four business segments: Product, Installation, Service, and Electricity. It provides solid oxide fuel cells under the Product business segment.

MITSUBISHI HEAVY INDUSTRIES, LTD. is a Japanese conglomerate and the country’s largest and most diversified industrial corporation, with operations spanning various sectors, including aerospace, energy, machinery, defense, transportation, and environmental solutions. The company provides SOFC technology through its subsidiary, Mitsubishi Power. Mitsubishi Power is an energy solutions company offering power plant solutions, products, and equipment, such as fuel cells, turbines, boilers, energy storage devices, and control systems. It also provides services, such as operation & maintenance, training, long-term service agreements for power plants, and remote monitoring.

This research report categorizes the solid oxide fuel cell market by type, component, application, end user and region.

On the basis of type:

• Planar
• Tubular

On the basis of component:

• Stack
• Balance of plant

On the basis of application:

• Commercial & Industrial
• Residential
• Military & Defense
• Data Centers

On the basis of region:

• Asia Pacific
• Europe
• North America
• Rest of the World

Asia Pacific is expected to be the largest region in the solid oxide fuel cell market

Asia Pacific is expected to be the largest solid oxide fuel cell market during the forecast period. The Asia Pacific region, comprising major economies such as China, Japan, and South Korea, are witnessing significant growth for primary power sources owing to increased demand for residential sector. The region has been trying 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 reduce GHG emissions. Countries such as Japan and South Korea are increasing their investments in SOFC technology.

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Objectives of the Study

• To describe, segment, and forecast the solid oxide fuel cell market, by type, component, application, and end user, in terms of value
• To forecast the solid oxide fuel cell market, by type, in terms of volume
• To forecast the market across four key regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), along with country-level analysis
• To provide detailed information about key drivers, restraints, opportunities, and challenges influencing the solid oxide fuel cell market
• To strategically analyze the solid oxide fuel cell market with respect to individual growth trends, prospects, and contributions of each segment to the market
• To analyze the supply chain, trends/disruptions impacting customer business, market/ecosystem, pricing trends, and regulatory landscape pertaining to solid oxide fuel cells