Solid Oxide Fuel Cell (SOFC): Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2018-2028

Market Definition

An electrochemical conversion device known as a solid oxide fuel cell (SOFC) directly generates electricity by oxidizing a fuel. The substance of the electrolyte is what distinguishes fuel cells, and the SOFC uses a solid oxide or ceramic electrolyte.

Market Insights

In 2022, the global market for solid oxide fuel cells is anticipated to be worth $1.49 billion. From 2023 to 2030, the market is projected to expand at a compound annual growth rate (CAGR) of 12.7%.

The combined heat and power (CHP) segment in applications, a technology that developed from the cogeneration process, is the main factor driving growth. In 2022, such sector held a 39% share of the market as a whole. CHP systems make use of the heat produced while producing electricity, so reducing the overall loss in the conversion of fuel to energy. These systems are popular in both residential and commercial settings due to their availability in a wide range of power capacities and sizes.

Global SOFC deployment is focused in a small number of markets, including the United States, Japan, South Korea, and Europe. As a result, the SOFC market in APAC, North America, and Europe are mainly taken into account in this study, while the rest of the globe region only makes a very small contribution.

With a 40% market share, North America dominates the SOFC industry, followed by APAC. The development of green technologies and the implementation of ecologically friendly initiatives have always been at the forefront in Europe. Although Europe is regarded as a technologically advanced region, local financing for fuel cell and hydrogen technology has lagged behind other regions.

The residential, commercial, and military end-use segments can be used to segment the SOFC market. These portions discuss the usage of SOFCs for backup power, portable power, auxiliary power, unusual applications, and heat and power co-generation in buildings. The projected power output of FC systems can vary significantly depending on the end-user sector.

Due to governmental backing and rising customer acceptance, the residential and commercial segments now account for the majority of SOFC market revenue. While the commercial segment’s consumption is primarily led by North America, the residential market is primarily concentrated in APAC (Japan). These cells have a restricted number of military uses and are still in the research and development stage.

Market Dynamics: Drivers

Rising Use of Solid Oxide Fuel Cells (SOFCs) in Data Centres and the Defence Industry

Data centre operations use a lot of energy since the systems depend on uninterrupted power to prevent or reduce the likelihood of data loss. As a result, many businesses have begun using eco-friendly options to cut costs, and fuel cells, especially SOFC, have seen impressive growth. Additionally, the defence industry places a high value on stationary and mobile SOFC applications for their ability to generate electricity quietly and effectively. In the upcoming years, these trends will open up new opportunities for the global fuel cell market to grow significantly.

Market Segmentation

• Based on Type, the Global Solid Oxide Fuel Cell (SOFC) market is segmented into
  • Planar
  • Tubular
• Based on Application, the Global Solid Oxide Fuel Cell (SOFC) market is segmented into
  • Power generation
  • CHP
  • Exotic
  • Portable
• Based on End Use, the Global Solid Oxide Fuel Cell (SOFC) market is segmented into
  • Residential
  • Commercial
  • Military
• Based on Geography, the Global Solid Oxide Fuel Cell (SOFC) market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Solid Oxide Fuel Cell (SOFC) Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Solid Oxide Fuel Cell (SOFC) Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Solid Oxide Fuel Cell (SOFC) Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Solid Oxide Fuel Cell (SOFC) Market study?