Solid Oxide Fuel Cell Market Scope
Solid Oxide Fuel Cell is crucial enabling technology that used to convert fuel to electricity and its efficiency is over 60% while conversion. Solid Oxide Fuel Cell market is expected to mark significant growth over forecasted period owing to increasing demand in commercial buildings, homes, power passenger vehicles applications and technological advancement. It has been witnessed that the Clarity Fuel Cell joins two other commercial FCEVs, the Toyota Mirai and Hyundai Tucson Fuel Cell, which have cumulatively sold or leased more than 1,000 units in the U.S. and nearly 3,000 worldwide through late 2016.This result in rising popularity of underwater vehicles, auxiliary power units, increasing demand of portable devices, escalating need for environmental concerns regarding emissions and renewable energy, and growing popularity of electrical efficiency may trigger demand and help in industry expansion.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Europe |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Bloom Energy (United States), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (United States), Atrex Energy (United States), WATT Fuel Cell (United States), Hexis (Switzerland), Convion (Finland) and Elcogen (Estonia) |
CAGR | 24.3% |
"According to AMA, the Global Solid Oxide Fuel Cell market is expected to see growth rate of 24.3% and may see market size of USD744.9 Million by 2030."The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Solid Oxide Fuel Cell market throughout the predicted period.
Bloom Energy (United States), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (United States), Atrex Energy (United States), WATT Fuel Cell (United States), Hexis (Switzerland), Convion (Finland) and Elcogen (Estonia) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Protonex (United States), Redox Power Systems (United States), Delphi (Unite Ceramic Fuel Cell Ltd. (Australia), Ceramic Fuel Cell Ltd. (Australia) and Ceres Power Holdings Plc. (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Solid Oxide Fuel Cell market by Type , by Application (Transportation, Portable & Military and Stationary) and Region with country level break-up.
On the basis of geography, the market of Solid Oxide Fuel Cell has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In September 2023, Ceramatec, a leading developer of SOFC materials, partnered with Bloom Energy, a major SOFC manufacturer, to accelerate the commercialization of high-performance SOFC systems.
In December 2023, Bloom Energy, a leading American SOFC manufacturer, announced plans to acquire Sunfire, a German company specializing in high-temperature electrolysis. This merger is expected to accelerate the development of SOFC-based renewable hydrogen production systems.
“According to Fuel Cell and Hydrogen Energy Association, its provide stakeholder meetings through our member Working Groups on Portable Power, Stationary Power, Solid Oxide Fuel Cells, and Transportation. The Stationary Power Working Group addresses regulations affecting the deployment of stationary fuel cell systems and the overarching power generation industry.”
Influencing Trend:
Value Oriented Consumers and Collaboration and Tie Up Of Leading Players
Market Growth Drivers:
Increase in Urbanization Boost the Solid Oxide Fuel Cell Market. and Rapid Demand of Energy Efficient Power Generation Fuelled Up the Solid Oxide Fuel Cell Market.
Challenges:
Limitation Due to Skilled Professional Required for Technical Issue are Anticipated to Challenge the Market. and Commercialization and the Increasing Complexity in Solid Oxide Fuel Cell Hampers the Global Market.
Restraints:
High Capital Cost Hampers the Solid Oxide Fuel Cell Market. and Substitute’s Products Such As PEMFC, DMFC and MCFC Associated with Solid Oxide Fuel Cell Market.
Opportunities:
Rise in demand of solid oxide fuel cell by Different End User Such as Data Centers and Military Sector Leads to Grow the Market. and Upsurge Demand of Hybrid SOFC Technologies.
Key Target Audience
Solid Oxide Fuel Cell Manufacturers, Solid Oxide Fuel Cell Traders, End-Use Market Participants of Different Segments of Solid Oxide Fuel Cell, Government and Research Organizations, R&D Institutions and Others