The solid oxide fuel cell market is projected to have a compound annual growth rate of 24.46%, from US$681.850 million in 2019 to US$3,154.260 million in 2026. The market of solid oxide fuel cells is expected to drive by increasing investments to promote a sustainable environment, by increasing demand for renewable sources of energy, and by increasing the development of energy-efficient systems to fulfill the additional power demands. Nowadays, with increasing awareness for the sustainable environment by reducing greenhouse gas emissions, the demand for solid oxide fuel cells is further increasing, which leads to potential growth in the forecast period. In addition, the increasing research and development on fuel cell programs, government subsidies are also boosting the demand for the solid oxide fuel cell markets. North America and Europe are having a significant demand for clean fuel because of the increasing government awareness and strict rules for carbon emissions into the environment.
By application, the market of solid oxide fuel cells is segmented into stationary, portable, transportation, commercial & industrial, residential, and energy storage. The stationary segment is expected to have significant growth in the forecast period and will have a significant market share as well. The growth of this segment is driven by the increasing demand for hydrogen-based fuel cells that are used to meet the additional demand for energy. Asia Pacific region is having the potential to grow in this segment, especially, China, India, and South Korea. The segmentation of the market by the end-users is done into data centers, military & defense, power generation, automotive, hydrogen generation, and others. Among them, power generation is the significant segment that has potential growth in the forecast period. The increasing demand for energy-efficient renewable sources of energy is driving this segment of the market, as power generation is an essential part of all the activities (residential, commercial, and industrial) such as defense & military, data centers, and so on. Following that, data centers and military & defense are having the significant potential to grow in the forecast period because of the increasing demand for the data centers in the Asia Pacific region, mainly driven by industrialization.
By region, the solid oxide fuel cell market is having a significant market share in North America along with the potential growth opportunity in the forecast period. This region is mainly driven by the growth opportunities in the US and Canada, which is driven by the increasing demand for research and development for hydrogen generation and increasing demand for fuel cell power. After North America, the Asia Pacific region is having a significant market share and significant potential growth opportunity in the solid fuel cell market, followed by the Europe region. By type, the market is segmented into tabular, planar, and thin sheets, where the planar segment is expected to have a significant market share as well as a significant growth rate in the market. The growth of this market’s segment is driven by the features of the planar fuel cells, that is, its easy construction process and geometry.
The pandemic covid-19 has adversely impacted the solid oxide fuel cell market, as it hampered both the production and the consumer markets, wherein production market, the manufacturing has been hampered due to the lockdowns. Although, this pandemic has made realize the importance of energy efficiency and environmental sustainability and further boosts the demand for the technology and fuel cells to fulfill the demand of the increasing energy, heat, and power in the market with efficiency. Though, the pandemic has slowed down the economies, and affected the industries severely, but has also given a boost to the solid oxide fuel cell market.
In 2019, FuelCell Energy has initiated a project to increase the commercialization of the technology for various uses such as power generation, energy storage, and so on. The project is backed by the Cooperative Agreement issued by US DoE. Bloom Energy collaborated with Samsung Heavy Industries to deliver innovative solid oxide fuel cells mainly for maritime applications to reduce the 50% emissions from the marine vessels by 2050. Bloom Energy is holding the dominant market share in the solid oxide fuel cell market, primarily in the US, South Korea, Japan, and India.
Decarbonization is what every government aiming to achieve while fulfilling the increasing demand for heat, power, and transport. This will be assisted by the fuel cells and technology which will emit no carbon. Adelina is working on a project, funded by the UK Research and Innovation, to develop hydrogen-based fuel cells by 2040 to achieve decarbonization. Doosan FuelCell is developing a Korean-based solid oxide fuel cell to achieve high-efficiency power generation by 2024. Along with it, the company has signed an agreement with Ceres Power, to develop an 800 degree Celsius or higher temperature solid oxide fuel cell in order to achieve high-power efficiency.
Elcogen is expected to $4.9 billion by 2022 in the solid oxide fuel cell market. Elcogen is expected to have a huge potential growth rate in the personal consumption sector for the solid oxide fuel cell market for heat and power generation but the major challenge that has to be faced is the high cost of the technology and the higher operating temperatures
APAC to witness lucrative growth
The Asia Pacific is expected to have the highest growth in the solid oxide fuel cell market because of the increasing demand for energy, increasing demand for energy-efficient renewable sources of energy to protect the environment, and industrialization and urbanization. In this region, India, China, Japan, and South Korea is having the potential and significant growth opportunities in the forecast period. Japan is having the potential growth due to the increasing demand for data centers, heat, and power demand for personal consumption. India is having investment opportunities, government support, and increasing demand for heat and power which is driving the demand for solid oxide fuel cells in the market.
|Market size value in 2019||US$681.850 million|
|Market size value in 2026||US$3,154.260 million|
|Growth Rate||CAGR of 24.46% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, End-users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Bloom Energy, CMR Prototech, Eclogen, Adelan, Aisin Seiki, Adaptive Energy, Convion Fuel Cells, Kyocera, Ztek Corporation, Cummins, Posco Energy|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What will be the solid oxide fuel cell market size by 2026?
A1. The solid oxide fuel cell market is projected to reach a total market size of US$3,154.260 million in 2026.
Q2. What are the growth prospects for the solid oxide fuel cell market?
A2. The global solid oxide fuel cell market is projected to grow at a CAGR of 24.46% during the forecast period.
Q3. What is the size of the global solid oxide fuel cell market?
A3. Solid Oxide Fuel Cell market was valued at US$681.850 million in 2019.
Q4. Which region holds the largest market share in the solid oxide fuel cell market?
A4. By region, the solid oxide fuel cell market is having a significant market share in North America along with the potential growth opportunity in the forecast period.
Q5. What factors are anticipated to drive the solid oxide fuel cell market growth?
A5. The solid oxide fuel cells market is expected to drive by increasing investments to promote a sustainable environment, by increasing demand for renewable sources of energy, and by increasing the development of energy-efficient systems to fulfill the additional power demands.