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In 2022, the Solid Oxide Fuel Cell Market Size was estimated to be worth USD 0.1 billion. During the projection period (2023 - 2030), the solid oxide fuel cell market industry is anticipated to increase from USD 0.14 billion in 2022 to USD 1.3 billion, registering a compound annual growth rate (CAGR) of 38.30%. These cells are being used more frequently as a result of their higher efficiency, and fuel cell research and development, which are thought to be the primary market drivers for market growth, have increased.
The government's fuel cell regulations and incentives are one of the major factors influencing the growth of the solid oxide fuel cell industry. States like California, Delaware, and Connecticut that also offer incentives and subsidies for fuel cell installations are at the forefront of fuel cell initiatives, resulting in SOFC and other fuel installations in the US. A tax credit of USD3,000/kW, or 30% of the project cost, was available for fuel cells installed in the US prior to December 31, 2016. In California, the Self-Generation Incentive Programme (SGIP) offers incentives to generators to support ongoing, emerging, and new distributed electricity generation. The programme has now been expanded, with the most recent change being a workshop on SGIP Renewable Generation hosted by the Energy Division. California had approved a USD 566 million budget for SIP through 2019, but it has since boosted that sum. China, Japan, and South Korea are the key countries in the Asia Pacific region that are putting the most emphasis on the development of fuel cells for a range of uses, including utility-scale power generation. China's National Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology (MIIT), and Ministry of Finance will jointly announce new energy vehicle subsidies in 2019. Additionally, in order to construct utility-scale SOFC power facilities, companies like Bloom Energy and its affiliates have been working closely with the South Korean government. As a result, this element is fueling the market CAGR.
For a variety of verticals, including fixed, transit, and portable, the devices are simply used as a steady power source. The units deliver a consistent, energy-saving output to match the demand, which is rapidly expanding. The use of green power generation methods, together with the widespread use of hydrogen and other renewable energy sources, are predicted to greatly raise awareness, which is anticipated to improve product demand. For instance, the Hydrogen Economy Roadmap, a new programme that sets the goals for H2 technology, was unveiled by the South Korean government in January 2019. The policy states that by 2040, the country intends to build 1,200 hydrogen refuelling stations and generate 6.2 million FCEVs. The proposal also seeks to provide roughly 15 GW of FC systems for stationary power generation by the target year.
The rising awareness of the need to minimise harmful carbon emissions and the rising use of low carbon technologies are two additional major drivers propelling the SOFC market. Many countries have made it clear that they want to use clean energy production methods to fulfil the world's growing energy needs, opening the door to the deployment of fuel cells. For instance, the International Energy Agency (IEA) said in its Global Energy Review 2021, published in April 2021, that in 2020, the production of electricity from renewable sources increased by over 7% while the use of clean energy increased by around 3%. It went on to say that within the same time frame, there was a decline in demand for other significant fuels. Therefore, it is projected that this factor will boost the global revenue of the solid oxide fuel cell market.
Report Coverage
Global Solid Oxide Fuel Cell research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solid Oxide Fuel Cell report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solid Oxide Fuel Cell competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solid Oxide Fuel Cell market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solid Oxide Fuel Cell market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solid Oxide Fuel Cell market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mitsubishi Heavy Industries Ltd, Ensol Systems, Bloom Energy, Sunfire GmbH, Aisin Seiki Co. Ltd and Ceres Power Holdings plc
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solid Oxide Fuel Cell market based on the below-mentioned segments:
Global Solid Oxide Fuel Cell Market, By Type
Planar
Tubular
Global Solid Oxide Fuel Cell market, By Application
Combined Heat
Power
Global Solid Oxide Fuel Cell Market, By Mobility
Stationary
Portable
Global Solid Oxide Fuel Cell market, Regional Analysis
The government's fuel cell regulations and incentives are one of the major factors influencing the growth of the solid oxide fuel cell industry. States like California, Delaware, and Connecticut that also offer incentives and subsidies for fuel cell installations are at the forefront of fuel cell initiatives, resulting in SOFC and other fuel installations in the US. A tax credit of USD3,000/kW, or 30% of the project cost, was available for fuel cells installed in the US prior to December 31, 2016. In California, the Self-Generation Incentive Programme (SGIP) offers incentives to generators to support ongoing, emerging, and new distributed electricity generation. The programme has now been expanded, with the most recent change being a workshop on SGIP Renewable Generation hosted by the Energy Division. California had approved a USD 566 million budget for SIP through 2019, but it has since boosted that sum. China, Japan, and South Korea are the key countries in the Asia Pacific region that are putting the most emphasis on the development of fuel cells for a range of uses, including utility-scale power generation. China's National Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology (MIIT), and Ministry of Finance will jointly announce new energy vehicle subsidies in 2019. Additionally, in order to construct utility-scale SOFC power facilities, companies like Bloom Energy and its affiliates have been working closely with the South Korean government. As a result, this element is fueling the market CAGR.
For a variety of verticals, including fixed, transit, and portable, the devices are simply used as a steady power source. The units deliver a consistent, energy-saving output to match the demand, which is rapidly expanding. The use of green power generation methods, together with the widespread use of hydrogen and other renewable energy sources, are predicted to greatly raise awareness, which is anticipated to improve product demand. For instance, the Hydrogen Economy Roadmap, a new programme that sets the goals for H2 technology, was unveiled by the South Korean government in January 2019. The policy states that by 2040, the country intends to build 1,200 hydrogen refuelling stations and generate 6.2 million FCEVs. The proposal also seeks to provide roughly 15 GW of FC systems for stationary power generation by the target year.
The rising awareness of the need to minimise harmful carbon emissions and the rising use of low carbon technologies are two additional major drivers propelling the SOFC market. Many countries have made it clear that they want to use clean energy production methods to fulfil the world's growing energy needs, opening the door to the deployment of fuel cells. For instance, the International Energy Agency (IEA) said in its Global Energy Review 2021, published in April 2021, that in 2020, the production of electricity from renewable sources increased by over 7% while the use of clean energy increased by around 3%. It went on to say that within the same time frame, there was a decline in demand for other significant fuels. Therefore, it is projected that this factor will boost the global revenue of the solid oxide fuel cell market.
Report Coverage
Global Solid Oxide Fuel Cell research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solid Oxide Fuel Cell report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solid Oxide Fuel Cell competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solid Oxide Fuel Cell market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Mitsubishi Heavy Industries Ltd, Ensol Systems, Bloom Energy, Sunfire GmbH, Aisin Seiki Co. Ltd and Ceres Power Holdings plc |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Solid Oxide Fuel Cell Market from 2021 to 2030.
- Market Forecast for Solid Oxide Fuel Cell Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Solid Oxide Fuel Cell competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Solid Oxide Fuel Cell
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solid Oxide Fuel Cell market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solid Oxide Fuel Cell market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mitsubishi Heavy Industries Ltd, Ensol Systems, Bloom Energy, Sunfire GmbH, Aisin Seiki Co. Ltd and Ceres Power Holdings plc
Primary Target Market
- Market Players of Solid Oxide Fuel Cell
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solid Oxide Fuel Cell market based on the below-mentioned segments:
Global Solid Oxide Fuel Cell Market, By Type
Planar
Tubular
Global Solid Oxide Fuel Cell market, By Application
Combined Heat
Power
Global Solid Oxide Fuel Cell Market, By Mobility
Stationary
Portable
Global Solid Oxide Fuel Cell market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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