Solid Oxide Fuel Cell Market Size, Sales Price, Specification forecast to 2030

Solid Oxide Fuel Cell Industry Overview

The global solid oxide fuel cell market size was valued at USD 339.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 40.7% from 2022 to 2030. 

The increasing private-public partnerships are one of the key factors fostering market growth. Solid oxide fuel cells (SOFC) are one of the fastest-growing alternate backup power options, primarily due to their ability to generate electricity using a variety of fuels. In addition, they are eco-friendly as their by-product is harmless, unlike other conventional technologies.

 The U.S. is among the early adopters of clean energy solutions for the sectors such as power generation and transportation. This can be attributed to the increased importance of clean energy solutions as per the energy act, introduced by the U.S. government. Such acts have provided a starting guideline regarding implementing the clean energy solutions in the country’s energy sector.

Gather more insights about the market drivers, restrains and growth of the Global Solid Oxide Fuel Cell Market

U.S. Solid Oxide Fuel Cell Market Size, By Application, 2020 - 2030 (USD Million)

Favourable government regulations and their ability to cut down emission rates and use domestic sources of energy such as natural gas are some of the key factors likely to boost the market during the next eight years. Furthermore, the rising emphasis of the regional governments of mature economies such as the U.S. and Europe on reducing emissions and their inclination toward a technological shift to support or, to some extent, even replace the aging electric grids is likely to drive the market during the forecast period.

The COVID-19 has hindered the market for SOFC globally owing to the factors such as disruption in the supply chain, which delayed some projects. Further, demand has been reduced for SOFC systems, deployed in residential and commercial end-user segments due to the limited new construction activities and diversion of available funds by the residential and commercial end-users, to sustain the COVID-19 pandemic.

Browse through Grand View Research’s Renewable Energy Industry Research Report

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Solid Oxide Fuel Cell Market Segmentation

Grand View Research has segmented the global solid oxide fuel cell market based on application and region:

  • Solid Oxide Fuel Cell (SOFC) Application Outlook (Volume, Thousand Units, Capacity, kW, Revenue, USD Million; 2019 – 2030)
    • Transportation
    • Portable
    • Stationary 
  • Solid Oxide Fuel Cell (SOFC) Regional Outlook (Volume, Thousand Units, Capacity, kW, Revenue, USD Million; 2019 – 2030)
    • North America
    • Europe
    • Asia Pacific
    • Rest of World

Market Share Insights

  • December 2020: AVL and Ceres signed a strategic collaboration for fuel cell development in order to accelerate product development of SOFC technology across stationary, transportation, and various other applications. 

Key Companies profiled:

Some of prominent players in the global solid oxide fuel cell market include:

  • Bloom Energy
  • Mitsubishi Power Ltd.
  • Cummins Inc.
  • Ceres
  • General Electric
  • Fuel Cell Energy Inc.
  • Ningbo SOFCMAN Energy
  • KYOCERA Corporation
  • AVL
  • NGK SPARK PLUG CO., LTD.

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