Summary

Estimating the present size of the solid oxide fuel cell market was one of the study's main tasks. To gather data on the parent and peer markets, a thorough investigation was conducted through secondary research. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. Two methodologies were utilized to approximate the overall market size: top-down and bottom-up. The market size of the segments and subsegments was then estimated using data triangulation and market breakdown.

A number of parties are involved in the solid oxide fuel cell market, including supply chain technical support providers, manufacturers of solid oxide fuel cells, and technology providers. The growing need for solid oxide fuel cells in the automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing, and energy sector applications characterizes the demand side of this market. Growing demand from the industrial sector for contracts and large-scale player mergers and acquisitions define the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.

In order to gather and identify data relevant for a technical, market-oriented, and commercial study of the solid oxide fuel cell market, this research study on the market involved the use of numerous secondary sources, directories, and databases, including Bloomberg, Factiva, IRENA, International Energy Agency, Statista Industry Journal, and The Fuel Cell Energy Review, E4Tech. The other secondary sources included manufacturer organizations, trade directories, databases, white papers, certified publications, investor presentations and annual reports, as well as pieces written by renowned writers and manufacturer associations.


The segmentation coverage of the study is provided below.
Solid Oxide Fuel Cell Market based on Application:
• Stationary
• Transport
• Portable
Solid Oxide Fuel Cell Market based on End user:
• Commercial
• Data Centers
• Military & Defense
• Others
Solid Oxide Fuel Cell Market based on Geography:
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe (RoE)
• Asia Pacific (APAC)
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
o Brazil
o Argentina
o Rest of South America
• Middle East and Africa (MEA)
o UAE
o Turkey
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
Following the estimating procedure described above, the total market size was determined and then divided into a number of segments and subsegments. To finish the entire market engineering process and determine the precise statistics for each and every segment and sub-segment, as appropriate, data triangulation and market breakdown procedures have been used. Through an analysis of numerous variables and patterns from the supply and demand sides, the data has been triangulated. Furthermore, the market has been validated through the application of both top-down and bottom-up methodologies.

An electrochemical energy conversion device that produces electricity directly from fuel oxidation is a solid oxide fuel cell (SOFC). A solid or ceramic electrolyte material is placed between the anode and cathode electrodes to facilitate the electrochemical conversion. This conversion method oxidizes fuel to produce power immediately. Because they don't require recharging and may generate energy as long as fuel is available, SOFCs are also regarded as a type of flow battery. We have taken the system and the remaining plant costs into account while estimating the market.

One of the key reasons propelling the SOFC market is the growing concerns about reducing harmful carbon emissions and the growing adoption of low carbon technology. Numerous nations have outlined their plans to meet the growing need for energy by promoting the use of fuel cells as a clean power source. For example, the International Energy Agency (IEA) said in its April 2021 Global Energy Review 2021 that in 2020, the use of clean energy rose by around 3%, while the production of electricity from renewable sources increased by approximately 7%. It further stated that within the same time frame, there was a decrease in the demand for other essential fuels.

Recently, the commercialization of SOFC systems has begun with certain niche markets, including as on-site power generation, particularly for data centers, small-scale combined heat and power (CHP) in Japan, and military applications in the United States. The majority of industry players have concentrated their R&D efforts on creating SOFCs with a variety of uses. Consequently, there have been several public-private partnerships in the industry.
The industry participants face a challenging task in reducing costs and enhancing quality, despite the fact that policymakers are gradually approving market participants to showcase their initiatives. It is anticipated that the market would see introduction programs for micro-CHP systems aimed at the residential sector in the upcoming years.

The solid oxide fuel cell market with the quickest rate of growth is found in North America. In comparison to the rest of the globe, the solid oxide fuel cell market in the United States has grown significantly and is growing quickly thanks to strong government support and a strategic market emphasis. Additionally, the US solid oxide fuel cell market had the most market share, whereas the fastest-growing solid oxide fuel cell market in this region was Canada.

The demand for renewable energy is predicted to increase, along with the need to reduce carbon emissions and the use of hydrogen-based Combined Heat and Power (CHP) systems. As a result, the solid oxide fuel cell market in Europe is anticipated to develop at a significant compound annual growth rate (CAGR) between 2022 and 2030. For example, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a collaborative research and development program in Europe involving the public and private sectors, estimated in 2019 that by 2050, hydrogen fuel will probably account for about 24% of the region's total energy consumption. Furthermore, the region's fastest-growing solid oxide fuel cell market was Germany, while the UK solid oxide fuel cell market retained the greatest market share.

• This report illustrates the most vital attributes of the Solid Oxide Fuel Cell Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Solid Oxide Fuel Cell Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Solid Oxide Fuel Cell Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Solid Oxide Fuel Cell Market.

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Table of Contents

Table of Contents
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Application: Market Size & Analysis
5.1. Overview
5.2. Stationary
5.3. Transport
5.4. Portable
5.5. Others
6. End user: Market Size & Analysis
6.1. Overview
6.2. Commercial
6.3. Data Centers
6.4. Military & Defense
6.5. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America (U.S., Mexico, Canada)
7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
7.5. Latin America (Brazil, Argentina)
7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. CERES (U.K.)
9.1.1. Overview
9.1.2. Financial Overview
9.1.3. Product Offerings
9.1.4. Developments
9.1.5. Business Strategy
9.2. BLOOM ENERGY (U.S.)
9.2.1. Overview
9.2.2. Financial Overview
9.2.3. Product Offerings
9.2.4. Developments
9.2.5. Business Strategy
9.3. CONVION (FINLAND)
9.3.1. Overview
9.3.2. Financial Overview
9.3.3. Product Offerings
9.3.4. Developments
9.3.5. Business Strategy
9.4. AVL (AUSTRIA)
9.4.1. Overview
9.4.2. Financial Overview
9.4.3. Product Offerings
9.4.4. Developments
9.4.5. Business Strategy
9.5. AISIN (JAPAN)
9.5.1. Overview
9.5.2. Financial Overview
9.5.3. Product Offerings
9.5.4. Developments
9.5.5. Business Strategy
9.6. SOLIDPOWER ITALIA (ITALY)
9.6.1. Overview
9.6.2. Financial Overview
9.6.3. Product Offerings
9.6.4. Developments
9.6.5. Business Strategy
9.7. BOSCH (GERMANY)
9.7.1. Overview
9.7.2. Financial Overview
9.7.3. Product Offerings
9.7.4. Developments
9.7.5. Business Strategy
9.8. MITSUBISHI POWER (JAPAN)
9.8.1. Overview
9.8.2. Financial Overview
9.8.3. Product Offerings
9.8.4. Developments
9.8.5. Business Strategy
9.9. FUELCELL ENERGY, INC. (U.S.)
9.9.1. Overview
9.9.2. Financial Overview
9.9.3. Product Offerings
9.9.4. Developments
9.9.5. Business Strategy
9.10. CATATOR AB (SWEDEN)
9.10.1. Overview
9.10.2. Financial Overview
9.10.3. Product Offerings
9.10.4. Developments
9.10.5. Business Strategy
10. Analyst Opinion
11. Annexure
11.1. Report Scope
11.2. Market Definitions
11.3. Research Methodology
11.3.1. Data Collation and In-house Estimation
11.3.2. Market Triangulation
11.3.3. Forecasting
11.4. Report Assumptions
11.5. Declarations
11.6. Stakeholders

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List of Tables/Graphs

Tables
TABLE 1. SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 2. SOLID OXIDE FUEL CELL MARKET VALUE FOR STATIONARY, BY GEOGRAPHY , 2021-2030 (USD BILLION)
TABLE 3. SOLID OXIDE FUEL CELL MARKET VALUE FOR TRANSPORT, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 4. SOLID OXIDE FUEL CELL MARKET VALUE FOR PORTABLE, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 5. SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 6. SOLID OXIDE FUEL CELL MARKET VALUE FOR COMMERCIAL, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 7. SOLID OXIDE FUEL CELL MARKET VALUE FOR DATA CENTERS, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 8. SOLID OXIDE FUEL CELL MARKET VALUE FOR MILITARY & DEFENSE, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 9. SOLID OXIDE FUEL CELL MARKET VALUE FOR OTHERS, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 10. NORTH AMERICA SOLID OXIDE FUEL CELL MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 11. NORTH AMERICA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 12. NORTH AMERICA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 13. U.S SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 14. U.S SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 15. CANADA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 16. CANADA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 17. MEXICO SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 18. MEXICO SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 19. EUROPE SOLID OXIDE FUEL CELL MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 20. EUROPE SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 21. EUROPE SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 22. GERMANY SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 23. GERMANY SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 24. U.K SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 25. U.K SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 26. FRANCE SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 27. FRANCE SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 28. ITALY SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 29. ITALY SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 30. SPAIN SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 31. SPAIN SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 32. ROE SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 33. ROE SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 34. ASIA PACIFIC SOLID OXIDE FUEL CELL MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 35. ASIA PACIFIC SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 36. ASIA PACIFIC SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 37. CHINA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 38. CHINA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 39. INDIA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 40. INDIA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 41. JAPAN SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 42. JAPAN SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 43. REST OF APAC SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 44. REST OF APAC SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 45. LATIN AMERICA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 46. LATIN AMERICA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 47. BRAZIL SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 48. BRAZIL SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 49. ARGENTINA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 50. ARGENTINA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 51. MIDDLE EAST AND AFRICA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 52. MIDDLE EAST AND AFRICA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 53. SAUDI ARABIA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 54. SAUDI ARABIA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 55. UAE SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 56. UAE SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 57. REST OF MIDDLE EAST AND AFRICA SOLID OXIDE FUEL CELL MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 58. REST OF MIDDLE EAST AND AFRICA SOLID OXIDE FUEL CELL MARKET VALUE, BY END USER, 2021-2030 (USD BILLION)
TABLE 59. CERES (U.K.) : FINANCIALS
TABLE 60. CERES (U.K.) : PRODUCTS & SERVICES
TABLE 61. CERES (U.K.) : RECENT DEVELOPMENTS
TABLE 62. BLOOM ENERGY (U.S.): FINANCIALS
TABLE 63. BLOOM ENERGY (U.S.): PRODUCTS & SERVICES
TABLE 64. BLOOM ENERGY (U.S.): RECENT DEVELOPMENTS
TABLE 65. CONVION (FINLAND): FINANCIALS
TABLE 66. CONVION (FINLAND): PRODUCTS & SERVICES
TABLE 67. CONVION (FINLAND): RECENT DEVELOPMENTS
TABLE 68. AVL (AUSTRIA): FINANCIALS
TABLE 69. AVL (AUSTRIA): PRODUCTS & SERVICES
TABLE 70. AVL (AUSTRIA): RECENT DEVELOPMENTS
TABLE 71. AISIN (JAPAN): FINANCIALS
TABLE 72. AISIN (JAPAN): PRODUCTS & SERVICES
TABLE 73. AISIN (JAPAN): RECENT DEVELOPMENTS
TABLE 74. SOLIDPOWER ITALIA (ITALY): FINANCIALS
TABLE 75. SOLIDPOWER ITALIA (ITALY): PRODUCTS & SERVICES
TABLE 76. SOLIDPOWER ITALIA (ITALY): RECENT DEVELOPMENTS
TABLE 77. BOSCH (GERMANY): FINANCIALS
TABLE 78. BOSCH (GERMANY): PRODUCTS & SERVICES
TABLE 79. BOSCH (GERMANY): DEVELOPMENTS
TABLE 80. MITSUBISHI POWER (JAPAN): FINANCIALS
TABLE 81. MITSUBISHI POWER (JAPAN): PRODUCTS & SERVICES
TABLE 82. MITSUBISHI POWER (JAPAN): RECENT DEVELOPMENTS
TABLE 83. FUELCELL ENERGY, INC. (U.S.): FINANCIALS
TABLE 84. FUELCELL ENERGY, INC. (U.S.): PRODUCTS & SERVICES
TABLE 85. FUELCELL ENERGY, INC. (U.S.): RECENT DEVELOPMENTS
TABLE 86. CATATOR AB (SWEDEN): FINANCIALS
TABLE 87. CATATOR AB (SWEDEN): PRODUCTS & SERVICES
TABLE 88. CATATOR AB (SWEDEN): RECENT DEVELOPMENTS