Global Solid Oxide Fuel Cell Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Planar, Tubular, Thin film), By End-users (Data centers, Military & defense, Automotive, Others), And By Geography - Forecasts From 2021 To 2026

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 for solid oxide fuel cells is expected to drive by increasing investments to promote a sustainable environment, increasing demand for renewable sources of energy, and increasing the development of energy-efficient systems to fulfill the additional power demands. Nowadays, with increasing awareness of 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, to the increasing research and development of 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, in 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 activities (residential, commercial, and industrial) such as defense & military, data centres, and so on. Following that, data centres and military & defense are having significant potential to grow in the forecast period because of the increasing demand for data centres 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 a potential growth opportunity in the forecast period. This region is mainly driven by the growth opportunities in the US and Canada, which are 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.

COVID-19 impact on the Solid Oxide Fuel Cell Market

The pandemic covid-19 has adversely impacted the solid oxide fuel cell market, as it hampered both the production and the consumer markets, wherein the production market, and manufacturing have been hampered due to the lockdowns. Although, this pandemic has made us realize the importance of energy efficiency and environmental sustainability and further boosts the demand for 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 industries severely, but has also given a boost to the solid oxide fuel cell market.

Recent Developments

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 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 aims 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 be $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 centres, 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.

Solid Oxide Fuel Cell Market Scope:

Report Metric	Details
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
Base Year	2019
Forecast Period	2021–2026
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.

 

Segmentation:

• By Type
  • Planar
  • Tubular
  • Thin film
• By End-users
  • Data centers
  • Military & defense
  • Automotive
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • Italy
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

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1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Solid Oxide Fuel Cell Market Analysis, By Type 
5.1. Introduction
5.2. Planar
5.3. Tubular
5.4. Thin film
6. Global Solid Oxide Fuel Cell Market Analysis, By End-users
6.1. Introduction
6.2. Data centers
6.3. Military & defense
6.4. Automotive
6.5. Others
7. Global Solid Oxide Fuel Cell Market Analysis, by Geography  
7.1.  Introduction
7.2.  North America  
7.2.1. North America Solid Oxide Fuel Cell Market Analysis, By Type, 2019 to 2026
7.2.2. North America Solid Oxide Fuel Cell Market Analysis, By End users, 2019 to 2026
7.2.3. By Country
7.2.3.1.  United States
7.2.3.2.  Canada
7.2.3.3.  Mexico
7.3. South America  
7.3.1. South America Solid Oxide Fuel Cell Market Analysis, By Type, 2019 to 2026
7.3.2. South America Solid Oxide Fuel Cell Market Analysis, By End-Users, 2019 to 2026
7.3.3. By Country
7.3.3.1.  Brazil
7.3.3.2.  Argentina
7.3.3.3.  Others
7.4. Europe  
7.4.1. Europe Solid Oxide Fuel Cell Market Analysis, By Type, 2019 to 2026
7.4.2. Europe Solid Oxide Fuel Cell Market Analysis, By End-users, 2019 to 2026
7.4.3. By Country
7.4.3.1.  Germany
7.4.3.2.  Spain
7.4.3.3.  United Kingdom
7.4.3.4.  France
7.4.3.5.  Others
7.5. The Middle East and Africa  
7.5.1. Middle East and Africa Solid Oxide Fuel Cell Market Analysis, By Type, 2019 to 2026
7.5.2. Middle East and Africa Solid Oxide Fuel Cell Market Analysis, By End-users, 2019 to 2026
7.5.3. By Country
7.5.3.1.  Saudi Arabia
7.5.3.2.  South Africa
7.5.3.3.  Others
7.6. Asia Pacific  
7.6.1. Asia Pacific Solid Oxide Fuel Cell Market Analysis, By Type, 2019 to 2026
7.6.2. Asia Pacific Solid Oxide Fuel Cell Market Analysis, By End-users, 2019 to 2026
7.6.3. By Country
7.6.3.1.  China
7.6.3.2.  Japan
7.6.3.3.  South Korea
7.6.3.4.  India
7.6.3.5.  Others
8.  Competitive Environment and Analysis
8.1.  Major Players and Strategy Analysis
8.2.  Emerging Players and Market Lucrativeness
8.3.  Mergers, Acquisitions, Agreements, and Collaborations
8.4.  Vendor Competitiveness Matrix
9.  Company Profiles
9.1. Bloom Energy
9.2. CMR Prototech
9.3. Eclogen
9.4. Adelan
9.5. Aisin Seiki
9.6. Adaptive Energy
9.7. Convion Fuel Cells
9.8. Kyocera
9.9. Ztek Corporation
9.10. Cummins
9.11. Posco Energy

Bloom Energy
CMR Prototech
Eclogen
Adelan
Aisin Seiki
Adaptive Energy
Convion Fuel Cells
Kyocera
Ztek Corporation
Cummins
Posco Energy