The Solid Oxide Fuel Cell Global Market Report 2023, provides comprehensive information on the solid oxide fuel cell market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Solid Oxide Fuel Cell Global Market Report 2023, the global solid oxide fuel cell market size is expected to grow from $1.30 billion in 2022 to $1.71 billion in 2023 at a compound annual growth rate (CAGR) of 30.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the solid oxide fuel cell market is expected to reach $4.74 billion in 2027 at a CAGR of 29%.
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Product innovation is the key trend gaining popularity in the solid oxide fuel cells market. Major companies operating in the solid oxide fuel cell market are focused on research and development for product innovations with new solid oxide fuel cells that have unique features of forming the decentral energy supply system combined with a cascade or cluster. Decentralized energy system refers to energy generation systems that are localized closer to the site of energy consumption which decreases the need for fossil fuels, improves eco-efficiency, and enables the best possible use of renewable energy sources and combined heat and power. For instance, In April 2022, Robert Bosch GmbH, Germany-based engineering and technology company introduced Bosch’s solid oxide fuel cell with the unique feature of a decentralized energy system. It can provide electrical efficiency of more than 60% and an overall efficiency above 85% with a targeted power output of 10 kW and can produce up to 3 kW of thermal energy, which can run on natural gas, biomethane, hydrogen, or different blending. Additionally, it can be combined with a cascade or cluster to form a decentral energy supply system and connected SOFC clusters for virtual power plants with high power capacities in the megawatt range in the future.
The solid oxide fuel cell market is segmented:
1) By Type: Planar, Tubular
2) By Application: Portable, Stationary, Transport
3) By End-User: Commercial and Industrial, Data Centers, Military and Defense, Residentials
North America was the largest region in the solid oxide fuel cell market in 2022.
The table of contents in TBRC’s solid oxide fuel cell market report includes:
1. Executive Summary
2. Solid Oxide Fuel Cell Market Characteristics
3. Solid Oxide Fuel Cell Market Trends And Strategies
4. Solid Oxide Fuel Cell Market – Macro Economic Scenario
5. Solid Oxide Fuel Cell Market Size And Growth
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26. Africa Solid Oxide Fuel Cell Market
27. Solid Oxide Fuel Cell Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solid Oxide Fuel Cell Market
29. Solid Oxide Fuel Cell Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Bloom Energy
- Mitsubishi Heavy Industries Ltd
- Aisin Corporation
- Hitachi Zosen Corporation
- Ceres Power
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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