Solid Oxide Fuel Cell Global Market Size, Share, By Type, By Component, By Application, By End User, By Region And Segment Forecasts, 2024-2033 | Aisin Corporation, Adelan Ltd., Adaptive Energy LLC, Sunfire GmbH, Hexis AG

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Overview and Scope
The solid oxide fuel cell (SOFC) is an electrochemical device that uses the propensity of oxygen and hydrogen to react to transform the chemical energy in fuels into electrical energy and these fuel cells are more efficient at converting hydrogen-based fuels as compared to engines and thermal power plants.

Sizing and Forecast
The solid oxide fuel cell market size has grown exponentially in recent years. It will grow from $1.7 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 30.7%. The growth in the historic period can be attributed to market viability efforts, hydrogen utilization, early stage of development, energy resilience, rising energy demand, government funding and support.

The solid oxide fuel cell market size is expected to see exponential growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The growth in the forecast period can be attributed to cost reduction strategies, micro chp systems expansion, expansion in industrial applications, increasing focus on clean energy. Major trends in the forecast period include technological advancements, energy transition initiatives, grid resilience and decentralization, hydrogen economy development..

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Segmentation & Regional Insights
The solid oxide fuel cell market covered in this report 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 (SOFC) market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid oxide fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The demand for clean energy sources is driving the growth of the solid oxide fuel cells market going forward. Clean energy sources, or renewable energy sources, are carbon-free sources that emit little to no greenhouse gases in the power generation process compared to fossil fuels. Solid oxide fuel cells (SOFCs) provide a highly effective, reliable, and adaptable technology that produces electricity from eco-friendly fuel sources through an electrochemical reaction. It helps to lower the use of fossil fuels and carbon dioxide emissions in the environment, thus increasing the demand for solid oxide fuel cells. For instance, according to the International Renewable Energy Agency, an intergovernmental organisation, annual renewable capacity installations set a new high in 2021, growing by 6% to about 295 GW. Renewable capacity is predicted to expand by more than 8% in 2022, reaching about 320 GW. Therefore, the demand for clean energy sources is expected to propel the growth of the solid oxide fuel cells market.

Key Industry Players
Major companies operating in the solid oxide fuel cell market report are Bloom Energy Corporation, Mitsubishi Heavy Industries Ltd., Aisin Corporation, Hitachi Zosen Corporation, Ceres Power Holdings plc, Adelan Ltd., Adaptive Energy LLC, SOLIDpower S.p.A., Watt Fuel Cell Corporation, Upstart Power Inc., AVL List GmbH, Convion Ltd., Kyocera Corporation, ZTEK Corporation, h2e Power Systems Pvt. Ltd., Elcogen AS, MIURA CO. LTD., Cummins Inc., Sunfire GmbH, Hexis AG, Atrex Energy Inc., FuelCell Energy Inc., Rolls-Royce Fuel Cell Systems Ltd., POSCO Energy Co. Ltd., Nexceris LLC, Catator AB, Robert Bosch GmbH, Fuji Electric Co. Ltd., General Electric Company, Ningbo SOFCMAN Energy Technology Co. Ltd.

The solid oxide fuel cell market report table of contents includes:
1. Executive Summary