Solid Oxide Fuel Cell Market Size to Hit $6.5 billion by 2027

The report “Solid Oxide Fuel Cell Market by Type (Planar & Tubular), Application (Portable, Stationary, & Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, and Residential ) and Region – Global Forecasts to 2027” The solid oxide fuel cell market size will grow to USD 6.5 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 33.9 % during the forecast period. Government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms are likely to drive the solid oxide fuel cell market. Rising distributed power generations applications across regions and increasing adaptivity by end users in data centers and military sectors will be the main opportunities growing in market. Asia Pacific is estimated to be the largest market from 2022 to 2027 and is expected to see a high demand for solid oxide fuel cell due to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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The planar segment is expected to dominate the solid oxide fuel cell market, by product type, during the forecast period.

The market is segmented, by type, into planar and
tubular type solid oxide fuel cell. The planar segment is estimated to
lead the market in terms of market size; however, the tubular segment is
expected to be the fastest-growing market. The growth of the planar
segment is mainly because of its the simple geometry and relatively
easier construction process.

The stationary segment is expected to be the largest solid oxide fuel cell market, by application, during the forecast period. 

The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

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Commercial & industrial segment is expected to be the largest solid oxide fuel cell market, by end-user industry, during the forecast period.

The market is segmented, by end-user, into commercial
& industrial, data centers, military & defense, and
residentials. The commercial & industrial segment accounted for the
largest solid oxide fuel cell market share in 2021. Increased demand for
clean energy generation is expected to drive the market. The commercial
and industrial segment held a 42.8% share in 2021 of the global solid
oxide fuel cells market. Commercial and industrial end users include
hospitals, hotels, shopping center malls, office buildings, sports
centers, transportation and various others industrial facilities. 

Asia Pacific is expected to dominate the global solid oxide fuel cell market, during the forecast period

Asia Pacific accounted for a 45.5% share of the solid oxide fuel cell market in 2021 and is expected to growth with a CAGR of 37.1% in the forecast period. The region has been segmented, by country, into Japan, China, South Korea and Rest of Asia Pacific. The Rest of Asia Pacific includes Australia, and India. The region faces a tough challenge to reduce its carbon footprint from various fossil-fuel-powered operations, including power generation. Asia Pacific is one of the leading markets that has adopted green technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt SOFC technology.

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Key Market Players:

To enable an in-depth understanding of the
competitive landscape, the report includes the profiles of some of the
top manufacturers in the solid oxide fuel cell market. These players
include Bloom Energy (US), Ceres(UK), Mitsubishi Power (Japan), Aisin
Corporation (Japan), and Hitachi Zosen Corporation (Japan).