The global solid oxide fuel cell market was valued at USD 284.3 Million in 2016 and is expected to grow at a CAGR of 13.88%, from 2017 to 2025 to reach a market size of 1,140.6 Million by 2025. Government subsidies and fuel cell programs in North America, Japan, and Europe along with increasing demand for efficient power generation are the major drivers that would trigger the growth in the market.
Some of the leading players in the solid oxide fuel cell market include Bloom Energy (US), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (US), and Atrex Energy (US). Contracts & agreements and joint ventures and collaborations were some of the strategies adopted by these players.
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Based on application, the Combined Heat and Power (CHP) segment is expected to be the fastest growing segment from 2017 to 2025. This segment is expected to witness growth mainly due to government initiatives and programs for installation of fuel cells. The Japanese ene-farm program for residential and commercial CHP installations is driving the market for this segment due to subsidies provided by the government for fuel cell-based CHP installations. The German government’s Callux program and European Union’s ene-field project are the driving factors for the growth of this segment in Europe.
Based on end-use, data centers is the fastest growing segment for the power generation application for the solid oxide fuel cell market. Data centers currently consume 2% of electricity in the US, and the stringent emission norms as along with the demand for cost-effective power generation, in addition to government incentives, is driving the market for this segment especially in the US.
Based on region, Asia Pacific is expected to be the fastest growing region for the solid oxide fuel cell market from 2017 to 2025. The market in this region is mainly driven by the Japanese government’s policy of phasing out nuclear energy from its energy mix and replacing it with a natural gas-based power generation. The Japanese government’s initiatives, such as the ene-farm project for residential CHP installations as well as subsidies for fuel cell-based distributed power generation are further driving the solid oxide fuel cell market.
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The application segment has been further sub-segmented by end-use. The power generation segment has been sub-segmented into data centers, commercial and retail, and telecom. Combined heat and power have been sub-segmented into commercial and residential end-use; military segment in to stationary power generation and portable and unmanned systems; and others segment includes transportation auxiliary power units and remote emergency power.
In this report, the solid oxide fuel cell market has been analyzed with respect to three regions, namely, North America, Asia Pacific, and Europe. The market in North America is expected to lead the global solid oxide fuel cell market during the forecast period due to increasing demand for efficient power generation and government subsidies.
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Target Audience:
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Solid oxide fuel cell manufacturers, dealers,
and suppliers
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Government and research organizations
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Transmission and distribution utilities
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State and national regulatory authorities
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Consulting companies in the energy and power
sector
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Environmental research institutes
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Investment firms
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