Solid Oxide Fuel Cell Market

Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025

Report Code: EP 2467 Jan, 2021, by marketsandmarkets.com

[165 Pages Report] The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025, at a CAGR of 30.1%, from an estimated USD 772 million in 2020.  Fuel cells based on solid oxide technology offer a high operational efficiency, which can further be enhanced by utilizing the heat generated by these SOFCs while operations. The key drivers for the solid oxide fuel cell market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources.

Solid Oxide Fuel Cell Market

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COVID-19 Impact on the Solid Oxide Fuel Cell Market

The outbreak of COVID-19 across the world in the first half of 2020 forced multiple countries to go into complete lockdown. Since strict guidelines were issued by governments and local authorities, all non-essential operations were halted. This adversely affected the SOFC market owing to the suspension of activities of end users. In addition, production and supply chain delays are expected to pose a short-term challenge since end-user industries are still not operating at their full capacity. 

Solid Oxide Fuel Cell: Dynamics

Driver: Government subsidies and increased R&D on fuel cell programs

Government policies and incentives provided for fuel cells are some of the important driving factors for the growth of the solid oxide fuel cell industry. States such as California, Delaware, and Connecticut lead in fuel cell programs and offer incentives and subsidies for fuel cell installations, leading to SOFC and other fuel installations in the US. Previously, in the US, fuel cells installed until 31st December 2016 were eligible for a tax rebate of USD3,000/kW or 30% of the cost of the project. The Self-Generation Incentive Program (SGIP) of California supports the existing, new, and emerging distributed electricity generation through rebates for generators. California had authorized a budget of USD 566 million for SGIP until 2019; however, the program has further been extended, with the latest development being a workshop held by the Energy Division on SGIP Renewable Generation.

In Asia Pacific, China, Japan, and South Korea are the prominent countries that are emphasizing the growth of fuel cells for various applications, including utility-scale power generation. In 2019, China’s Ministry of Finance, Ministry of Industry and Information Technology (MIIT), Ministry of Science and Technology, and National Development and Reform Commission jointly announced subsidies for new energy vehicles. In addition, companies such as Bloom Energy and its subsidiaries have been working closely with the South Korean government to set up utility-scale power plants based on SOFC. Additionally, 2 different utility-scale power plants of 19.8 MW and 8.1 MW will be installed over the years in 2 different cities. Moreover, SK E&C (Bloom Energy) and South Korean authorities have signed a contract to develop an SOFC-based microgrid by 2022. These factors are the prime reasons for the growth of SOFC in Asia Pacific and North America.

Restraint:  High capital costs required for SOFC

SOFC are a complex integration of different chemical elements for the electro-catalytic oxidation of methane, LP gas, and other natural gas-based fuels to generate electricity. Since the basic chemical process is an exothermic reaction, SOFC usually operate at very high temperatures, typically ranging from 700°C to 1,200°C. Conventional ceramic electrolytes do not offer high operational efficiency at such temperatures; therefore, yttria-stabilized zirconia (YSZ) is required as an electrolyte. Further, a study conducted by a US research institution concluded that cell performance increases further when YSZ composite electrodes are also used with the electrolyte. Zirconium is an element that has titanium-like properties and has an extremely high melting temperature of 1,852°C. However, the cost of per unit zirconium is almost double the per-unit cost of conventional ceramic-based electrolytes. This increases fuel cell manufacturing and installation costs, which is one of the major restraints for this market.

Opportunity: Increasing adoption by end users in data centres and military sector

Data centers are the fastest-growing end users for the power generation application in the US. Operating a data center is highly power consuming and power intensive. Additionally, data centers require uninterrupted power 24*7 so as to minimize the loss of valuable data. According to the IEEE Communications Society, globally, electricity demand from data centers in 2018 was an estimated 198-terawatt hour or almost 1% of demand for electricity in the world. Due to the high consumption of power, data centers are opting for cost reductions by adopting distributed power generation, particularly fuel cells. Fuel cells, including SOFC, have previously seen tremendous growth in the US. SOFC adoption for data centers by Google, IBM, and Equinix has stimulated growth at the fastest rate in the US SOFC market. Currently, the total SOFC adoption by data centers is still minuscule with respect to the total data centers in the US, thus making it one of the most lucrative end-use segments for SOFC.

In the military sector, stationary and portable power generation by SOFC is on the rise. Additionally, the need for noiseless and efficient power generation for military application creates an opportunity for SOFC in this segment. The developments in SOFC portable applications for the military application are expected to increase with newer opportunities for the growth of this market further.

Challenge High operating temperatures and start-up time of SOFC

SOFC require a longer duration for starting up operation when compared to other fuel cell technologies. Being a high-temperature technology, SOFC require time to reach a critical operating temperature to function at full capacity, thus contributing to higher start-up time. In addition, the operation of an SOFC releases a high amount of heat into the surrounding, which significantly increases the need for good thermal shielding, ultimately increasing its weight. These are the main reasons why SOFC have a low market share in portable applications and emergency power applications. The development of SOFC systems with lower start-up times is still in the initial stage. Currently, companies such as SOLIDPower, Sunfire, and Bloom Energy are investing in R&D to overcome the technical challenges associated with SOFC.

By type, the planar segment is the largest contributor in the solid oxide fuel cell during the forecast period.

The planar segment is estimated to lead the solid oxide fuel cell market during the forecast period. The market for planar segment is driven by the simple geometry and relatively easier construction process. Planar type of solid oxide fuel cells is typically designed in such a way that the ceramic fuel cell modules are arranged one above the other in a sandwich-type design with the electrolyte inserted between the electrodes. As its construction is relatively simple, it is the most commonly used solid oxide fuel cell type. North America is estimated to hold the largest share of the planar segment, followed by Asia Pacific and Europe.

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

The stationary segment held the largest share of the solid oxide fuel cell market, by application in 2019. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power. The market for the stationary segment in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the fact that the governments of South Korea, China, and Japan are highly focusing on utilizing renewable energy and hence opting for utility-scale SOFC power plant.

By end user, the power generation segment is expected to be the largest contributor during the forecast period.

The power generation segment held the largest share of the solid oxide fuel cell market, by end user in 2019. Increased demand for clean energy generation is expected to drive the market. Power generation refers to distributed power generation solutions and remote and backup power solutions for residential, commercial, and industrial uses such as residential complexes, retail outlets, commercial offices, data centers, and telecom towers. The reason for the large market share of this segment is the dominance of Bloom Energy in the SOFC market, where it provides distributed power generation solutions primarily in the US, as well as other countries, such as South Korea, Japan, and India.

North America held the largest share of the solid oxide fuel cell market in 2019.

North America accounted for the largest share of the global solid oxide fuel cell market in 2019. The region has been segmented, by country, into US and Canada. US is the largest and fastest growing market in the region. The growth in this country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market.

Solid Oxide Fuel Cell Market  by Region

Key Market Players

Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan) are the leading players in the solid oxide fuel cell market Sunfire (Germany), Convion (Finland), Kyocera (Japan), Elcogen (Estonia), SOLIDPower (Italy), Watt Fuel Cell Corporation (US), H2E Power (India), ZTEK Corporation (US), Fuel Cell Energy (US), Doosan Fuel Cell (US), and POSCO Energy (South Korea) and others are other players operating in the market are the leading players in the global solid oxide fuel cell market.  

Scope of the report

Report Metric

Details

Market size available for years

2018–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

USD Thousand

Segments covered

Type, Application, End-User and Region

Geographies covered

North America, Europe,and  Asia Pacific

Companies covered

Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan)

This research report categorizes the solid oxide fuel cell market based on Type, Application, End User, and Region.

Based on the type:

  • Planar
  • Tubular

Based on the application:

  • Portable
  • Stationary
  • Transport

Based on the end user:

  • Power Generation
  • Automotive
  • Hydrogen Generation
  • Others

Based on the region:

  • North America
  • Asia Pacific
  • Europe

Recent Developments

  • In August 2020, Aisin Seiki and Aisin AW, both part of the Aisin Group, plan to integrate their management to strengthen their advanced research business. This integration will enhance the efficiency of interconnected projects and resources, resulting in agile research structure.
  •  In April 2020, Aisin Seki and its subsidiary Konan Kogyo established a hydrogen station to promote the transformation from petroleum-based energy to clean energy. Under this partnership, Toyota Group and Aisin Seiki plan to use fuel cell-electrified buses for transportation.
  • In November 2020, Bloom Energy and SK E&C won a competitive bid for Korea’s Changwon RE100 Project. Under this project, the duo will supply 100% hydrogen-powered solid-oxide fuel cells and electrolyzers. Bloom Energy will supply 1.8 MW of hydrogen-powered fuel cells through a multi-stage deployment from late 2021 into 2022. The fuel cells will be the cornerstone of a microgrid that also includes on-site solar and battery storage.
  • In December 2020, Ceres Power partnered with AVL List to enhance its product development and facilitating customer adoption of SOFC technology for a wide range of applications. This partnership is aimed to fuse AVL’s global footprint and track record with Ceres Power’s technology.
  • In December 2020, Ceres Power collaborated with Bosch Group to produce SOFC systems based on Ceres’ fuel cell technology for the mass market. This collaboration is aimed at building sustainable power stations throughout the grid

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 20)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 SOLID OXIDE FUEL CELL MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
           1.2.2 SOLID OXIDE FUEL CELLS MARKET, BY TYPE: INCLUSIONS & EXCLUSIONS
           1.2.3 SOLID OXIDE FUEL CELLS MARKET, BY END USER: INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           1.3.1 MARKETS COVERED
           FIGURE 1 MARKET SEGMENTATION: MARKET
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 LIMITATIONS
    1.5 CURRENCY
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 25)
    2.1 RESEARCH DATA
           FIGURE 2 SOLID OXIDE FUEL CELL MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 3 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
    2.3 SCOPE
           FIGURE 4 MAIN METRICS CONSIDERED WHILE ASSESSING DEMAND FOR SOFC SOLUTIONS
    2.4 MARKET SIZE ESTIMATION
           2.4.1 DEMAND SIDE ANALYSIS
           FIGURE 5 YEAR-ON-YEAR CAPACITY ADDITION OF SOFC TECHNOLOGY ACROSS COUNTRIES IS KEY DETERMINING FACTOR FOR MARKET SIZE ESTIMATION
                    2.4.1.1 Demand side key assumptions
                    2.4.1.2 Demand side calculation
                    2.4.1.3 Assumptions for demand side
           2.4.2 SUPPLY SIDE ANALYSIS
           FIGURE 6 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF SOFC 34
           FIGURE 7 SOLID OXIDE FUEL CELLS MARKET: SUPPLY SIDE ANALYSIS
                    2.4.2.1 Calculations for supply side
                    2.4.2.2 Assumptions for supply side

3 EXECUTIVE SUMMARY (Page No. - 37)
           TABLE 1 SOLID OXIDE FUEL CELLS MARKET: SNAPSHOT
           FIGURE 8 NORTH AMERICA DOMINATED MARKET IN 2019
           FIGURE 9 PLANAR SOFC SEGMENT TO LEAD MARKET, BY TYPE, DURING FORECAST PERIOD
           FIGURE 10 STATIONARY SOFC SEGMENT IS EXPECTED TO LEAD THE MARKET  BY APPLICATION IN 2020
           FIGURE 11 POWER GENERATION SOFC SEGMENT IS EXPECTED TO LEAD THE MARKET  BY END USER IN 2020

4 PREMIUM INSIGHTS (Page No. - 41)
    4.1 ATTRACTIVE OPPORTUNITIES IN SOLID OXIDE FUEL CELL MARKET
           FIGURE 12 INCREASING POWER AND CLEAN HYDROGEN GENERATION TO BOOST MARKET GROWTH DURING FORECAST PERIOD
    4.2 SOFC MARKET, BY COUNTRY
           FIGURE 13 ASIA PACIFIC TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD
    4.3 SOFC MARKET, BY TYPE
           FIGURE 14 PLANAR SOFC SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2019 42
    4.4 SOFC MARKET, BY APPLICATION
           FIGURE 15 STATIONARY SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.5 SOFC MARKET, BY END USER
           FIGURE 16 POWER GENERATION SEGMENT TO LEAD MARKET DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 44)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 17 COVID-19 GLOBAL PROPAGATION
           FIGURE 18 COVID-19 PROPAGATION IN SELECTED COUNTRIES
    5.3 ROAD TO RECOVERY
           FIGURE 19 RECOVERY ROAD FOR 2020 & 2021
    5.4 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 20 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.5 MARKET DYNAMICS
           FIGURE 21 DRIVERS, RESTRAINTS, OPPORTUNITIES, & CHALLENGES
           5.5.1 DRIVERS
                    5.5.1.1 Government subsidies and increased R&D on fuel cell programs
                    5.5.1.2 Fuel flexibility and increasing demand for energy-efficient power generation
                    5.5.1.3 Stringent emission norms in Europe & North America leading to demand for clean energy sources
           FIGURE 22 RENEWABLES GENERATION BY SOURCE (TERAWATT-HOURS)
           5.5.2 RESTRAINTS
                    5.5.2.1 High fuel cell installation and manufacturing costs
                    5.5.2.2 Development of other types of fuel cells
           5.5.3 OPPORTUNITIES
                    5.5.3.1 Rising distributed power generation applications across regions
           TABLE 2 COMPARISON OF FUEL CELL AND OTHER DISTRIBUTED POWER GENERATION SOURCES
                    5.5.3.2 Increasing adoption by end users in data centers and military sector
           5.5.4 CHALLENGES
                    5.5.4.1 High operating temperatures and start-up time of SOFCs
                    5.5.4.2 Rise in investments in battery & renewable technology integration
           FIGURE 23 RISE IN GLOBAL INVESTMENTS IN RENEWABLE ENERGY
                    5.5.4.3 Market fluctuations due to COVID-19
    5.6 TECHNOLOGICAL ANALYSIS
           5.6.1 SOLID OXIDE ELECTROLYZER CELL (SOEC):
                    5.6.1.1 Development of hybrid-SOFC technologies
    5.7 CASE STUDY ANALYSIS
           5.7.1 IKEA USES FUEL CELL FOR ON-SITE POWER
                    5.7.1.1 Problem Statement
                    5.7.1.2 Solution
           5.7.2 SAMSUNG HEAVY INDUSTRIES PLANS FOR CLEAN POWER SHIPS UNDER JOINT DEVELOPMENT AGREEMENT WITH BLOOM ENERGY
                    5.7.2.1 Problem Statement
                    5.7.2.2 Solution
    5.8 VALUE CHAIN ANALYSIS
           FIGURE 24 MARKET MAP FOR SOLID OXIDE FUEL CELL
           5.8.1 COMPONENT MANUFACTURERS
           5.8.2 ASSEMBLERS/MANUFACTURERS
           5.8.3 DISTRIBUTORS (BUYERS)/END USERS
    5.9 INNOVATIONS & PATENT REGISTRATION
    5.1 YC-SHIFT
           5.10.1 REVENUE SHIFT & NEW REVENUE POCKETS FOR SOFC MANUFACTURERS
           FIGURE 25 REVENUE SHIFT FOR SOLID OXIDE FUEL CELLS
    5.11 MARKET MAP
           FIGURE 26 MARKET MAP FOR SOLID OXIDE FUEL CELL
    5.12 REGULATORY LANDSCAPE
           5.12.1 REGULATORY FRAMEWORK IN NORTH AMERICA
           5.12.2 REGULATORY FRAMEWORK IN EUROPE
           5.12.3 REGULATORY FRAMEWORK IN ASIA PACIFIC
    5.13 AVERAGE PRICING OF SOLID OXIDE FUEL CELLS
    5.14 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 27 PORTER’S FIVE FORCES ANALYSIS FOR MARKET
           5.14.1 THREAT OF SUBSTITUTES
           5.14.2 BARGAINING POWER OF SUPPLIERS
           5.14.3 BARGAINING POWER OF BUYERS
           5.14.4 THREAT OF NEW ENTRANTS
           5.14.5 INTENSITY OF COMPETITIVE RIVALRY

6 SCENARIO ANALYSIS (Page No. - 63)
    6.1 INTRODUCTION
           6.1.1 OPTIMISTIC SCENARIO
           TABLE 3 OPTIMISTIC SCENARIO: MARKET, BY REGION,  2018–2025 (USD THOUSAND)
           6.1.2 REALISTIC SCENARIO
           TABLE 4 REALISTIC SCENARIO: MARKET, BY REGION,  2018–2025 (USD THOUSAND)
           6.1.3 PESSIMISTIC SCENARIO
           TABLE 5 PESSIMISTIC SCENARIO: MARKET, BY REGION,  2018–2025 (USD THOUSAND)

7 SOLID OXIDE FUEL CELL MARKET, BY TYPE (Page No. - 66)

    7.1 INTRODUCTION
           FIGURE 28 SOLID OXIDE FUEL CELL MARKET SHARE, BY TYPE, 2019
           TABLE 6 MARKET SIZE, BY TYPE, 2018–2025 (USD THOUSAND)
    7.2 PLANAR
           7.2.1 USE OF SIMPLE GEOMETRY AND RELATIVELY EASIER CONSTRUCTION PROCESS ARE PROPELLING GROWTH OF PLANAR SOFC SEGMENT
           TABLE 7 PLANAR MARKET, BY REGION, 2018–2025 (USD THOUSAND)
    7.3 TUBULAR
           7.3.1 INCREASING RESEARCH AND DEVELOPMENT RELATED TO HIGH-EFFICIENCY SOFCS TO DRIVE MARKET GROWTH
           TABLE 8 TUBULAR MARKET, BY REGION, 2018–2025 (USD THOUSAND)

8 SOLID OXIDE FUEL CELL MARKET, BY APPLICATION (Page No. - 70)
    8.1 INTRODUCTION
           FIGURE 29 SOLID OXIDE FUEL CELL MARKET, BY APPLICATION, 2019
           TABLE 9 MARKET, BY APPLICATION, 2018–2025 (USD THOUSAND)
    8.2 PORTABLE
           8.2.1 GROWING NEED FOR ELECTRICITY TO POWER EQUIPMENT IN DEFENCE INDUSTRY AND FOR RECREATIONAL ACTIVITIES TO DRIVE GROWTH OF PORTABLE SEGMENT
           TABLE 10 MARKET FOR PORTABLE APPLICATION, BY REGION,  2018–2025 (USD THOUSAND)
    8.3 STATIONARY
           8.3.1 INCREASING FOCUS ON HYDROGEN-POWERED FUEL CELLS FOR BACK-UP POWER TO DRIVE MARKET GROWTH FOR STATIONARY FUEL CELLS
           TABLE 11 MARKET FOR STATIONARY APPLICATION, BY REGION,  2018–2025 (USD THOUSAND)
    8.4 TRANSPORT
           8.4.1 INCREASING FOCUS ON DEVELOPING SOFCS FOR OPERATING HEAVY-DUTY VEHICLES TO DRIVE MARKET GROWTH
           TABLE 12 MARKET FOR TRANSPORT APPLICATION, BY REGION,  2018–2025 (USD THOUSANDS)

9 SOLID OXIDE FUEL CELL MARKET, BY END USER (Page No. - 74)
    9.1 INTRODUCTION
           FIGURE 30 MARKET, BY END USER, 2019
           TABLE 13 MARKET, BY END USER, 2018–2025 (USD THOUSAND)
    9.2 POWER GENERATION
           9.2.1 INCREASED DEMAND FOR CLEAN ENERGY GENERATION TO DRIVE GROWTH OF POWER GENERATION SEGMENT
           TABLE 14 POWER GENERATION MARKET, BY REGION,  2018–2025 (USD THOUSAND)
    9.3 AUTOMOTIVE
           9.3.1 NEED FOR DECREASING VEHICULAR CARBON EMISSION TO DRIVE GROWTH OF AUTOMOTIVE SEGMENT
           TABLE 15 AUTOMOTIVE MARKET, BY REGION,  2018–2025 (USD THOUSANDS)
    9.4 HYDROGEN GENERATION
           9.4.1 INCREASED DEMAND FOR HYDROGEN IN SEVERAL REGIONS TO BOOST GROWTH OF SOFC MARKET FOR HYDROGEN GENERATION
           TABLE 16 HYDROGEN GENERATION MARKET, BY REGION,  2018–2025 (USD THOUSANDS)
    9.5 OTHERS
           TABLE 17 OTHERS MARKET, BY REGION, 2018–2025 (USD THOUSANDS)

10 SOLID OXIDE FUEL CELL MARKET, BY REGION (Page No. - 79)
     10.1 INTRODUCTION
           FIGURE 31 REGIONAL SNAPSHOT: ASIA PACIFIC IS EXPECTED TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 32 SOFC MARKET, BY COUNTRY, 2019
           TABLE 18 MARKET, BY REGION, 2018–2025 (MW)
           TABLE 19 MARKET, BY REGION, 2018–2025 (USD THOUSAND)
     10.2 NORTH AMERICA
             10.2.1 INCREASING DEMAND FOR CLEAN ENERGY GENERATION AND EMPHASIS ON R&D TO DRIVE GROWTH OF NORTH AMERICAN SOFC MARKET
           FIGURE 33 NORTH AMERICA MARKET: SNAPSHOT (2020–2025)
           TABLE 20 NORTH AMERICA MARKET, BY TYPE,  2018–2025 (USD THOUSAND)
           TABLE 21 NORTH AMERICA MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 22 NORTH AMERICA MARKET, BY END USER,  2018–2025 (USD THOUSAND)
           TABLE 23 NORTH AMERICA MARKET, BY COUNTRY, 2018–2025 (MW)
           TABLE 24 NORTH AMERICA MARKET, BY COUNTRY,  2018–2025 (USD THOUSAND)
             10.2.2 US
                        10.2.2.1 Increasing stationary applications for clean power generation to drive growth of US SOFC market
           TABLE 25 US: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 26 US: MARKET, BY APPLICATION, 2018–2025 (USD THOUSAND)
           TABLE 27 US: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
             10.2.3 CANADA
                        10.2.3.1 increasing dependence on green Hydrogen is key factor driving demand for Fuel Cells in Canada
           TABLE 28 CANADA: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 29 CANADA: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 30 CANADA: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
     10.3 EUROPE
           TABLE 31 EUROPE MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 32 EUROPE MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 33 EUROPE MARKET, BY END USER, 2018–2025 (USD THOUSAND)
           TABLE 34 EUROPE MARKET, BY COUNTRY, 2018–2025 (MW)
           TABLE 35 EUROPE MARKET, BY COUNTRY, 2018–2025 (USD THOUSAND)
             10.3.1 GERMANY
                        10.3.1.1 Increasing reliance on SOFC for power generation to drive market growth
           TABLE 36 GERMANY: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 37 GERMANY: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 38 GERMANY: MARKET, BY END USER,  2018–2025 (USD THOUSAND)
             10.3.2 UK
                        10.3.2.1 Growth of fuel cell-based distributed generation application to drive market for SOFC
           TABLE 39 UK: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 40 UK: MARKET, BY APPLICATION, 2018–2025 (USD THOUSAND)
           TABLE 41 UK: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
             10.3.3 ITALY
                        10.3.3.1 Growing adoption of fuel cell vehicles that require large volume of hydrogen to drive SOFC-based hydrogen generation market
           TABLE 42 ITALY SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 43 ITALY: MARKET, BY APPLICATION, 2018–2025 (USD THOUSAND)
           TABLE 44 ITALY: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
             10.3.4 REST OF EUROPE
           TABLE 45 REST OF EUROPE MARKET, BY TYPE,  2018–2025 (USD THOUSAND)
           TABLE 46 REST OF EUROPE: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 47 REST OF EUROPE: MARKET, BY END USER,  2018–2025 (USD THOUSAND)
     10.4 ASIA PACIFIC
           FIGURE 34 ASIA PACIFIC MARKET: SNAPSHOT (2020–2025)
           TABLE 48 ASIA PACIFIC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 49 ASIA PACIFIC MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 50 ASIA PACIFIC MARKET, BY END USER,  2018–2025 (USD THOUSAND)
           TABLE 51 ASIA PACIFIC MARKET, BY COUNTRY, 2018–2025 (MW)
           TABLE 52 ASIA PACIFIC MARKET, BY COUNTRY,  2018–2025 (USD THOUSAND)
             10.4.1 JAPAN
                        10.4.1.1 Increasing fuel cell-based portable applications to contribute to growth of market
           TABLE 53 JAPAN: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 54 JAPAN: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 55 JAPAN: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
             10.4.2 SOUTH KOREA
                        10.4.2.1 Increasing importance on generating electrical power by fuel cell-based utilities to drive demand for fuel cells
           TABLE 56 SOUTH KOREA: MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 57 SOUTH KOREA: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 58 SOUTH KOREA: MARKET, BY END USER,  2018–2025 (USD THOUSAND)
             10.4.3 CHINA
                        10.4.3.1 Increasing Hydrogen production and clean energy generation are driving market for SOFC
           TABLE 59 CHINA: SOFC MARKET, BY TYPE, 2018–2025 (USD THOUSAND)
           TABLE 60 CHINA: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 61 CHINA: MARKET, BY END USER, 2018–2025 (USD THOUSAND)
             10.4.4 REST OF ASIA PACIFIC
           TABLE 62 REST OF ASIA PACIFIC: SOFC MARKET, BY TYPE,  2018–2025 (USD THOUSAND)
           TABLE 63 REST OF ASIA PACIFIC: MARKET, BY APPLICATION,  2018–2025 (USD THOUSAND)
           TABLE 64 REST OF ASIA PACIFIC: MARKET, BY END USER,  2018–2025 (USD THOUSAND)

11 COMPETITIVE LANDSCAPE (Page No. - 104)
     11.1 INTRODUCTION
     11.2 KEY COMPANY FOCUS AREAS
             11.2.1 GROWTH STRATEGIES IN SOFC MARKET
           FIGURE 35 COMPANIES ADOPTED NEW PRODUCT LAUNCHES TO CAPTURE MAXIMUM SHARE OF MARKET, 2017–2020
     11.3 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
             11.3.1 STAR
             11.3.2 EMERGING LEADER
             11.3.3 PERVASIVE
             11.3.4 OTHER PLAYERS
           FIGURE 36 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
     11.4 COMPETITIVE LEADERSHIP MAPPING OF START-UPS
             11.4.1 PROGRESSIVE COMPANIES
             11.4.2 RESPONSIVE COMPANIES
             11.4.3 STARTING BLOCKS
             11.4.4 DYNAMIC COMPANIES
           FIGURE 37 COMPETITIVE LEADERSHIP MAPPING OF START-UPS, 2019
     11.5 RANKING OF PLAYERS, 2019
           FIGURE 38 RANKING OF KEY PLAYERS IN MARKET IN 2019
     11.6 REVENUE ANALYSIS OF TOP 5 PLAYERS
           FIGURE 39 BLOOM ENERGY LED MARKET IN 2019
     11.7 SOLID OXIDE FUEL CELLS REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
           FIGURE 40 TOP 5 PLAYERS HAVE DOMINATED MARKET IN LAST 5 YEARS
     11.8 COMPETITIVE SCENARIO
             11.8.1 CONTRACTS & AGREEMENTS
             11.8.2 NEW PRODUCT LAUNCHES
             11.8.3 INVESTMENTS & EXPANSION
             11.8.4 MERGERS & ACQUISITIONS
             11.8.5 PARTNERSHIPS & COLLABORATIONS

12 COMPANY PROFILE (Page No. - 117)
(Overview, Products/Solutions/Services Offered, Recent Developments, MNM view)* 
     12.1 AISIN SEIKI
           FIGURE 41 AISEN SEIKI: COMPANY SNAPSHOT
     12.2 BLOOM ENERGY
           FIGURE 42 BLOOM ENERGY: COMPANY SNAPSHOT
     12.3 CERES POWER
           FIGURE 43 CERES POWER: COMPANY SNAPSHOT
     12.4 HITACHI ZOSEN
           FIGURE 44 HITACHI ZOSEN CORPORATION: COMPANY SNAPSHOT
     12.5 MITSUBISHI POWER
           FIGURE 45 MITSUBISHI POWER: COMPANY SNAPSHOT
     12.6 CONVION FUEL CELLS
     12.7 KYOCERA
           FIGURE 46 KYOCERA: COMPANY SNAPSHOT
     12.8 ELCOGEN
     12.9 SOLIDPOWER
     12.10 SUNFIRE
     12.11 ZTEK CORPORATION
     12.12 H2E POWER
     12.13 WATT FUEL CELL
     12.14 SPECIAL POWER SOURCES
     12.15 UPSTART POWER
     12.16 FUELCELL ENERGY
     12.17 DOOSAN FUEL CELL
     12.18 CUMMINS
     12.19 POSCO ENERGY
     12.20 BOSCH ENGINEERING
     12.21 CMR PROTOTECH
     12.22 AVL
     12.23 ADAPTIVE ENERGY
     12.24 CATATOR
     12.25 ADELAN
*Details on Overview, Products/Solutions/Services Offered, Recent Developments, MNM view might not be captured in case of unlisted companies. 

13 APPENDIX (Page No. - 158)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The study involved three major activities in estimating the current size of the global solid oxide fuel cell market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as power generation, hydrogen generation, automotive, industry publications, several newspaper articles, Bloomberg, Factiva, and rental associations journal to identify and collect information useful for a technical, market-oriented, and commercial study of the solid oxide fuel cell market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases. 

Primary Research

The solid oxide fuel cell market comprises several stakeholders such as companies related to the industry, consulting companies in the power sector, power generation, hydrogen generation, automotive, government & research organizations, forums, alliances & associations, solid oxide fuel cells service providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by the solid oxide fuel cells expenditure across end-use sectors across global regions, investments by oil and gas and construction equipment companies, and maturing of the mining and the energy sector. Moreover, the demand is driven by a change in rules & regulations and active participation from environmental bodies in the solid oxide fuel cell market. The supply side is characterized by contracts & agreements, new product launches, mergers & acquisitions, and partnerships & collaborations among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

Solid Oxide Fuel Cell Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global solid oxide fuel cell market and its dependent submarkets. These methods were also extensively used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the solid oxide fuel cells activities.

Report Objectives

  • To define, describe and forecast the global solid oxide fuel cell market by type, application, end-user, and regions
  • To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the market
  • To strategically analyze the market with respect to individual growth trends, future prospects, and the contribution of each segment to the market
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as contracts & agreements, expansions, new product launches, mergers & acquisitions, and partnerships & collaborations in the solid oxide fuel cell market

Available customizations

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Solid Oxide Fuel Cell Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Solid Oxide Fuel Cell Market

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Report Code
EP 2467
Published ON
Jan, 2021
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