Solid Oxide Fuel Cells Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71616
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The solid oxide fuel cells (SOFC) market share is expected to increase by 131.32 MW from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 19.16%.

This solid oxide fuel cells market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solid oxide fuel cells market segmentation by application (stationary, transportation, and portable) and geography (Americas, APAC, and EMEA). The solid oxide fuel cells market report also offers information on several market vendors, including Aisin Corp., AVL List GmbH, Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Elcogen AS, NGK SPARK PLUG Co. Ltd., POSCO, SOLIDpower Spa, and Viessmann Climate Solutions SE among others.

What will the Solid Oxide Fuel Cells Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Solid Oxide Fuel Cells Market Size for the Forecast Period and Other Important Statistics

 

Solid Oxide Fuel Cells Market: Key Drivers and Challenges

The rising energy consumption is notably driving the SOFC market growth, although factors such as growing competition from alternative technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solid oxide fuel cells industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solid Oxide Fuel Cells Market Driver

One of the key factors driving growth in the solid oxide fuel cells market is rising energy consumption. Globally, the rapid urbanization growth in the world has made a massive impact on power consumption. Most of the power needs are met using fossil fuel, which is harmful to the atmosphere. Therefore, the demand for a clean and efficient power source is increasing. In the residential and commercial sectors, a major portion of the energy is used for space heating and cooling. These needs can be met using cleaner power such as fuel cells. SOFC operates at a high temperature of 1,472°F-1,832°F with 70% efficiency. The higher the efficiency means, the lesser fuel consumption. SOFCs are also available in various stack sizes. Therefore, these are preferred for residential and commercial applications. The operating nature of SOFC and its ability to produce electricity and heat at high efficiency will drive its adoption.

Key Solid Oxide Fuel Cells Market Challenge

The growing competition from alternative technologies will be a major challenge for the solid oxide fuel cells market during the forecast period. The major application areas for SOFC are the stationary and transportation sector. They offer many benefits; however, SOFC is a relatively newer technology, and it has to compete with some well-established technologies in the respective application areas. Energy storage systems and solar PV have witnessed steady price reductions in the past decade and are, thus, available much cheaper when compared with fuel cells. In addition, they also have to compete with diesel generators that are commonly used as standalone power in both grid and off-grid cases. This creates a highly competitive market situation for fuel cells, and their adoption is still lower than other renewable power sources, thereby limiting the growth of the market.

This solid oxide fuel cells market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Solid Oxide Fuel Cells Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Aisin Corp.
  • AVL List GmbH
  • Bloom Energy Corp.
  • Ceres Power Holdings plc
  • Convion Ltd.
  • Elcogen AS
  • NGK SPARK PLUG Co. Ltd.
  • POSCO
  • SOLIDpower Spa
  • Viessmann Climate Solutions SE

 

This statistical study of the solid oxide fuel cells market encompasses successful business strategies deployed by the key vendors. The SOFC market is fragmented and the vendors are deploying growth strategies such as partnering with various demonstration projects funded by governments to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solid oxide fuel cells market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Solid Oxide Fuel Cells Market?

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58% of the market’s growth will originate from the Americas during the forecast period. The US is the key market for solid oxide fuel cells in Americas. Market growth in this region will be faster than the growth of the market in APAC.

The US accounted for the largest share of SOFC installation, which is mainly due to the support from the federal government for developing and installing fuel cells in the country. This will facilitate the solid oxide fuel cells market growth in the Americas over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Solid Oxide Fuel Cells Market?

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The solid oxide fuel cells market share growth by the stationary segment will be significant during the forecast period. The market is projected to grow at a stable pace owing to the increased use of SOFC as a backup generator and primary power for devices such as CHP in the residential and commercial sectors. It is expected that the use of SOFC in stationary applications will grow due to the rise in R&D programs to increase the output at different capacity (MW) ranges. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the SOFC market size and actionable market insights on post COVID-19 impact on each segment.

 

Solid Oxide Fuel Cells Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 19.16%

Market growth 2021-2025

131.32 MW

Market structure

Fragmented

YoY growth (%)

23.04

Regional analysis

Americas, APAC, and EMEA

Performing market contribution

Americas at 58%

Key consumer countries

US, Japan, South Korea (Republic of Korea), China, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Aisin Corp., AVL List GmbH, Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Elcogen AS, NGK SPARK PLUG Co. Ltd., POSCO, SOLIDpower Spa, and Viessmann Climate Solutions SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Solid Oxide Fuel Cells Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive solid oxide fuel cells market growth during the next five years
  • Precise estimation of the solid oxide fuel cells market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the SOFC industry across Americas, APAC, and EMEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of SOFC market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Stationary - Market size and forecast 2020-2025
    • Transportation - Market size and forecast 2020-2025
    • Portable - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • Americas - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • EMEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Aisin Corp.
      • AVL List GmbH
      • Bloom Energy Corp.
      • Ceres Power Holdings plc
      • Convion Ltd.
      • Elcogen AS
      • NGK SPARK PLUG Co. Ltd.
      • POSCO
      • SOLIDpower Spa
      • Viessmann Climate Solutions SE

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
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      The solid oxide fuel cells market growth will increase by $131.32 MW during 2020-2025.
      The solid oxide fuel cells market is expected to grow at a CAGR of 19.16% during 2020-2025.
      Technavio has segmented the solid oxide fuel cells market by application (Stationary, Transportation, and Portable) and geographic (Americas, APAC, and EMEA).
      Aisin Corp., AVL List GmbH, Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Elcogen AS, NGK SPARK PLUG Co. Ltd., POSCO, SOLIDpower Spa, Viessmann Climate Solutions SE are a few of the key vendors in the solid oxide fuel cells market.
      Americas will register the highest growth rate of 57.95% among the other regions. Therefore, the solid oxide fuel cells market in Americas is expected to garner significant business opportunities for the vendors during the forecast period.
      • US
      • Japan
      • South Korea (Republic of Korea)
      • China
      • Germany
      The key factors driving the solid oxide fuel cells market growth are:
      • Rising energy consumption
      The solid oxide fuel cells market vendors should focus on grabbing business opportunities from the stationary segment as it accounted for the largest market share in the base year.
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