The global solid oxide fuel cell market size is projected to reach USD 2,881 million by 2025 from estimated revenue of USD 772 million in 2020 at a CAGR of 30.1% during the forecast period. North America is expected to be the largest solid oxide fuel cell industry, followed closely by Asia Pacific and Europe. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The rising demand for solid oxide fuel cell in end-use sectors such as power generation, automotive, hydrogen generation and others is expected to fuel market growth.
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The solid oxide fuel cell market is served by a mix of large international players with their presence and capabilities across different regions as well as local players that have a strong foothold in the domestic markets. The key players operating in the market include Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan), Sunfire (Germany), Convion (Finland) and others.
The major strategies adopted by the players in the solid oxide fuel cell market include contracts & agreements, investments & expansion, mergers & acquisitions, new product launches, and partnerships (including joint ventures, strategic alliances, and collaborations). Contracts & agreements was the most commonly adopted strategy from 2017 to 2020. Partnerships & collaborations have also emerged as a key strategy, as companies look to strengthen their service offerings and geographic market reach by offering their product.
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Bloom Energy (US) is one of the major manufacturers of solid oxide fuel cell systems. The company develops, manufactures, and sells solid oxide fuel cells under the name Energy Servers. It caters to the commercial and industrial sectors for distributed power generation. Bloom Energy operates under 4 business segments, namely Product, Installation, Service, and Electricity. In August 2019, Bloom Energy launched Always ON. The product acts as a microgrid providing consumers with energy resiliency for facing power outages at a predictable cost.
Aisin Seiki (Japan) is a major player in manufacturing and selling fuel cells. The company focuses on meeting sustainable development goals in all its business segments by promoting the transition to clean energy, sustainable procurement, and sustainable industrialization by technological innovation. It operates under 5 segments, namely Powertrain, Chassis & Vehicle Safety System, Body Product, ICT & Electronics, and Energy & Lifestyle. Aisin Seiki caters to the energy & power, automotive, and communications industries. The company provides fuel cell cogeneration systems under its Energy & Lifestyle business segment. 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.
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- 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 solid oxide fuel cell market
- To strategically analyze the solid oxide fuel cell 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