The solid oxide fuel cell market is expected to grow at a CAGR of 13.88% from 2017 to 2025, to reach a market size of USD 1,140.6 million by 2025. Government subsidies and fuel cell programs, increasing demand for efficient power generation, and stringent emission norms in the US and Europe are the major factors driving the growth of solid oxide fuel cell market.
The solid oxide fuel cell market is dominated by a few global players that are established brand names with a wide regional presence. The key players in this market include Bloom Energy (US), Aisin Seiki (Japan), SOLIDpower (Italy), Sunfire (Germany), UnderSea Sensor Systems (US), and Atrex Energy (US).
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Major strategies adopted by the players in the solid oxide fuel cell market over the period 2014 to 2017 (September) included contracts & agreements, joint ventures and collaborations, mergers & acquisitions, strategic alliances, and expansions and partnerships, of which contracts & agreements was the most widely used. The second most preferred strategy was joint ventures and collaborations, which included a joint venture between Bloom Energy and SoftBank (Japan) to commercialize SOFC products in Japan.
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.
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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.