Solid Oxide Fuel Cell (SOFC) is an all-solid-state chemical power generation device that uses solid oxides as electrolytes to efficiently and environmentally convert chemical energy stored in fuel and oxidants into electricity at medium to high temperatures. Solid oxide fuel cells have many significant advantages such as high efficiency and environmental protection, and are therefore widely considered as a type of fuel cell that may be widely used in the future, just like proton exchange membrane fuel cells.
Overview of Market Development
In recent years, with the increasing global attention to renewable energy and environmental protection technologies, the research and development of solid oxide fuel cells has also received strong support. Research institutions and enterprises from various countries have invested a large amount of resources in related research, to achieve more breakthroughs in the field of distributed generation and energy supply applications. According to our research data, the global market size of solid oxide fuel cells is estimated to be $1903 million in 2024, an increase of 12.89% compared to 2023.
In the future, with the transformation of the global energy structure and the improvement of environmental awareness, solid oxide fuel cells, as an efficient and clean energy conversion technology, have broad application prospects in fields such as electricity, transportation, and industry, and the market will usher in greater development opportunities. In addition, policy support will be further strengthened, providing strong guarantees for the development of the market. It is expected that by 2029, the global market size of solid oxide fuel cells will increase to $3671 million.
Analysis of Competitive Landscape
From the perspective of market competition, the concentration of the global solid oxide fuel cell market is high. Data shows that in 2023, the total output value of solid oxide fuel cells among the top 3 enterprises was $1191 million, with a total share of 70.59%. The top 3 companies were Bloom Energy, Aisin Seiki, and Mitsubishi Heavy Industries. In 2023, these three companies accounted for 56.09%, 9.54%, and 4.96% of the global market share in the output value of solid oxide fuel cells, respectively.
Global Solid Oxide Fuel Cell (SOFC) Market Size Forecast and Competitive Landscape Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, solid oxide fuel cells can usually be classified into tubular and planar based on their shape characteristics. Among them, planar solid oxide fuel cells dominate the market, with an expected market share of 71.47% in 2024.
From a regional perspective, the global solid oxide fuel cell market is concentrated in three major regions: North America, Europe, and the Asia Pacific region. Among them, North America is the largest revenue market. According to the data, the estimated size of the North American solid oxide fuel cell market in 2024 is $778 million, with an estimated market share of 40.88%. In addition, at the national level, Asian countries such as China and Japan are also important components of the global solid oxide fuel cell market. Especially in the Japanese market, its share in the global market is expected to reach 16.82% in 2024.
Global Solid Oxide Fuel Cell (SOFC) Segment Market Size and Market Share
Forecast in 2024
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|
Market Size (Million USD)
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Market Share
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Segmented by Type
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Tubular
|
356
|
18.71%
|
|
Planar
|
1360
|
71.47%
|
|
Others
|
187
|
9.82%
|
|
Segmented by Region/Country
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|
North America
|
778
|
40.88%
|
|
Europe
|
358
|
18.81%
|
|
China
|
109
|
5.73%
|
|
Japan
|
320
|
16.82%
|
|
India
|
60
|
3.15%
|
|
South America
|
63
|
3.31%
|
|
Middle East &Africa
|
62
|
3.26%
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Source:
www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Solid Oxide Fuel Cell (SOFC) Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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