Market Size of Solid Oxide Fuel Cells Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 49.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Solid Oxide Fuel Cells (SOFC) Market Analysis
The solid oxide fuel cell (SOFC) market is expected to witness a CAGR of more than 49% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the long term, the SOFC market is likely to grow in the future due to the energy conversion efficiency of the cells compared to other power generation sources and long-term stability.
- However, the market can be constrained due to the high cost of the technology compared to alkaline fuel cells.
- Non- Vehicular segment is expected to dominate the market in the coming years due to the demand for stationary high-temperature applications.
- Nevertheless, the technological milestones create ample opportunities for the market. For instance, Phillips 66 Company received a USD 3 million grant from the US Department of Energy (DOE) to develop high-performance reversible solid oxide fuel cells. The company will collaborate with the Georgia Institute of Technology to demonstrate the feasibility of this system for hydrogen and electricity generation.
- The Asia-Pacific region is likely to have the major share in this evolving scenario due to the favorable government policies for cleaner power supply sources.
