The global solid oxide fuel cell market is projected to grow at a CAGR of 13.88%, by value from 2017 to 2025. The market in North America was the largest in 2016 and is projected to hold the largest share by 2025, followed by the markets in Asia Pacific and Europe. The growth of the solid oxide fuel cell market is mainly driven by government subsidies and fuel cell programs in countries, such as the US and Japan, increasing demand for efficient power generation and stringent emission norms in Europe and North America.
The solid oxide fuel cell market is dominated by a few global players. 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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The power generation segment is expected to hold the largest share of the solid oxide fuel cell market, by application, during the forecast period.
The power generation segment was the largest segment by market share for the solid oxide fuel cell market in 2016 and is projected to dominate the solid oxide fuel cell market during the forecast period. The growth of the power generation segment is primarily driven by the increasing demand for efficient power generation by the commercial and retail end-use segments as well as data centers and telecom towers. Solid oxide fuel cells have an efficiency of as high as 67% as compared to other technologies, such as reciprocating engines which have an efficiency of less than 30%. The government subsidies and incentives given for fuel cell installations in the US and Japan are also driving the growth of the power generation segment.
The planar segment is expected to hold the largest share of the solid oxide fuel cell market, by type, during the forecast period.
The planar segment held the largest market share in the solid oxide fuel cell market, by type in 2016 and is expected to dominate the market during the forecast period. The growth of the planar segment is mainly attributed to the applications of the planar SOFC type in the power generation segment and transportation APU end-use. The planar type is the most commonly used type of solid oxide fuel cell for sub-megawatt and megawatt-scale installations. Companies, such as Bloom Energy (US) and Sunfire (Germany) which dominate the power generation segment, offer planar type SOFC.
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North America: The leading market for solid oxide fuel cell
In this report, the solid oxide fuel cell market has been analyzed with respect to three regions, namely, North America, Europe, and Asia Pacific. The market in North America led the global solid oxide fuel cell market in 2016. Government subsidies and incentives provided for the installation of solid oxide fuel cells for power generation applications was the driving factor for the growth in this region. The market in North America is dominated by the power generation segment, with Bloom Energy being the market leader in the supply of solid oxide fuel cells. Several commercial and retail outlets, such as Walmart, Home Depot, and Ikea are investing in solid oxide fuel cells to power their retail outlets and offices for cost saving and emission reduction. Data centers are also adopting solid oxide fuel cells for energy cost saving and efficient power generation. The military segment is also witnessing a growing demand for solid oxide fuel cells for stationary and portable power generation solutions.
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