Global Solid Oxide Fuel Cell (SOFC) Market Growth 2019-2024

A solid oxide fuel cell (or SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel. Fuel cells are characterized by their electrolyte material; the SOFC has a solid oxide or ceramic electrolyte. Advantages of this class of fuel cells include high efficiency, long-term stability, fuel flexibility, low emissions, and relatively low cost. The largest disadvantage is the high operating temperature which results in longer start-up times and mechanical and chemical compatibility issues.
Categorization on the basis of technology includes tubular, planar and other SOFCs. Planar SOFC have the largest market demand on account of higher power ratio as compared to other SOFCs, despite high installation costs. Planar SOFC has the highest electrical efficiency that allows great potential for applications in military, leading to higher demand in the aforementioned application. Further segmentation on the basis of application includes transportation, military and portable energy purposes, as well as small & large stationery. Major SOFC application lies in military on account of portability and compact nature of these fuel cells. Power output is also higher and easier to achieve than other conventional solar cells, which is expected to positively impact the SOFC growth market during the forecast period.
High costs of commercialization and catalysts, as well as complexity in infrastructure establishment are expected to hinder the SOFC market growth over the forecast period. SOFC also requires high temperatures for activation of ceramic electrolytes in the device, which could lead to chemical and mechanical compatibility issues and longer start-up buffer time.

According to this study, over the next five years the Solid Oxide Fuel Cell (SOFC) market will register a 12.9% CAGR in terms of revenue, the global market size will reach US$ 840 million by 2024, from US$ 410 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Solid Oxide Fuel Cell (SOFC) business, shared in Chapter 3.

This report presents a comprehensive overview, market shares, and growth opportunities of Solid Oxide Fuel Cell (SOFC) market by product type, application, key manufacturers and key regions and countries.

This study considers the Solid Oxide Fuel Cell (SOFC) value and volume generated from the sales of the following segments:

Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.
Tubular
Planar
Others
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.
Transportation
Portable & Military
Stationary

This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Bloom Energy
Siemens Energy
Aisin Seiki
Mitsubishi Heavy Industries
Delphi Corp
GE
Convion
FuelCell Energy
Atrex Energy, Inc
SOLIDpower
ZTEK Corporation
Redox Power Systems
Ceres
Elcogen

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Research objectives
To study and analyze the global Solid Oxide Fuel Cell (SOFC) consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Solid Oxide Fuel Cell (SOFC) market by identifying its various subsegments.
Focuses on the key global Solid Oxide Fuel Cell (SOFC) manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Solid Oxide Fuel Cell (SOFC) with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Solid Oxide Fuel Cell (SOFC) submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.