South Korea Solid Oxide Fuel Cell Market Size & Outlook
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South Korea solid oxide fuel cell market highlights
- The South Korea solid oxide fuel cell market generated a revenue of USD 136.4 million in 2025 and is expected to reach USD 2,032.6 million by 2033.
- The South Korea market is expected to grow at a CAGR of 36.44% from 2026 to 2033.
- In terms of segment, stationary was the largest revenue generating application in 2025.
- Transportation is the most lucrative application segment registering the fastest growth during the forecast period.
Solid oxide fuel cell market data book summary
| Market revenue in 2025 | USD 136.4 million |
| Market revenue in 2033 | USD 2,032.6 million |
| Growth rate | 36.44% (CAGR from 2026 to 2033) |
| Largest segment | Stationary |
| Fastest growing segment | Transportation |
| Historical data | 2021 - 2024 |
| Base year | 2025 |
| Forecast period | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Stationary, Transportation, Portable |
| Key market players worldwide | Bloom Energy Corp Class A, Mitsubishi Corp, Cummins Inc, Ceres Power Holdings PLC, GE Aerospace, FuelCell Energy Inc, Kyocera Corp, Avalon Advanced Materials Inc, Niterra Co Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 8.9% of the solid oxide fuel cell market in 2025.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2033.
- In Asia Pacific, Japan solid oxide fuel cell market is projected to lead the regional market in terms of revenue in 2033.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,032.6 million by 2033.
South Korea solid oxide fuel cell market is driven by the country’s increasing focus on the deployment of new and renewable energy (NRE) as fuel cells for a sustainable option. The country is one of the largest carbon dioxide emitters and imports most of its energy.
Supporting policies and plans in the country have prompted several fuel cell vendors to enhance their footprint in the country. For instance, in November 2018, Bloom Energy, which is one of the major companies known for deploying large scale SOFC systems for stationary power applications, announced a strategic agreement with SK Engineering and Construction (SK E&C).
As a result of this collaboration, Bloom Energy deployed large-scale SOFC-based stationary power projects in the country with varying capacities of 8.35 MW, 7.8 MW, and cumulative installation of 28 MW in 2018, 2019, and 2020, respectively.
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Solid Oxide Fuel Cell Market Scope
Solid Oxide Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| GE Aerospace | View profile | 125,000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | www.geaerospace.com |
| Niterra Co Ltd | View profile | 16,247 | 14-18, Takatsuji-cho, Mizuho-ku, Nagoya, Japan, 467-8525 | www.ngkntk.co.jp |
| Mitsubishi Corp | View profile | 105,267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | www.mitsubishicorp.com |
| Cummins Inc | View profile | 75,500 | 500 Jackson Street, Box 3005, Columbus, IN, United States, 47202-3005 | www.cummins.com |
| Kyocera Corp | View profile | 81,209 | 6, Takeda Tobadono-cho, Fushimi-ku, Kyoto, Japan, 612-8501 | www.kyocera.co.jp |
| Ceres Power Holdings PLC | View profile | 591 | Foundry Lane, Viking House, Horsham, West Sussex, United Kingdom, RH13 5PX | www.cerespower.com |
| Bloom Energy Corp Class A | View profile | 2,377 | 4353 North First Street, San Jose, CA, United States, 95134 | www.bloomenergy.com |
| FuelCell Energy Inc | View profile | 629 | 3 Great Pasture Road, Danbury, CT, United States, 06810 | www.fuelcellenergy.com |
| Avalon Advanced Materials Inc | View profile | 9 | 130 Adelaide Street West, Suite 1901, Toronto, ON, Canada, M5H 3P5 | www.avalonadvancedmaterials.com |
South Korea Solid Oxide Fuel Cell Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Solid Oxide Fuel Cell Market Outlook will help companies and investors design strategic landscapes.
Stationary was the largest segment with a revenue share of 150.07% in 2025.
Horizon Databook has segmented the South Korea solid oxide fuel cell market based on stationary, transportation, portable covering the revenue growth of each sub-segment from 2021 to 2033.
South Korea solid oxide fuel cell market is driven by the country’s increasing focus on the deployment of new and renewable energy (NRE) as fuel cells for a sustainable option. The country is one of the largest carbon dioxide emitters and imports most of its energy.
Supporting policies and plans in the country have prompted several fuel cell vendors to enhance their footprint in the country. For instance, in November 2018, Bloom Energy, which is one of the major companies known for deploying large scale SOFC systems for stationary power applications, announced a strategic agreement with SK Engineering and Construction (SK E&C).
As a result of this collaboration, Bloom Energy deployed large-scale SOFC-based stationary power projects in the country with varying capacities of 8.35 MW, 7.8 MW, and cumulative installation of 28 MW in 2018, 2019, and 2020, respectively.
- South Korea Solid Oxide Fuel Cell Market Application Outlook (Revenue, USD Million , 2021-2033)
- Stationary
- Transportation
- Portable
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Solid Oxide Fuel Cell Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Solid Oxide Fuel Cell Market Outlook from 2021 to 2033, including revenue numbers, major trends, and company profiles.
South Korea Solid Oxide Fuel Cell Market, 2021-2033 (US$M)
South Korea solid oxide fuel cell market statistics, by application, 2021-2033 (kW)
