Solid Oxide Fuel Cell Market Size, Share & Trends Report

Solid Oxide Fuel Cell Market Size, Share & Trends Analysis Report By Application (Transportation, Portable, Industrial), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-685-1
  • Number of Pages: 71
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the solid oxide fuel cell market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for solid oxide fuel cell market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of solid oxide fuel cell market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Solid Oxide Fuel Cell Market Categorization:

The solid oxide fuel cell market was categorized into two segments, namely application (Transportation, Portable, Stationary), and regions (North America, Europe, Asia Pacific, Rest of World).

Segment Market Methodology:

The solid oxide fuel cell market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The solid oxide fuel cell market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, and Rest of World, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seven countries, namely, the U.S.; Germany; France; the UK.; China; Japan; South Korea.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Solid oxide fuel cell market companies & financials:

The solid oxide fuel cell market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Bloom Energy , Established in 2001 and based in California, U.S., Bloom Energy is a company that specializes in the design, manufacture, and marketing of solid oxide fuel cell systems for on-site power generation. The company, originally named Ion America Corp., rebranded to Bloom Energy in September 2006. They have developed a unique solid oxide fuel cell technology that transforms biogas or natural gas into electricity via an electrochemical process, eliminating the need for combustion. Bloom Energy serves a wide range of industries, including cloud services, banking & financial services, technology & data centers, consumer packaged goods & consumables, healthcare, logistics, and manufacturing, among others. As of December 2020, the company holds 270 patents in the U.S. and 129 patents internationally. At the same time, it had a workforce of 1,316 employees and contractors.

  • Mitsubishi Power, Ltd. , Mitsubishi Power, Ltd., a joint venture established in February 2014, is a collaboration between Mitsubishi Heavy Industries and Hitachi. The company, based in Japan, operates under the parent organization, Mitsubishi Heavy Industries, Ltd. The parent company specializes in the production of integrated thermal power generation systems. Mitsubishi Power, Ltd. has pioneered a highly efficient biomass-firing power generation system. This system utilizes biomass combustion or pulverization or ash deposition prevention technology, which is based on 112 MW biomass and coal co-firing power plants in Japan. As of April 2020, the company employed over 18,356 individuals globally.

  • Ceres , Founded in 2001 and based in Horsham, UK, Ceres is a company that primarily focuses on fuel cell technology and engineering services. The company has pioneered the development of affordable SteelCell technology to produce fuel cells. These fuel cells can function on various fuels such as natural gas, biogas, hydrogen, and ethanol. Ceres has partnered with several companies including Honda, Nissan, Cummins, Bosch, Weichai Power, and others to bring this technology to market for use in commercial, residential, and transportation sectors. The SteelCell technology involves a perforated steel sheet with a unique screen-printed ceramic layer that directly converts fuel into electrical power at the point of use. This innovation facilitates a transition from centralized to distributed energy generation for transportation, homes, and businesses. As of December 2020, Ceres had a workforce of 325 employees.

  • Cummins Inc. , Established in 1919, Cummins Inc. has its headquarters in Indiana, U.S. The company specializes in the production, distribution, and servicing of diesel and natural gas generator sets. Its wide range of products also encompasses various fuel systems, solutions for emissions, and systems for electrical power generation. Cummins Inc. operates through five synergistic segments: engine, power systems, distribution, components, and new power. In 2020, the company invested USD 903 million in research and development, net of contract reimbursement. In September 2019, Cummins Inc. completed the acquisition of Hydrogenics Corporation. The company caters to customers in more than 190 countries worldwide. As of December 2020, it employed over 57,825 individuals globally.

  • GENERAL ELECTRIC , Founded in 1892, General Electric is a U.S.-based multinational corporation with its headquarters in Massachusetts. The company has a diverse portfolio of operations spanning several sectors such as aviation, transportation, healthcare, lighting, power, oil & gas, and renewable energy. It also owns a large financial firm, GE Capital, which provides services like commercial finance, commercial aircraft leasing, real estate, and energy financial services. General Electric manufactures fuel cells through a startup named GE Fuel Cells, which is dedicated to developing fuel cells for distributed power systems. The company’s goal is to bring to market FC-CC in sizes ranging from 1.3 MW to 10 MW for stationary applications and is presently working on a 1.3-MW SOFC demonstration project. The company has a significant manufacturing presence, with 82 plants across 28 U.S. states and Puerto Rico, and an additional 149 plants in 34 other countries. It operates in over 170 countries, with more than half of its revenue generated from international markets. As of December 2020, General Electric employed a workforce of 174,000 personnel globally.

  • FuelCell Energy, Inc. , FuelCell Energy, Inc., founded in 1969 and based in Connecticut, U.S., is a comprehensive fuel cell company engaged in the production, design, installation, and maintenance of fuel cell power plants. The company offers dependable and ultra-clean baseload distributed generation systems to a variety of institutions including universities, government offices, and commercial & industrial entities. It aims to commercialize solid oxide fuel cell technology for long-duration storage applications, using hydrogen as both a storage medium and an energy carrier. FuelCell Energy, Inc. caters to its European clientele through its German subsidiary, FuelCell Energy Solutions GmbH, and serves its Asian customers via POSCO Energy.

  • Ningbo SOFCMAN Energy , Ningbo SOFCMAN Energy Technology Co., Ltd. was founded in 2006 and is headquartered in Zhejiang Province, P R China. It was formerly known as the fuel cell and energy (FCET) division of Ningbo Institute of Materials Technology and Engineering (NIMTE), Chinese Academy of Sciences. The company offers products such as solid oxide fuel cells, cathode powders, electrolyte powders, anode powders, electrolyte sheets, cells & services, stacks & services, and systems & services.

  • AVL , AVL was founded in 1948 and is headquartered in Graz, Austria. The company’s business areas include powertrain engineering, instrumentation & test systems, and simulation technologies. Through multidimensional simulation platforms, it provides flexible and open environment solutions for powertrain development. The company has also developed fuel cell test systems that offer testbed solutions for fuel cell-based powertrains. As of December 2020, it has employed 11,000 personnel.

  • NGK SPARK PLUG CO., LTD. , NGK SPARK PLUG CO., LTD. was founded in 1936 and is headquartered in Nagoya, Japan. It manufactures spark plugs, semiconductor housings, cutting tools, medical equipment, and fine ceramics. The company promotes solid oxide fuel cell development as it is highly efficient and has a clean power generation system. It has developed SOFC stacks to use across home cogeneration systems. As of March 2021, the company had over 16,391 employees.

  • KYOCERA Corporation , KYOCERA Corporation was founded in 1959 and is headquartered in Kyoto, Japan. The company operates through six businesses or reporting segments, namely industrial & automotive components group, electronic devices group, semiconductor components group, communication group, life & environment group, and document solution group. The company’s global operations include various products such as components, devices, advanced materials, equipment, networks, and services. As of March 2021, it had 294 consolidated subsidiaries, 13 entities, and over 78,490 employees working across the world.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Solid Oxide Fuel Cell Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Solid Oxide Fuel Cell Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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