Solid Oxide Fuel Cell Market

The global solid oxide fuel cell market is projected to reach USD 5.4 billion by 2028 from an estimated USD 1.4 billion in 2023, at a CAGR of 31.0% during the forecast period. Because of its flexibility to generate energy using a range of fuels, solid oxide fuel cells (SOFC) are one of the fastest-growing alternate backup power sources. Furthermore, unlike other traditional technologies, they are environmentally beneficial because their by-product is nontoxic.

Due to their strong supply network, a few global and regional players hold a strong foothold in the solid oxide fuel cell market. Bloom Energy (US), AISIN CORPORATION (Japan), KYOCERA Corporation (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), and MIURA CO., LTD. (Japan)  are the market leaders in the global solid oxide fuel cell market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and acquisitions, to increase their market share.

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Bloom Energy manufactures, develops, and sells solid oxide fuel cells under the name, Energy Servers. The company operates through four business segments: Product, Installation, Service, and Electricity. It provides solid oxide fuel cells under the Product business segment.

Bloom Energy offers Bloom Energy Server, a modular stack of fuel cells that produce electricity continuously onsite. The company is fuel-flexible and can convert natural gas, biogas, and hydrogen into electricity. Energy Servers are sold through a combination of direct and indirect sales channels. The company also works with multiple partners to generate customer leads and develop projects.

Bloom Energy has an operational presence in North America and Asia Pacific. The company collaborates with partners throughout the energy sector to accelerate growth and develop solutions worldwide. Some major customers Include AT&T (US), Caltech (US), Delmarva Power & Light Company (US), Equinix (US), The Home Depot (US), Kaiser Permanente (US), and The Wonderful Company (US).

MITSUBISHI HEAVY INDUSTRIES, LTD. is a Japanese conglomerate and the country’s largest and most diversified industrial corporation, with operations spanning various sectors, including aerospace, energy, machinery, defense, transportation, and environmental solutions. The company provides SOFC technology through its subsidiary, Mitsubishi Power. Mitsubishi Power is an energy solutions company offering power plant solutions, products, and equipment, such as fuel cells, turbines, boilers, energy storage devices, and control systems. It also provides services, such as operation & maintenance, training, long-term service agreements for power plants, and remote monitoring.

MITSUBISHI HEAVY INDUSTRIES, LTD. operates through four business segments: Energy Systems; Plants and infrastructure Systems; Logistics, Thermal & Drive Systems; and Aircraft, Defense & Space. The company offers a micro gas turbine (MGT) and a SOFC hybrid system under its Energy Systems segment. Its main businesses are focused on clean gas and steam power systems, nuclear power systems, compressors, aero engines, and marine machinery. It has an operational presence in North, Central, and South America; Asia Pacific; Europe; and the Middle East.

Aisin Corporation is a major player in manufacturing and selling fuel cells. The company focuses on meeting sustainable development goals through its business segments by promoting the transition to clean energy, sustainable procurement, and sustainable industrialization through technological innovation. It operates through five segments: Powertrain, Chassis & Vehicle Safety System, Body, Energy Solutions and Others, and CSS and Others. It caters to the energy & power, automotive, and communications industries. It provides fuel cell cogeneration systems under its Energy Solutions and Others segment. This segment also provides products, such as fuel cell cogeneration systems for residential use (ENE·FARM), gas engine cogeneration systems for residential use (COREMO), gas heat pump air-conditioners for industrial use (GHP), and shower-toilet seats.

Aisin Corporation has a global operational presence with manufacturing and testing facilities across major regions, including North America, Asia Pacific, and Europe. The company has 199 consolidated subsidiaries and about 150 production sites worldwide.

Related Reports:

Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, BOP), Application (Stationary, Portable, Transport), End User (Commercial & Industrial, Data Centers, Military & Defense, Residential) & Region - Global Trends & Forecasts to 2028

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