固体酸化物形燃料電池(SOFC)市場 – 2030年までの世界予測

Solid Oxide Fuel Cell Market - Global Forecast to 2030

固体酸化物形燃料電池(SOFC)市場 - タイプ(平面型、管状型)、コンポーネント(スタック型、バランスオブプラント)、用途(据置型、輸送用、ポータブル型)、エンドユーザー(商業・産業用、データセンター用、軍事・防衛用、住宅用)および地域別 - 2030年までの世界予測
Solid Oxide Fuel Cell Market by Type (Planar, Tubular), Component (Stack, Balance of Plant), Application (Stationary, Transport, Portable), End User (Commercial & Industrial, Data Center, Military & Defense, Residential) & Region - Global Forecast to 2030

商品番号 : SMB-13034

出版社MarketsandMarkets
出版年月2025年7月
ページ数243
図表数319
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートでは、固体酸化物形燃料電池(SOFC)市場を、タイプ(平板型、管状型)、用途(携帯型、据置型、輸送用)、エンドユーザー(住宅用、商業・工業用、軍事・防衛用、データセンター)、コンポーネント(スタック、バランスオブプラント)、地域(北米、欧州、アジア太平洋地域、その他)別に定義、説明、予測しています。本調査では、低排出分散型電力システムの需要増加、水素ベースのインフラへの投資増加、エネルギー効率と持続可能性への重視の高まりなど、主要な市場促進要因に関する詳細な知見を提供しています。また、システムコストの高さや運用の複雑さなどの制約、政府のインセンティブや燃料の多様化から生まれる機会についても考察しています。本レポートでは、固体酸化物形燃料電池(SOFC)市場の成長に影響を与える推進要因、制約、課題、機会など、主要な要因に関する詳細情報を網羅しています。主要な業界プレーヤーを徹底的に分析することで、事業概要、ソリューション、サービス、契約、パートナーシップ、合意、合併、買収などの主要な戦略に関する知見が得られています。固体酸化物形燃料電池(SOFC)市場に関連する最近の動向。本レポートでは、固体酸化物形燃料電池(SOFC)市場エコシステムにおける新興スタートアップ企業の競合分析を網羅しています。

The global solid oxide fuel cell market is projected to reach USD 11.61 billion by 2030, up from USD 2.98 billion in 2025, registering a CAGR of 31.2%. This growth is fueled by the increasing need for efficient, low-emission power generation and a broader global shift toward decarbonization and distributed energy systems. The market is gaining momentum as governments and industries focus on strengthening energy resilience and adopting alternative fuel technologies such as hydrogen and biogas, which are well-suited for SOFC systems. Ongoing implementation of environmental regulations, net-zero roadmaps, and energy security policies across key regions is encouraging long-term investment in SOFC infrastructure.

世界の固体酸化物形燃料電池(SOFC)市場は、2025年の29億8,000万米ドルから2030年には116億1,000万米ドルに達し、年平均成長率(CAGR)31.2%で成長すると予測されています。この成長は、効率的で低排出の発電ニーズの高まりと、脱炭素化および分散型エネルギーシステムへの世界的な移行によって推進されています。政府や産業界がエネルギーレジリエンスの強化と、SOFCシステムに適した水素やバイオガスなどの代替燃料技術の導入に注力していることから、市場は勢いを増しています。主要地域における環境規制、ネットゼロロードマップ、エネルギー安全保障政策の継続的な実施は、SOFCインフラへの長期投資を促進しています。

固体酸化物形燃料電池(SOFC)市場 - 2030年までの世界予測
solid-oxide-fuel-cell-market-new

“Stationary segment, by application, is projected to be the largest market during the forecast period.”

The stationary application segment is expected to hold the largest market share in the solid oxide fuel cell market from 2025 to 2030, driven by the rising demand for reliable, efficient, and low-emission power solutions across residential, commercial, and industrial sectors. SOFC systems are well-suited for stationary use due to their high electrical efficiency, ability to operate on multiple fuels (including hydrogen, natural gas, and biogas), and suitability for continuous, base-load power generation. Adoption of SOFCs in combined heat and power (CHP) systems has gained traction, particularly in regions with strong decarbonization goals and grid reliability concerns. These systems not only generate electricity but also recover waste heat for thermal use, improving overall energy efficiency. Additionally, the shift toward distributed energy generation and net-zero building infrastructure is accelerating the deployment of stationary SOFC systems.

“Data Centers, by end user, is projected to be the fastest-growing segment during the forecast period.”

Data centers are expected to emerge as the fastest-growing end-user segment in the stationary fuel cell market during the forecast period. The surge in digitalization, cloud computing, and AI workloads has significantly increased the power demand of data centers, driving the need for reliable, efficient, and clean backup power solutions. Stationary fuel cells offer a compelling alternative to traditional diesel generators, providing uninterrupted power with lower emissions and higher energy efficiency. Growing concerns over data security, operational continuity, and sustainability are prompting major tech companies and colocation providers to invest in fuel cell systems. In regions with stringent emission norms and grid instability, such as Asia Pacific and parts of North America, the adoption rate is particularly high, further reinforcing the segment’s rapid growth trajectory.

“By region, North America is expected to account for the second-largest share of the solid oxide fuel cell market during the forecast period.”

North America is projected to hold the second-largest share of the solid oxide fuel cell market during the forecast period, supported by strong policy frameworks, private sector investment, and growing interest in clean, distributed power generation. The region, particularly the United States, has emerged as a key hub for fuel cell innovation, with a well-established ecosystem of technology providers, research institutions, and energy companies advancing SOFC deployment across multiple sectors. The US Department of Energy continues to fund SOFC R&D to support hydrogen infrastructure and low-carbon energy goals. Companies such as Bloom Energy have played a leading role in scaling up SOFC deployments in the region. As the push for energy transition and emission reduction intensifies, North America is expected to remain a strong contributor to global SOFC market growth throughout the forecast period.

In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1 – 65%, Tier 2 – 24%, and Tier 3 – 11%
  • By Designation: C-Level Executives – 30%, Directors – 25%, and Others – 45%
  • By Region: North America – 27%, Europe – 20%, Asia Pacific – 53%,

Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: < USD 500 million. Others include sales managers, engineers, and regional managers.

Bloom Energy (US), AISIN CORPORATION (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), KYOCERA Corporation (Japan), MIURA CO., LTD. (Japan), Convion Ltd. (Finland), WATT Fuel Cell (US), Elcogen AS (Estonia), new enerday GmbH (Germany), Nexceris (US), FuelCell Energy, Inc. (US), Ceres (UK) SolydEra SpA (Italy), H2E Power (India), are the key players in the solid oxide fuel cell market. The study includes an in-depth competitive analysis of these key players in the solid oxide fuel cell market, as well as their company profiles, recent developments, and key market strategies.

固体酸化物形燃料電池(SOFC)市場 - 2030年までの世界予測 ecosystem
solid-oxide-fuel-cell-market-new-ecosystem

Study Coverage:

The report defines, describes, and forecasts the solid oxide fuel cell market based on type (Planar, Tubular), application (Portable, Stationary, and Transport), end user (Residential, Commercial & Industrial, Military & Defense, Data Centers), component (Stack, and Balance of Plant), and region (North America, Europe, Asia Pacific, and Rest of the World). This study offers detailed insights into the key market drivers, such as the rising demand for low-emission distributed power systems, increasing investment in hydrogen-based infrastructure, and growing emphasis on energy efficiency and sustainability. It also examines restraints like high system costs and operational complexity, along with opportunities stemming from government incentives and fuel diversification. The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the solid oxide fuel cell market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, mergers, and acquisitions; and recent developments associated with the solid oxide fuel cell market. This report covers the competitive analysis of upcoming startups in the solid oxide fuel cell market ecosystem.

Key Benefits of Buying the Report

  • The report provides an in-depth analysis of key drivers (rising demand for low-emission and efficient energy solutions, accelerating shift from centralized to distributed energy systems, and growing adoption of SOFCs across residential, commercial, and industrial sectors), restraints (high upfront capital costs, complex system integration, and long commercialization timelines), opportunities (increasing investments in hydrogen infrastructure, government incentives promoting clean energy technologies, and rising energy demand in off-grid and backup power applications), and challenges (limited fuel supply chain for hydrogen and biogas, technological barriers in high-temperature operation, and competition from alternative fuel cell types) shaping the SOFC market’s growth trajectory.
  • Product Development/Innovation: SOFC developers and technology providers are increasingly focusing on system miniaturization, fuel flexibility, and cost reduction to enable wider adoption. Innovations include modular SOFC systems, integration with hybrid energy systems, and the use of advanced materials for enhanced durability and thermal efficiency. The adoption of digital monitoring, AI-based performance diagnostics, and remote system optimization is helping improve operational reliability. Additionally, the integration of SOFCs with carbon capture, waste heat recovery, and renewable energy sources is enabling cleaner, scalable, and resilient energy solutions aligned with global decarbonization targets.
  • Market Development: In the context of the SOFC market, key players are forming strategic alliances and entering into long-term service agreements to expand their global footprint. For instance, partnerships between SOFC developers and utility providers or industrial end users are driving large-scale deployments and pilot projects across power generation, data centers, and commercial buildings. This report provides a detailed analysis of EPC strategies adopted by leading players in SOFC project development, including system integration, modular deployment models, and hybrid energy solutions, offering stakeholders actionable insights into evolving market trends, scalability potential, and investment opportunities.
  • Market Diversification: The report offers a comprehensive analysis of the strategies employed by OEMs to facilitate market diversification. It outlines innovative service and operating models, as well as new partnership frameworks across various regions, underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.
  • Competitive Assessment: The report provides in-depth assessment of market shares, growth strategies, and service offerings of leading players such as Bloom Energy (US), AISIN CORPORATION (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), KYOCERA Corporation (Japan), MIURA CO., LTD. (Japan), Convion Ltd. (Finland), WATT Fuel Cell (US), Elcogen AS (Estonia), new enerday GmbH (Germany), Nexceris (US), FuelCell Energy, Inc. (US), SolydEra SpA (Italy), H2E Power (India), Upstart Power (US), OxEon Energy, LLC. (US), Special Power Sources (United Kingdom), ADELAN (United Kingdom), Ningbo Sofuren Energy Technology Co., Ltd. (China), Edge Autonomy (US), among others, in the solid oxide fuel cell market.

Table of Contents

1               INTRODUCTION              25

1.1           STUDY OBJECTIVES       25

1.2           MARKET DEFINITION   25

1.3           STUDY SCOPE   26

1.3.1        MARKETS COVERED       26

1.3.2        INCLUSIONS AND EXCLUSIONS 27

1.3.3        YEARS CONSIDERED      27

1.4           UNIT CONSIDERED        28

1.5           CURRENCY CONSIDERED            28

1.6           LIMITATIONS    28

1.7           STAKEHOLDERS               28

1.8           SUMMARY OF CHANGES               29

2               RESEARCH METHODOLOGY       30

2.1           RESEARCH DATA              30

2.1.1        SECONDARY DATA          31

2.1.1.1    Key data from secondary sources       31

2.1.2        PRIMARY DATA 31

2.1.2.1    Key insights from primary sources    32

2.1.2.2    Breakdown of primaries      32

2.2           MARKET BREAKDOWN AND DATA TRIANGULATION                 33

2.3           MARKET SIZE ESTIMATION         34

2.3.1        BOTTOM-UP APPROACH              34

2.3.2        TOP-DOWN APPROACH                35

2.3.3        DEMAND SIDE METRICS               36

2.3.3.1    Regional analysis  36

2.3.3.2    Country analysis   37

2.3.3.3    Demand-side assumptions 37

2.3.3.4    Demand-side calculations   37

2.3.4        SUPPLY-SIDE ANALYSIS                 38

2.3.4.1    Calculations for supply side                39

2.3.4.2    Assumptions for supply side               39

2.4           FORECAST          40

2.5           RESEARCH LIMITATIONS             40

2.6           RISK ASSESSMENT           40

3               EXECUTIVE SUMMARY  41

4               PREMIUM INSIGHTS       45

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN THE SOLID OXIDE FUEL CELL MARKET           45

4.2           SOLID OXIDE FUEL CELL MARKET, BY TYPE       45

4.3           SOLID OXIDE FUEL CELL MARKET, BY COMPONENT                 46

4.4           SOLID OXIDE FUEL CELL MARKET, BY APPLICATION                 46

4.5           SOLID OXIDE FUEL CELL MARKET, BY END USER                 47

4.6           SOLID OXIDE FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION AND COUNTRY   47

4.7           SOLID OXIDE FUEL CELL MARKET, BY REGION 48

5               MARKET OVERVIEW       49

5.1           INTRODUCTION              49

5.2           MARKET DYNAMICS       49

5.2.1        DRIVERS               50

5.2.1.1    Federal investments in fuel cell installation projects      50

5.2.1.2    Growing demand for low-emission technologies             51

5.2.1.3    Ability to operate on wide range of fuels          51

5.2.2        RESTRAINTS      52

5.2.2.1    High cost of fuel cell technology        52

5.2.2.2    Competition from alternative clean energy technologies                 52

5.2.3        OPPORTUNITIES              53

5.2.3.1    Integration of fuel cells with renewable energy                53

5.2.3.2    Rising demand for low-emission backup power opens doors in data centers and hospitals   53

5.2.3.3    Favorable government policies to promote adoption of fuel cell technology              53

5.2.4        CHALLENGES    55

5.2.4.1    Fuel cell degradation and carbon dusting         55

5.2.4.2    Requirement of extensive insulation and external heating systems                 55

5.2.4.3    Lack of hydrogen infrastructure         55

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            56

5.4           PRICING ANALYSIS          57

5.4.1        AVERAGE SELLING PRICING TREND, BY COMPONENT                 57

5.4.2        PRICING RANGE OF SOLID OXIDE FUEL CELLS, BY KEY PLAYER,

2020–2023 (USD MILLION)            59

5.4.3        AVERAGE SELLING PRICE TREND, BY REGION, 2020–2024 (USD MILLION) 59

5.5           SUPPLY CHAIN ANALYSIS             60

5.6           ECOSYSTEM ANALYSIS  61

5.7           TECHNOLOGY ANALYSIS             62

5.7.1        KEY TECHNOLOGIES     62

5.7.1.1    Hybrid SOFCs      62

5.7.1.2    Reversible SOFC (R-SOFC)               63

5.7.2        ADJACENT TECHNOLOGIES       63

5.7.2.1    Integrated biomass gasifiers                63

5.7.2.2    Solid oxide electrolyzers      63

5.8           CASE STUDY ANALYSIS 63

5.8.1        WALMART DEPLOYS BLOOM ENERGY SERVERS TO ENHANCE GRID RESILIENCE      63

5.8.2        SOUTHERN LINC POWERS MISSION-CRITICAL LTE NETWORKS WITH PLUG POWER’S CLEAN, COMPACT, AND STORM-RESILIENT HYDROGEN FUEL CELLS.      64

5.8.3        SOUTHERN LINC DEPLOYS PLUS POWER’S HYDROGEN FUEL CELLS TO ENSURE NETWORK UPTIME      64

5.9           PATENT ANALYSIS          65

5.10         TRADE ANALYSIS             67

5.10.1      IMPORT SCENARIO (HS CODE 280410)    67

5.10.2      EXPORT SCENARIO (HS CODE 280410)    68

5.11         KEY CONFERENCES AND EVENTS, 2025–2026        69

5.12         REGULATORY LANDSCAPE         70

5.12.1      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             70

5.12.2      REGULATIONS  72

5.13         PORTER’S FIVE FORCES ANALYSIS            73

5.13.1      THREAT OF SUBSTITUTES          74

5.13.2      BARGAINING POWER OF SUPPLIERS       74

5.13.3      BARGAINING POWER OF BUYERS             74

5.13.4      THREAT OF NEW ENTRANTS      74

5.13.5      INTENSITY OF COMPETITIVE RIVALRY 74

5.14         KEY STAKEHOLDERS AND BUYING CRITERIA     75

5.14.1      KEY STAKEHOLDERS IN BUYING PROCESS           75

5.14.2      BUYING CRITERIA           75

5.15         IMPACT OF AI/GEN AI ON SOLID OXIDE FUEL CELL MARKET               76

5.15.1      IMPACT ON MANUFACTURING AND PROCESS OPTIMIZATION                76

5.15.2      IMPACT ON SYSTEM MONITORING AND OPERATION                 76

5.15.3      IMPACT ON MAINTENANCE AND LIFECYCLE MANAGEMENT 77

5.16         IMPACT OF 2025 US TARIFF ON SOLID OXIDE FUEL CELL MARKET               77

5.16.1      INTRODUCTION              77

5.16.2      KEY TARIFF RATES          78

5.16.3      PRICE IMPACT ANALYSIS             79

5.16.4      IMPACT ON COUNTRY/REGION                79

5.16.4.1  US           79

5.16.4.2  Europe   81

5.16.4.3  Asia Pacific            81

5.16.5      IMPACT ON APPLICATION INDUSTRIES                82

6               SOLID OXIDE FUEL CELL MARKET, BY TYPE       83

6.1           INTRODUCTION              84

6.2           PLANAR                85

6.2.1        HIGH POWER DENSITY AND SCALABILITY TO FUEL MARKET GROWTH          85

6.3           TUBULAR            86

6.3.1        SUPERIOR THERMAL STABILITY AND LONGEVITY TO SUPPORT MARKET GROWTH     86

7               SOLID OXIDE FUEL CELL MARKET, BY COMPONENT                 87

7.1           INTRODUCTION              88

7.2           STACK  89

7.2.1        CELLS   90

7.2.1.1    Rising application for distributing fuel and oxidant gases uniformly across electrodes to boost demand  90

7.2.2        INTERCONNECTS            91

7.2.2.1    Rising application for distributing fuel and oxidant gases uniformly across electrodes to boost demand  91

7.2.3        END PLATES      91

7.2.3.1    Reduced internal resistance to drive market    91

7.2.4        SEALINGS            91

7.2.4.1    Ability to prevent mixing or leakage of reactant gases to foster

market growth       91

7.2.5        OTHER STACK COMPONENTS   91

7.3           BALANCE OF PLANT       92

7.3.1        HEAT TRANSFER COMPONENTS               93

7.3.1.1    Need to regulate thermal environment of SOFC systems to drive market    93

7.3.2        POWER ELECTRONICS & CONTROL         94

7.3.2.1    Need to manage and regulate electrical output of SOFCs to foster market growth       94

7.3.3        INSTRUMENTS & SENSORS          94

7.3.3.1    Growing applications to monitor temperature, pressure, and voltage to fuel market growth             94

7.3.4        FUEL REFORMER/DESULFURIZER            94

7.3.4.1    Flexible fuel utilization in SOFC systems to foster market growth                 94

7.3.5        OTHER BALANCE OF PAYMENT COMPONENTS 94

8               SOLID OXIDE FUEL CELL MARKET, BY APPLICATION                 95

8.1           INTRODUCTION              96

8.2           PORTABLE          97

8.2.1        RISING PREFERENCE FOR ENERGY-EFFICIENT PORTABLE SOFCS OVER ICE TO DRIVE MARKET               97

8.3           STATIONARY     98

8.3.1        PRIMARY              100

8.3.1.1    Ability to operate on variety of fuels to boost demand   100

8.3.2        BACKUP               101

8.3.2.1    Rising emphasis on reducing carbon emissions from data centers to support market growth    101

8.3.3        COMBINED HEAT & POWER (CHP)           102

8.3.3.1    Growing emphasis on sustainable and resilient distributed energy systems to boost demand    102

8.4           TRANSPORT       103

8.4.1        RISING DEMAND FOR EFFICIENT AND FLEXIBLE POWER SOLUTIONS TO FUEL MARKET GROWTH              103

9               SOLID OXIDE FUEL CELL MARKET, BY END USER                 105

9.1           INTRODUCTION              106

9.2           RESIDENTIAL    107

9.2.1        GROWING DEPLOYMENT IN AREAS WITH HIGH ELECTRICITY PRICES OR UNRELIABLE GRID INFRASTRUCTURE TO FOSTER MARKET GROWTH 107

9.3           COMMERCIAL & INDUSTRY        108

9.3.1        ADVANCEMENTS IN FUEL CELL TECHNOLOGIES TO OFFER LUCRATIVE GROWTH OPPORTUNITIES 108

9.4           DATA CENTERS                 109

9.4.1        REDUCED OPERATIONAL COSTS, HIGH RELIABILITY, AND ALIGNMENT WITH NET-ZERO CARBON COMMITMENTS TO FUEL MARKET GROWTH       109

9.5           MILITARY & DEFENSE   110

9.5.1        INCREASING DEPLOYMENT IN AERIAL OR UNDERWATER DRONES TO FOSTER MARKET GROWTH                 110

10            SOLID OXIDE FUEL CELL MARKET, BY REGION 112

10.1         INTRODUCTION              113

10.2         ASIA PACIFIC     115

10.2.1      CHINA  120

10.2.1.1  Government-led initiatives to promote SOFC technology to fuel market growth       120

10.2.2      JAPAN   122

10.2.2.1  Emphasis on developing hydrogen-based and low-carbon energy future to drive market          122

10.2.3      SOUTH KOREA  124

10.2.3.1  Localization of SOFC electrolyte materials to offer lucrative growth opportunities            124

10.2.4      REST OF ASIA PACIFIC   126

10.3         NORTH AMERICA             128

10.3.1      US           133

10.3.1.1  Rising emphasis on hydrogen integration to generate clean electricity to drive market   133

10.3.2      CANADA               135

10.3.2.1  Government-led initiatives to support deployment of solid oxide fuel cells to fuel market growth          135

10.4         EUROPE               138

10.4.1      GERMANY           142

10.4.1.1  Transition to efficient and climate-friendly energy systems to foster market growth            142

10.4.2      UK          143

10.4.2.1  Ability to operate on hydrogen and hydrocarbon fuels to drive market    143

10.4.3      ITALY    145

10.4.3.1  Growing application in industrial setup to support market growth                 145

10.4.4      REST OF EUROPE             147

10.5         REST OF THE WORLD    149

10.5.1      MIDDLE EAST & AFRICA                152

10.5.1.1  Rising deployment in unstable and unreliable grid infrastructure to support market growth    152

10.5.2      LATIN AMERICA                153

10.5.2.1  Emphasis on developing green hydrogen production to foster market growth       153

11            COMPETITIVE LANDSCAPE         154

11.1         OVERVIEW          154

11.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025                 154

11.3         MARKET SHARE ANALYSIS, 2024                 155

11.4         REVENUE ANALYSIS, 2020–2024  158

11.5         COMPANY VALUATION AND FINANCIAL METRICS                 159

11.6         BRAND COMPARISON   160

11.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 160

11.7.1      STARS   160

11.7.2      EMERGING LEADERS     160

11.7.3      PERVASIVE PLAYERS      161

11.7.4      PARTICIPANTS 161

11.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         162

11.7.5.1  Company footprint               162

11.7.5.2  Region footprint   163

11.7.5.3  Type footprint       164

11.7.5.4  Application footprint            165

11.7.5.5  Component footprint           166

11.7.5.6  End user footprint                 167

11.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        168

11.8.1      PROGRESSIVE COMPANIES         168

11.8.2      RESPONSIVE COMPANIES            168

11.8.3      DYNAMIC COMPANIES  168

11.8.4      STARTING BLOCKS         168

11.8.5      COMPETITIVE BENCHMARKING               170

11.8.5.1  Detailed List of key startups/SMEs  170

11.8.5.2  Competitive benchmarking of key startups/SMEs          171

11.9         COMPETITIVE SCENARIO             172

11.9.1      DEALS  172

11.9.2      EXPANSIONS     173

11.9.3      OTHER DEVELOPMENTS              174

12            COMPANY PROFILES      175

12.1         KEY PLAYERS     175

12.1.1      BLOOM ENERGY               175

12.1.1.1  Business overview 175

12.1.1.2  Products/Services/Solutions offered 176

12.1.1.3  Recent developments           177

12.1.1.3.1                Product launches  177

12.1.1.3.2                Deals      177

12.1.1.3.3                Other developments             182

12.1.1.4  MnM view              182

12.1.1.4.1                Key strengths/Right to win 182

12.1.1.4.2                Strategic choices   183

12.1.1.4.3                Weaknesses/Competitive threats       183

12.1.2      AISIN CORPORATION    184

12.1.2.1  Business overview 184

12.1.2.2  Products/Services/Solutions offered 185

12.1.2.3  Recent developments           186

12.1.2.3.1                Deals      186

12.1.2.4  MnM view              187

12.1.2.4.1                Key strengths/Right to win 187

12.1.2.4.2                Strategic choices   187

12.1.2.4.3                Weaknesses/Competitive threats       187

12.1.3      MITSUBISHI HEAVY INDUSTRIES, LTD.  188

12.1.3.1  Business overview 188

12.1.3.2  Products/Services/Solutions offered 189

12.1.3.3  Recent developments           190

12.1.3.3.1                Deals      190

12.1.3.3.2                Expansions             191

12.1.3.4  MnM view              191

12.1.3.4.1                Key strengths/Right to win 191

12.1.3.4.2                Strategic choices   191

12.1.3.4.3                Weaknesses/Competitive threats       191

12.1.4      KYOCERA CORPORATION            192

12.1.4.1  Business overview 192

12.1.4.2  Products/Services/Solutions offered 194

12.1.4.3  Recent developments           194

12.1.4.3.1                Other developments             194

12.1.4.4  MnM view              195

12.1.4.4.1                Key strengths/Right to win 195

12.1.4.4.2                Strategic choices   195

12.1.4.4.3                Weaknesses/Competitive threats       195

12.1.5      MIURA CO., LTD.              196

12.1.5.1  Business overview 196

12.1.5.2  Products/Services/Solutions offered 197

12.1.5.3  MnM view              197

12.1.5.3.1                Key strengths/Right to win 197

12.1.5.3.2                Strategic choices   197

12.1.5.3.3                Weaknesses/Competitive threats       197

12.1.6      CONVION            198

12.1.6.1  Business overview 198

12.1.6.2  Products/Services/Solutions offered 198

12.1.6.3  Recent developments           199

12.1.6.3.1                Deals      199

12.1.6.3.2                Other developments             199

12.1.7      WATT FUEL CELL             200

12.1.7.1  Business overview 200

12.1.7.2  Products/Services/Solutions offered 200

12.1.7.3  Recent developments           201

12.1.7.3.1                Product launches  201

12.1.7.3.2                Deals      201

12.1.7.3.3                Expansions             202

12.1.8      ELCOGEN AS      203

12.1.8.1  Business overview 203

12.1.8.2  Products/Services/Solutions offered 204

12.1.8.3  Recent developments           204

12.1.8.3.1                Deals      204

12.1.8.3.2                Other developments             206

12.1.9      SOLYDERA SPA 207

12.1.9.1  Business overview 207

12.1.9.2  Products/Services/Solutions offered 207

12.1.9.3  Recent developments           208

12.1.9.3.1                Deals      208

12.1.9.3.2                Other developments             208

12.1.10   H2E POWER        209

12.1.10.1                 Business overview 209

12.1.10.2                 Products/Services/Solutions offered 209

12.1.10.3                 Recent developments           210

12.1.10.3.1             Deals      210

12.1.11   UPSTART POWER, INC. 211

12.1.11.1                 Business overview 211

12.1.11.2                 Products/Services/Solutions offered 211

12.1.11.3                 Recent developments           212

12.1.11.3.1             Deals      212

12.1.11.3.2             Product launches  212

12.1.12   NEW ENERDAY GMBH   213

12.1.12.1                 Business overview 213

12.1.12.2                 Products/Services/Solutions offered 213

12.1.12.3                 Recent developments           214

12.1.12.3.1             Product launches  214

12.1.12.3.2             Deals      214

12.2         OTHER PLAYERS              215

12.2.1      SPECIAL POWER SOURCES           215

12.2.2      OXEON ENERGY, LLC.    216

12.2.3      NEXCERIS            216

12.2.4      ADELAN               217

12.2.5      NINGBO SOFUREN ENERGY TECHNOLOGY CO., LTD.                 218

12.2.6      EDGE AUTONOMY          219

12.2.7      CHEMTRONERGY             219

12.3         R&D PLAYERS    220

12.3.1      FUELCELL ENERGY, INC.              220

12.3.1.1  Business overview 220

12.3.1.2  Products/Services/Solutions offered 221

12.3.1.3  Recent developments           221

12.3.1.3.1                Deals      221

12.3.1.3.2                Other developments             222

12.3.2      DOOSAN FUEL CELL CO., LTD.  223

12.3.2.1  Business overview 223

12.3.2.2  Products/Services/Solutions offered 224

12.3.2.3  Recent developments           224

12.3.2.3.1                Deals      224

12.3.2.3.2                Expansions             225

12.3.2.3.3                Other developments             225

12.3.3      ROBERT BOSCH GMBH 226

12.3.3.1  Business overview 226

12.3.3.2  Products/Services/Solutions offered 227

12.3.3.3  Recent developments           228

12.3.3.3.1                Deals      228

12.3.3.3.2                Other developments             228

12.4         OTHER R&D PLAYERS    229

12.4.1      POSCOENERGY 229

12.4.2      NISSAN MOTOR CO., LTD.            230

12.4.3      CUMMINS INC.  231

13            APPENDIX           232

13.1         INSIGHTS FROM INDUSTRY EXPERTS     232

13.2         DISCUSSION GUIDE        232

13.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                239

13.4         CUSTOMIZATION OPTIONS        241

13.5         RELATED REPORTS         241

13.6         AUTHOR DETAILS           242

LIST OF TABLES

TABLE 1                SOLID OXIDE FUEL CELL MARKET SNAPSHOT                 41

TABLE 2                SOLID OXIDE FUEL CELL MARKET: POLICIES TO STIMULATE HYDROGEN USE

IN MAJOR ECONOMIES 54

TABLE 3                SOLID OXIDE FUEL CELL MARKET: COST BREAK-UP,

BY STACK COMPONENT, 2020–2023          57

TABLE 4                SOLID OXIDE FUEL CELL MARKET: COST BREAK-UP, BY BALANCE OF PLANT (BOP) COMPONENT, 2020–2023        58

TABLE 5                INDICATIVE PRICE TREND OF SOLID OXIDE FUEL CELLS OFFERED BY 3

KEY PLAYERS, 2020–2023 (USD MILLION)               59

TABLE 6                AVERAGE SELLING PRICE TREND, BY REGION, 2020–2024 (USD/KW)       59

TABLE 7                ROLE OF COMPANIES IN LNG TERMINALS ECOSYSTEM       61

TABLE 8                LIST OF PATENTS, 2024–2025       66

TABLE 9                IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS,

BY COUNTRY, 2022–2024 (USD THOUSAND)         67

TABLE 10              EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS,

BY COUNTRY, 2022–2024 (USD THOUSAND)         68

TABLE 11              LIST OF KEY CONFERENCES AND EVENTS, 2025–2026        69

TABLE 12              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  70

TABLE 13              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  71

TABLE 14              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  71

TABLE 15              ROW: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  72

TABLE 16              REGULATIONS  72

TABLE 17              PORTER’S FIVE FORCES ANALYSIS            73

TABLE 18              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)                 75

TABLE 19              KEY BUYING CRITERIA, BY APPLICATION                 76

TABLE 20              US-ADJUSTED RECIPROCAL TARIFF RATES                 78

TABLE 21              EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END USER MARKET

DUE TO TARIFF IMPACT               79

TABLE 22              SOLID OXIDE FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            84

TABLE 23              SOLID OXIDE FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            84

TABLE 24              PLANAR: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            85

TABLE 25              PLANAR: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            85

TABLE 26              TUBULAR: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            86

TABLE 27              TUBULAR: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            86

TABLE 28              SOLID OXIDE FUEL CELL MARKET, BY COMPONENT, 2020–2024 (USD MILLION)              88

TABLE 29              SOLID OXIDE FUEL CELL MARKET, BY COMPONENT, 2025–2030 (USD MILLION)              88

TABLE 30              STACK: SOLID OXIDE FUEL CELLS MARKET, BY REGION,

2020–2024 (USD MILLION)            89

TABLE 31              STACK: SOLID OXIDE FUEL CELLS MARKET, BY REGION,

2025–2030 (USD MILLION)            89

TABLE 32              STACK: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2020–2024 (USD MILLION)            90

TABLE 33              STACK: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            90

TABLE 34              BALANCE OF PLANT: SOLID OXIDE FUEL CELL MARKET,

BY REGION, 2020–2024 (USD MILLION)   92

TABLE 35              BALANCE OF PLANT: SOLID OXIDE FUEL CELL MARKET,

BY REGION, 2025–2030 (USD MILLION)   92

TABLE 36              BALANCE OF PAYMENT: SOLID OXIDE FUEL CELL MARKET,

BY COMPONENTS, 2020–2024 (USD MILLION)     93

TABLE 37              BALANCE OF PAYMENT: SOLID OXIDE FUEL CELL MARKET,

BY COMPONENT, 2025–2030 (USD MILLION)        93

TABLE 38              SOLID OXIDE FUEL CELL MARKET: BY APPLICATION, 2020–2024 (USD MILLION)              96

TABLE 39              SOLID OXIDE FUEL CELL MARKET: BY APPLICATION, 2025–2030 (USD MILLION)              97

TABLE 40              PORTABLE: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            97

TABLE 41              PORTABLE: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            98

TABLE 42              STATIONARY: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            98

TABLE 43              STATIONARY: SOILID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            99

TABLE 44              STATIONARY: SOLID OXIDE FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            99

TABLE 45              STATIONARY: SOLID OXIDE FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            99

TABLE 46              PRIMARY: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY,

BY REGION, 2020–2024 (USD MILLION)   100

TABLE 47              PRIMARY: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY,

BY REGION, 2025–2030 (USD MILLION)   100

TABLE 48              BACKUP: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY,

BY REGION, 2020–2024 (USD MILLION)   101

TABLE 49              BACKUP: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY:

BY REGION, 2025–2030 (USD MILLION)   102

TABLE 50              COMBINED HEAT & POWER: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY, BY REGION, 2020–2024 (USD MILLION)            102

TABLE 51              COMBINED HEAT & POWER: SOLID OXIDE FUEL CELL MARKET FOR STATIONARY, BY REGION, 2025–2030 (USD MILLION)            103

TABLE 52             TRANSPORT: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            104

TABLE 53             TRANSPORT: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            104

TABLE 54              SOLID OXIDE FUEL CELL MARKET: BY END USER, 2020–2024 (USD MILLION)                106

TABLE 55              SOLID OXIDE FUEL CELL MARKET: BY END USER, 2025–2030 (USD MILLION)                106

TABLE 56              RESIDENTIAL: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            107

TABLE 57              RESIDENTIAL: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            107

TABLE 58              COMMERCIAL & INDUSTRY: SOLID OXIDE FUEL CELL MARKET,

BY REGION, 2020–2024 (USD MILLION)   108

TABLE 59              COMMERCIAL & INDUSTRY: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            108

TABLE 60              DATA CENTERS: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            109

TABLE 61              DATA CENTERS: SOLID OXIDE FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            109

TABLE 62              MILITARY & DEFENSE: SOLID OXIDE FUEL CELL MARKET,

BY REGION, 2020–2024 (USD MILLION)   110

TABLE 63              MILITARY & DEFENSE: SOLID OXIDE FUEL CELL MARKET,

BY REGION, 2025–2030 (USD MILLION)   111

TABLE 64              SOLID OXIDE FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            114

TABLE 65              SOLID OXIDE FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            114

TABLE 66              SOLID OXIDE FUEL CELL MARKET, BY REGION, 2020–2024 (MW) 114

TABLE 67              SOLID OXIDE FUEL CELL MARKET, BY REGION, 2025–2030 (MW) 115

TABLE 68              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2020–2024 (USD MILLION)            116

TABLE 69              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2025–2030 (USD MILLION)            117

TABLE 70              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            117

TABLE 71              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            117

TABLE 72              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION, 2020–2024 (USD MILLION)            117

TABLE 73              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION, 2025–2030 (USD MILLION)            118

TABLE 74              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            118

TABLE 75              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            118

TABLE 76              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2020–2024 (USD MILLION)            119

TABLE 77              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            119

TABLE 78              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY, 2020–2024 (MW)                119

TABLE 79              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY, 2025–2030 (MW)                119

TABLE 80              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY,

2020–2024 (USD MILLION)            120

TABLE 81              ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            120

TABLE 82              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                121

TABLE 83              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                121

TABLE 84              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (US MILLION)                121

TABLE 85              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            121

TABLE 86              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            122

TABLE 87              CHINA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            122

TABLE 88              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                122

TABLE 89              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                123

TABLE 90              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            123

TABLE 91              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            123

TABLE 92              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            123

TABLE 93              JAPAN: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            124

TABLE 94              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2020–2024 (USD MILLION)            124

TABLE 95              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2025–2030 (USD MILLION)            125

TABLE 96              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            125

TABLE 97              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            125

TABLE 98              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            125

TABLE 99              SOUTH KOREA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            126

TABLE 100            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2020–2024 (USD MILLION)         126

TABLE 101            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2025–2030 (USD MILLION)         127

TABLE 102            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2020–2024 (USD MILLION)               127

TABLE 103            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2025–2030 (USD MILLION)               127

TABLE 104            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2020–2024 (USD MILLION)       128

TABLE 105            REST OF ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2025–2030 (USD MILLION)       128

TABLE 106            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2020–2024 (USD MILLION)         129

TABLE 107            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2025–2030 (USD MILLION)         130

TABLE 108            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2020–2024 (USD MILLION)       130

TABLE 109            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2025–2030 (USD MILLION)       130

TABLE 110            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY STATIONARY APPLICATION, 2020–2024 (USD MILLION)                 130

TABLE 111            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY STATIONARY APPLICATION, 2025–2030 (USD MILLION)                 131

TABLE 112            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2020–2024 (USD MILLION)               131

TABLE 113            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2025–2030 (USD MILLION)               131

TABLE 114            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COMPONENT, 2020–2024 (USD MILLION)        132

TABLE 115            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COMPONENT, 2025–2030 (USD MILLION)        132

TABLE 116            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COUNTRY, 2020–2024 (MW)   132

TABLE 117            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COUNTRY, 2025–2030 (MW)   132

TABLE 118            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COUNTRY, 2020–2024 (USD MILLION)               133

TABLE 119            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET,

BY COUNTRY, 2025–2030 (USD MILLION)               133

TABLE 120          US: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)            134

TABLE 121          US: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)            134

TABLE 122            US: SOLID OXIDE FUEL CELLS MARKET, BY END USER, 2020–2024 (USD MILLION)                134

TABLE 123            US: SOLID OXIDE FUEL CELLS MARKET, BY END USER, 2025–2030 (USD MILLION)                135

TABLE 124            US: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            135

TABLE 125            US: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            135

TABLE 126            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)         136

TABLE 127            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)         136

TABLE 128            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            137

TABLE 129            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            137

TABLE 130            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            137

TABLE 131            CANADA: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            137

TABLE 132            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                138

TABLE 133            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                138

TABLE 134            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            138

TABLE 135            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            139

TABLE 136            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION,

2020–2024 (USD MILLION)            139

TABLE 137            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION,

2025–2030 (USD MILLION)            139

TABLE 138            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            139

TABLE 139            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            140

TABLE 140            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2020–2024 (USD MILLION)            140

TABLE 141            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            140

TABLE 142            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY, 2020–2024 (MW)          140

TABLE 143            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY, 2025–2030 (MW)          141

TABLE 144            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY,

2020–2024 (USD MILLION)            141

TABLE 145            EUROPE: SOLID OXIDE FUEL CELLS MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            141

TABLE 146            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2020–2024 (USD MILLION)            142

TABLE 147            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY TYPE,

2025–2030 (USD MILLION)            142

TABLE 148            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            142

TABLE 149            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            143

TABLE 150            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            143

TABLE 151            GERMANY: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            143

TABLE 152            UK: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                144

TABLE 153            UK: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                144

TABLE 154            UK: SOLID OXIDE FUEL CELLS MARKET, BY END USER, 2020–2024 (USD MILLION)                144

TABLE 155            UK: SOLID OXIDE FUEL CELLS MARKET, BY END USER, 2025–2030 (USD MILLION)                145

TABLE 156            UK: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            145

TABLE 157            UK: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            145

TABLE 158            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                146

TABLE 159            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                146

TABLE 160            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            146

TABLE 161            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            146

TABLE 162            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            147

TABLE 163            ITALY: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            147

TABLE 164            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2020–2024 (USD MILLION)         148

TABLE 165            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY TYPE, 2025–2030 (USD MILLION)         148

TABLE 166            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2020–2024 (USD MILLION)               148

TABLE 167            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY END USER, 2025–2030 (USD MILLION)               148

TABLE 168            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2020–2024 (USD MILLION)       149

TABLE 169            REST OF EUROPE: SOLID OXIDE FUEL CELLS MARKET,

BY APPLICATION, 2025–2030 (USD MILLION)       149

TABLE 170            ROW: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2020–2024 (USD MILLION)                150

TABLE 171            ROW: SOLID OXIDE FUEL CELLS MARKET, BY TYPE, 2025–2030 (USD MILLION)                150

TABLE 172            ROW: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            150

TABLE 173            ROW: SOLID OXIDE FUEL CELLS MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            150

TABLE 174            ROW: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION,

2020–2024 (USD MILLION)            151

TABLE 175            ROW: SOLID OXIDE FUEL CELLS MARKET, BY STATIONARY APPLICATION,

2025–2030 (USD MILLION)            151

TABLE 176            ROW: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2020–2024 (USD MILLION)            151

TABLE 177            ROW: SOLID OXIDE FUEL CELLS MARKET, BY END USER,

2025–2030 (USD MILLION)            151

TABLE 178            ROW: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2020–2024 (USD MILLION)            152

TABLE 179            ROW: SOLID OXIDE FUEL CELLS MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            152

TABLE 180            SOLID OXIDE FUEL CELL MARKET: OVERVIEW OF STRATEGIES ADOPTED

BY KEY PLAYERS, JANUARY 2020– MAY 2025          154

TABLE 181            SOLID OXIDE FUEL CELL MARKET: DEGREE OF COMPETITION, 2024       156

TABLE 182            SOLID OXIDE FUEL CELL MARKET: REGION FOOTPRINT       163

TABLE 183            SOLID OXIDE FUEL CELL MARKET: TYPE FOOTPRINT       164

TABLE 184            SOLID OXIDE FUEL CELL MARKET: APPLICATION FOOTPRINT         165

TABLE 185            SOLID OXIDE FUEL CELL MARKET: COMPONENT FOOTPRINT          166

TABLE 186            SOLID OXIDE FUEL CELL MARKET: END USER FOOTPRINT       167

TABLE 187            SOLID OXIDE FUEL CELL MARKET: LIST OF KEY STARTUPS/SMES              170

TABLE 188            COMPANY TYPE FOOTPRINT: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, 2024                171

TABLE 189            SOLID OXIDE FUEL CELL MARKET: DEALS, JANUARY 2020–MAY 2025               172

TABLE 190            SOLID OXIDE FUEL CELL MARKET: OTHER EXPANSIONS,

JANUARY 2020–MAY 2025               173

TABLE 191            SOLID OXIDE FUEL CELL MARKET: OTHER DEVELOPMENTS,

JANUARY 2020–MAY 2025               174

TABLE 192            BLOOM ENERGY: COMPANY OVERVIEW                 175

TABLE 193            BLOOM ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED    176

TABLE 194            BLOOM ENERGY: PRODUCT LAUNCHES                 177

TABLE 195            BLOOM ENERGY: DEALS               177

TABLE 196            BLOOM ENERGY: OTHER DEVELOPMENTS                 182

TABLE 197            AISIN CORPORATION: COMPANY OVERVIEW                 184

TABLE 198            AISIN CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED    185

TABLE 199            AISIN CORPORATION: DEALS    186

TABLE 200            MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW   188

TABLE 201            MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SERVICES/

SOLUTIONS OFFERED   189

TABLE 202            MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS                 190

TABLE 203            MITSUBISHI HEAVY INDUSTRIES, LTD.: EXPANSIONS     191

TABLE 204            KYOCERA CORPORATION: COMPANY OVERVIEW          192

TABLE 205            KYOCERA CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED    194

TABLE 206            KYOCERA CORPORATION: OTHER DEVELOPMENTS              194

TABLE 207            MIURA CO., LTD.: COMPANY OVERVIEW                 196

TABLE 208            MIURA CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED    197

TABLE 209            CONVION: COMPANY OVERVIEW             198

TABLE 210            CONVION: PRODUCTS/SERVICES/SOLUTIONS OFFERED             198

TABLE 211            CONVION: DEALS            199

TABLE 212            CONVION: OTHER DEVELOPMENTS       199

TABLE 213            WATT FUEL CELL: COMPANY OVERVIEW                 200

TABLE 214            WATT FUEL CELL: PRODUCTS/SERVICES/SOLUTIONS OFFERED    200

TABLE 215            WATT FUEL CELL: PRODUCT LAUNCHES                 201

TABLE 216            WATT FUEL CELL: DEALS             201

TABLE 217            WATT FUEL CELL: EXPANSIONS                202

TABLE 218            ELCOGEN AS: COMPANY OVERVIEW      203

TABLE 219            ELCOGEN AS: PRODUCTS/SERVICES/SOLUTIONS OFFERED    204

TABLE 220            ELCOGEN AS: DEALS      204

TABLE 221            ELCOGEN AS: OTHER DEVELOPMENTS 206

TABLE 222            SOLYDERA SPA: COMPANY OVERVIEW  207

TABLE 223            SOLYDERA SPA: PRODUCTS/SERVICES/SOLUTIONS OFFERED    207

TABLE 224            SOLYDERA SPA: DEALS 208

TABLE 225            SOLYDERA SPA: OTHER DEVELOPMENTS                 208

TABLE 226            H2E POWER: COMPANY OVERVIEW         209

TABLE 227            H2E POWER: PRODUCTS/SERVICES/SOLUTIONS OFFERED    209

TABLE 228            H2E POWER: DEALS        210

TABLE 229            UPSTART POWER, INC.: COMPANY OVERVIEW                 211

TABLE 230            UPSTART POWER, INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED    211

TABLE 231            UPSTART POWER, INC.: DEALS  212

TABLE 232            UPSTART POWER, INC.: PRODUCT LAUNCHES                 212

TABLE 233            NEW ENERDAY GMBH: COMPANY OVERVIEW                 213

TABLE 234            NEW ENERDAY GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED    213

TABLE 235            NEW ENERDAY GMBH: PRODUCT LAUNCHES                 214

TABLE 236            NEW ENERDAY GMBH: DEALS   214

TABLE 237            SPECIAL POWER SOURCES: COMPANY OVERVIEW          215

TABLE 238            OXEON ENERGY, LLC.: COMPANY OVERVIEW                 216

TABLE 239            NEXCERIS: COMPANY OVERVIEW             216

TABLE 240            ADELAN: COMPANY OVERVIEW                217

TABLE 241            NINGBO SOFUREN ENERGY TECHNOLOGY CO., LTD.: COMPANY OVERVIEW       218

TABLE 242            EDGE AUTONOMY: COMPANY OVERVIEW                 219

TABLE 243            CHEMTRONERGY: COMPANY OVERVIEW                 219

TABLE 244            FUELCELL ENERGY, INC.: COMPANY OVERVIEW                 220

TABLE 245            FUELCELL ENERGY, INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED    221

TABLE 246            FUELCELL ENERGY, INC.: DEALS               221

TABLE 247            FUELCELL ENERGY, INC.: OTHER DEVELOPMENTS              222

TABLE 248            DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW          223

TABLE 249            DOOSAN FUEL CELL CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED    224

TABLE 250            DOOSAN FUEL CELL CO., LTD.: DEALS  224

TABLE 251            DOOSAN FUEL CELL CO., LTD.: EXPANSIONS                 225

TABLE 252            DOOSAN FUEL CELL CO., LTD.: OTHER DEVELOPMENTS              225

TABLE 253            ROBERT BOSCH GMBH: COMPANY OVERVIEW                 226

TABLE 254            ROBERT BOSCH GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED    227

TABLE 255            ROBERT BOSCH GMBH: DEALS 228

TABLE 256            ROBERT BOSCH GMBH: OTHER DEVELOPMENTS              228

TABLE 257            POSCOENERGY: COMPANY OVERVIEW 229

TABLE 258            NISSAN MOTOR CO., LTD.: COMPANY OVERVIEW          230

TABLE 259            CUMMINS INC.: COMPANY OVERVIEW  231

LIST OF FIGURES

FIGURE 1              SOLID OXIDE FUEL CELL MARKET AND REGIONAL SEGMENTATION       26

FIGURE 2              SOLID OXIDE FUEL CELL MARKET: RESEARCH DESIGN                30

FIGURE 3              DATA TRIANGULATION                33

FIGURE 4              SOLID OXIDE FUEL CELL MARKET: INDUSTRY/REGION- WISE ANALYSIS      34

FIGURE 5              SOLID OXIDE FUEL CELL MARKET: TOP-DOWN APPROACH         35

FIGURE 6              MAIN METRICS CONSIDERED FOR ANALYZING DEMAND FOR

SOLID OXIDE FUEL CELLS            36

FIGURE 7              KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF SOLID OXIDE FUEL CELLS   38

FIGURE 8              SOLID OXIDE FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS 38

FIGURE 9              SOLID OXIDE FUEL CELL MARKET: MARKET SHARE ANALYSIS              39

FIGURE 10            PLANAR TO DOMINATE SOLID OXIDE FUEL CELL MARKET IN 2025    42

FIGURE 11            BALANCE OF PLANT (BOP) SEGMENT TO SECURE LARGEST MARKET

SHARE IN 2030   42

FIGURE 12            STATIONARY APPLICATION TO DOMINATE MARKET IN 2030                43

FIGURE 13            COMMERCIAL & INDUSTRIAL SEGMENT TO HOLD LARGEST SHARE OF SOLID OXIDE FUEL CELL MARKET IN 2025        43

FIGURE 14            ASIA PACIFIC HELD LARGEST SHARE OF SOLID OXIDE FUEL CELL MARKET IN 2024          44

FIGURE 15            INCREASING FOCUS ON CLEAN POWER GENERATION TO BOOST SOLID OXIDE FUEL CELL MARKET GROWTH BETWEEN 2025 AND 2030          45

FIGURE 16            PLANAR SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2030 45

FIGURE 17            BALANCE OF PLANT (BOP) COMPONENT TO SECURE LARGER MARKET

SHARE IN 2030   46

FIGURE 18            STATIONARY APPLICATION TO GARNER LARGEST MARKET SHARE IN 2030             46

FIGURE 19            COMMERCIAL & INDUSTRIAL END USERS TO HOLD LARGEST MARKET

SHARE IN 2030   47

FIGURE 20            STATIONARY APPLICATION AND CHINA TO ACCOUNT FOR LARGEST SHARES OF ASIA PACIFIC SOLID OXIDE FUEL CELL MARKET IN 2025          47

FIGURE 21            ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD       48

FIGURE 22            SOLID OXIDE FUEL CELL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES          49

FIGURE 23            GLOBAL INVESTMENT IN CLEAN ENERGY, 2018–2025 (USD BILLION)        50

FIGURE 24            PLATINUM PRICES, USD/PER TROY OUNCE, 2018–2024              52

FIGURE 25            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   56

FIGURE 26            SOLID OXIDE FUEL CELL MARKET: STACK MANUFACTURING

COST PER KW, 2020–2023               58

FIGURE 27            AVERAGE SELLING PRICE TREND, BY REGION, 2020–2024 (USD/KW)       59

FIGURE 28            SUPPLY CHAIN ANALYSIS             60

FIGURE 29            SOLID OXIDE FUEL CELL ECOSYSTEM   62

FIGURE 30            PATENTS APPLIED AND GRANTED, 2015–2024                 65

FIGURE 31            IMPORT DATA FOR HS CODE 280410 -COMPLIANT PRODUCTS,

BY COUNTRY, 2022–2024                67

FIGURE 32            EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS,

BY COUNTRY, 2022–2024                68

FIGURE 33            PORTER’S FIVE FORCES ANALYSIS            73

FIGURE 34            INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION       75

FIGURE 35            KEY BUYING CRITERIA, BY APPLICATION                 75

FIGURE 36            IMPACT OF AI/GEN AI ON SOLID OXIDE FUEL SUPPLY CHAIN, BY REGION        77

FIGURE 37            PLANAR SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2024 84

FIGURE 38            BALANCE OF PLANT ACCOUNTED FOR LARGER MARKET SHARE IN 2024 88

FIGURE 39            SOLID OXIDE FUEL CELL MARKET, BY APPLICATION, 2024         96

FIGURE 40            SOLID OXIDE FUEL CELL MARKET, BY END USER, 2024           106

FIGURE 41            ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD       113

FIGURE 42            SOLID OXIDE FUEL CELL MARKET, BY REGION, 2024        113

FIGURE 43            ASIA PACIFIC: SOLID OXIDE FUEL CELLS MARKET SNAPSHOT       116

FIGURE 44            NORTH AMERICA: SOLID OXIDE FUEL CELLS MARKET SNAPSHOT       129

FIGURE 45            MARKET SHARE ANALYSIS OF COMPANIES OFFERING SOLID OXIDE

FUEL CELLS, 2024              156

FIGURE 46            SOLID OXIDE FUEL CELL MARKET: REVENUE ANALYSIS OF KEY PLAYERS,

2020–2024              158

FIGURE 47            COMPANY VALUATION 159

FIGURE 48            FINANCIAL METRICS (EV/EBITDA)          159

FIGURE 49            BRAND COMPARISON   160

FIGURE 50            SOLID OXIDE FUEL CELL MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       161

FIGURE 51            SOLID OXIDE FUEL CELL MARKET: COMPANY FOOTPRINT       162

FIGURE 52            SOLID OXIDE FUEL CELL MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 169

FIGURE 53            BLOOM ENERGY: COMPANY SNAPSHOT                 176

FIGURE 54            AISIN CORPORATION: COMPANY SNAPSHOT                 185

FIGURE 55            MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT   189

FIGURE 56            KYOCERA CORPORATION: COMPANY SNAPSHOT          193

FIGURE 57            MIURA CO., LTD.: COMPANY SNAPSHOT                 196

FIGURE 58            FUELCELL ENERGY, INC.: COMPANY SNAPSHOT                 220

FIGURE 59            DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT          223

FIGURE 60            ROBERT BOSCH GMBH: COMPANY SNAPSHOT                 227