Asia Pacific Solid Oxide Fuel Cell Market Size - By Type (Planar, Tubular), By Application (Solid Oxide, Portable, Transport), By End Use (CHP, Power Generation), 2023 – 2032

Asia Pacific Solid Oxide Fuel Cell Market Size

Asia Pacific Solid Oxide Fuel Cell Market was valued at 238 million in 2022 and is projected to expand at 1.1% CAGR between 2023 and 2032. Potential utilization across portable power systems and transportation, including fuel cell vehicles along with ongoing research and development to improve efficiency, reduce costs, and expand its range of applications will augment to business growth.
 

Ongoing efforts for rural electrification to provide reliable source of power coupled with significant investments in developing the hydrogen infrastructure will boost the industry outlook. For instance, in October 2021, poscoenergy completed the construction of the Shinincheon Bitdream fuel cell power plant, the world's largest hydrogen plant with the capacity to deliver power to nearly 250,000 homes per year. Further, the plant development will continue to complement the business growth.
 

COVID- 19 Impact

The COVID- 19 outbreak had an impact on overall industry growth owing to frequent project delays caused by geographical constraints and government mandates. However, the industry had recovered its strength as a result of the government authorities relaxing their lockdown and reopening of industrial facilities, manufacturing plants, and transportation sector. Moreover, focused investments in new projects and infrastructure modernization will enhance the business scenario.
 

Asia Pacific Solid Oxide Fuel Cell Market Trends

Ability to operate on a wide range of fuels, including hydrogen, natural gas, biogas, and syngas in line with changing consumer preferences for stable and secure power source will propel the business dynamics. Moreover, focus on maximizing the energy output along with increased demand for reliable and efficient power generation will stimulate the product adoption. Further, innovations in SOFC materials, designs, and integration will continue to drive the market growth.
 

Asia Pacific Solid Oxide Fuel Cell Market Analysis

Based on type, the planar fuel cell market will cross USD 199 million by 2032 owing to their versatility to operate on various fuel sources, including hydrogen and natural gas in conjunction with ability to provide grid support and backup power during grid outages, enhancing energy resilience. Additionally, ongoing research and development efforts to improve planar SOFC technology, enhancing its performance, durability, and cost-effectiveness will further influence the product demand.
 

Based on application, the transport solid oxide fuel cell market is anticipated to witness 3.5% growth rate from 2023 to 2032. Features such as on-site power generation, reducing transmission losses, and enhancing energy efficiency in line with offering clean energy solutions for transportation sector will complement the business landscape. Furthermore, increasing investments in hydrogen refueling infrastructure combined with growing integration of these technologies into commercial and public transport vehicles such as buses and trucks for long driving ranges, rapid refueling, and reduced operating costs will foster the business potential.
 

Power generation market valuation is estimated to reach USD 124 million by 2032 owing to high electrical efficiency in line with capability to produce minimal emissions during electricity generation. Growing environmental consciousness along with sustainable building development schemes by various government bodies will boost the business scenario. In addition to, rising focus towards alternative power solutions utilization coupled with rising demand for electricity will accelerate the market trends.
 

Japan solid oxide fuel cell market is poised to observe about 0.5% CAGR through 2032. Increasing utilization of hydrogen as a fuel source in line with several industry players making efforts for product innovation will sway the industry potential. Measure to encourage investment in fuel cell technology along with government implementing supportive regulatory frameworks will considerably thrust the business outlook. Thereby, changing inclination towards renewable energy coupled with strategic partnerships and acquisitions will further strengthen the industry trends.
 

Asia Pacific Solid Oxide Fuel Cell Market Share

Eminent players operating in the Asia Pacific Solid Oxide fuel cell industry are:

• Cummins Inc.
• Ballard Power Systems
• PLUG POWER INC.
• NUVERA FUEL CELLS, LLC.
• Bloom Energy
• Panasonic Corporation
• Doosan Fuel Cell Co., Ltd.
• AISIN CORPORATION
• SFC Energy AG
• TOSHIBA CORPORATION
• Robert Bosch GmbH
• TW Horizon Fuel Cell Technologies
• Fuel Cell Energy, Inc.
• Fuji Electric Co., Ltd.
• Hyundai Motor Company

Asia Pacific Solid Oxide Fuel Cell Industry News

• In December 2022, Bloom Energy signed an agreement with Unimicron for the deployment of fuel cells at its plant in Taiwan. The installation, estimated to be completed by 2026, will enable Bloom Energy to deploy solid oxide fuel-cell-based energy servers in four Asian countries. The technology is capable of providing reliable, high-quality, and clean power. Henceforth, the company was able to showcase its capabilities and significantly support the decarbonization goals of the industry.
   
• In July 2021, Bloom Energy, in collaboration with SK Engineering & Construction, launched its Combined Heat & Power project to install multi megawatt utility scale SOFC in South Korea. This initiative supports its SOFC technology, which is configured in the Power Tower format, offering multi megawatt servers in pillar architecture. This project, in combination with the SOFC technology, was estimated to provide better efficiency along with generating clean & resilient energy.
   

This Asia Pacific Solid Oxide fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:

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Market, By Type

• Planar
• Tubular

Market, By Application

• Solid Oxide
• Portable
• Transport

Market, By End Use

• CHP
• Power generation
• Others

The above information has been provided for the following country across the region.

• China
• Japan
• South Korea
• India
• Philippines
• Vietnam
• Rest of Asia Pacific