Home > Energy & Power > Emerging Energy Technologies > Fuel Cell > Asia Pacific Solid Oxide Fuel Cell Market

Asia Pacific Solid Oxide Fuel Cell Market Trends

Report ID: GMI7321
Published Date: Nov 2024
Report Format: PDF

Download Free Sample

Asia Pacific Solid Oxide Fuel Cell Market Trends

Increased environmental awareness combined with government led sustainable building initiatives is set to enhance the business landscape. Growing emphasis on alternative energy solutions along with a surging demand for electricity will further propel the market dynamics. Policy incentives, subsidies for clean energy technologies, and favorable regulations for fuel cell development are accelerating the adoption of SOFC systems in the region.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The Asia Pacific market for solid oxide fuel cell was reached USD 1.06 billion in 2024 and is estimated to grow at a 9.7% CAGR from 2025 to 2034, driven by rising demand for unconventional energy sources and robust R&D initiatives.

The planar segment is anticipated to exceed USD 1.5 billion by 2034, owing to its ability to operate on diverse fuel sources and provide grid support and backup power during outages.

The transport segment is expected to grow at a CAGR of 13% through 2034, supported by on-site power generation, minimized transmission losses, and improved energy efficiency.

Japan's solid oxide fuel cell market is projected to surpass USD 1.3 billion by 2034, led by growing product innovation, rising adoption of hydrogen as a fuel source, and government-backed regulatory frameworks.

Key players in the Asia Pacific solid oxide fuel cell industry include Aisin Corporation, Ballard Power Systems, Bloom Energy, Cummins, Doosan Fuel Cell, Fuel Cell Energy, Fuji Electric, Hyundai Motor Company, Nuvera Fuel Cells, Plug Power, Panasonic Corporation, Robert Bosch, SFC Energy, Toshiba Corporation, and Tw Horizon Fuel Cell Technologies.