Asia Pacific Solid Oxide Fuel Cell Market Size & Outlook
Asia Pacific solid oxide fuel cell market, 2018-2030 (US$M)
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Asia Pacific solid oxide fuel cell market highlights
- The Asia Pacific solid oxide fuel cell market generated a revenue of USD 219.0 million in 2022.
- The market is expected to grow at a CAGR of 39.3% from 2023 to 2030.
- In terms of segment, stationary was the largest revenue generating application in 2022.
- Transportation is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, South Korea is expected to register the highest CAGR from 2023 to 2030.
Asia Pacific data book summary
| Market revenue in 2022 | USD 219.0 million |
| Market revenue in 2030 | USD 3,107.7 million |
| Growth rate | 39.3% (CAGR from 2022 to 2030) |
| Largest segment | Stationary |
| Fastest growing segment | Transportation |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Stationary, Transportation, Portable |
| Key market players worldwide | Bloom Energy Corp Class A, Mitsubishi Corp, Cummins Inc, Ceres Power Holdings PLC, GE Aerospace, FuelCell Energy Inc, Kyocera Corp, Avalon Advanced Materials Inc, Niterra Co Ltd |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 47.8% of the global solid oxide fuel cell market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,107.7 million by 2030.
Key Regions: Japan , U.S. , UK , China , South Korea
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Solid Oxide Fuel Cell Market Scope
Solid Oxide Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific solid oxide fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solid oxide fuel cell market will help companies and investors design strategic landscapes.
Stationary was the largest segment with a revenue share of 88.86% in 2022. Horizon Databook has segmented the Asia Pacific solid oxide fuel cell market based on stationary, transportation, portable covering the revenue growth of each sub-segment from 2018 to 2030.
The dominance of Asia Pacific in the global solid oxide fuel cell market is expected to continue over the forecast period. Asia Pacific is anticipated to account for a major share of the global capacity demand in the coming years, with Japan being the epicenter of this demand. Solid oxide fuel cells majorly find widescale applications in stationary segment in Asia Pacific.
The market is expected to witness the highest growth rate over the forecast period. Companies involved in the development and manufacturing of solid oxide fuel cells in Asia Pacific are also engaged in research & development activities to optimize product efficiency and cost. Currently, Japan and South Korea are dominating the SOFC market in the region owing to the supportive policies that have led to higher adoption compared to other Asia Pacific countries.
Countries such as India, Singapore, and Malaysia are still in the process of framing regulations to support the growth of alternative energy markets. The demand for solid oxide fuel cells in India, Thailand, Singapore is driven by research institutes and government bodies involved in testing the operating hours of solid oxide fuel cells. These factors are expected to boost the growth of the SOFC market in the region over the forecast period.
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Target buyers of Asia Pacific solid oxide fuel cell market databook
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Our clientele includes a mix of solid oxide fuel cell market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific solid oxide fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific solid oxide fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific solid oxide fuel cell market size, by country, 2018-2030 (US$M)
Asia Pacific Solid Oxide Fuel Cell Market Outlook Share, 2022 & 2030 (US$M)
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