South Korea Solid Oxide Fuel Cell Market Size & Outlook
South Korea solid oxide fuel cell market, 2018-2030 (US$M)
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South Korea solid oxide fuel cell market highlights
- The South Korea solid oxide fuel cell market generated a revenue of USD 45.6 million in 2022 and is expected to reach USD 1,092.5 million by 2030.
- The South Korea market is expected to grow at a CAGR of 48.8% 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.
Solid oxide fuel cell market data book summary
| Market revenue in 2022 | USD 45.6 million |
| Market revenue in 2030 | USD 1,092.5 million |
| Growth rate | 48.8% (CAGR from 2022 to 2030) |
| Largest segment | Stationary |
| Fastest growing segment | Transportation |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 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, South Korea accounted for 9.9% of the global solid oxide fuel cell market in 2022.
- Country-wise, Japan is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan solid oxide fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,092.5 million by 2030.
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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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South Korea 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 89.04% in 2022. Horizon Databook has segmented the South Korea solid oxide fuel cell market based on stationary, transportation, portable covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea solid oxide fuel cell market is driven by the country’s increasing focus on the deployment of new and renewable energy (NRE) as fuel cells for a sustainable option. The country is one of the largest carbon dioxide emitters and imports most of its energy. Various fuel cell stakeholders in the country are focused on substantially boosting the growth of hydrogen fuel cell electric vehicles.
Supporting policies and plans in the country have prompted several fuel cell vendors to enhance their footprint in the country. For instance, in November 2018, Bloom Energy, which is one of the major companies known for deploying large scale SOFC systems for stationary power applications, announced a strategic agreement with SK Engineering and Construction (SK E&C). As per the agreement, the latter has become a distributor of Bloom Energy Server solid oxide fuel cell systems in South Korea.
As a result of this collaboration, Bloom Energy deployed large-scale SOFC-based stationary power projects in the country with varying capacities of 8.35 MW, 7.8 MW, and cumulative installation of 28 MW in 2018, 2019, and 2020, respectively. These factors and initiatives taken by SOFC vendors in the country are expected to result in making South Korea emerge with the fastest growth rate in Asia Pacific over the forecast period.
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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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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea solid oxide fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into South Korea solid oxide fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea solid oxide fuel cell market size, by application, 2018-2030 (US$M)
South Korea Solid Oxide Fuel Cell Market Outlook Share, 2022 & 2030 (US$M)
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