South Korea Solid Oxide Fuel Cell Market Size & Outlook

The solid oxide fuel cell market in South Korea is expected to reach a projected revenue of US$ 1,092.5 million by 2030. A compound annual growth rate of 48.8% is expected of South Korea solid oxide fuel cell market from 2023 to 2030.
Revenue, 2022 (US$M)
$45.6
Forecast, 2030 (US$M)
$1,092.5
CAGR, 2023 - 2030
48.7%
Report Coverage
South Korea

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 2022USD 45.6 million
Market revenue in 2030USD 1,092.5 million
Growth rate48.8% (CAGR from 2022 to 2030)
Largest segmentStationary
Fastest growing segmentTransportation
Historical data2018 - 2021
Base year2022
Forecast period2023 - 2030
Quantitative unitsRevenue in USD million
Market segmentationStationary, Transportation, Portable
Key market players worldwideBloom 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 segmentation & scope

Solid Oxide Fuel Cell Market Companies

Name Profile # Employees HQ Website

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.

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 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.

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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)

South Korea solid oxide fuel cell market size, by application, 2018-2030 (US$M)

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