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Solid oxide fuel cells market is expected to reach $21.3 B by 2033

According to a recent report by, the global solid oxide fuel cells (SOFCs) market size is expected to be worth around $21.3 B by 2033 from $1.4 B in 2023, growing at a CAGR of 31.3% during the forecast period from 2024 to 2033.

The SOFC market encompasses the production, distribution, and deployment of a specific type of fuel cell technology known for its high efficiency and low emissions. SOFCs are a category of electrochemical conversion devices that generate electricity directly from oxidizing a fuel.

SOFCs market represents a significant segment of the advanced energy technology sector, offering solutions for efficient, clean, and reliable power generation. Its growth is closely tied to global energy trends, technological advancements, and environmental policies.

Key takeaway:

  • The SOFC market is to reach $21.3 B by 2033, with an impressive CAGR of 31.3% from 2023 to 2033.
  • Collaborations fuel market growth, making SOFCs a leading alternative power source.
  • Planar SOFCs hold a 61% market share in 2023 due to efficiency and compact design.
  • Stationary systems constitute 62% of 2023 revenue, known for efficiency in heat and electricity generation.
  • APAC leads with 46.8% revenue share in 2023, with Japan at the forefront.