SOEC Electrolyzer Market Size, Share, Opportunities, And Trends By Component (BOP, Stack), By Application (Hydrogen Production, Industrial Process, Others), By End-User (Power, Transportation, Refineries, Others), And By Geography - Forecasts From 2024 To 2029

The SOEC electrolyzer market is estimated to be around US$323.665 million in 2024 and is anticipated to grow to US$3,363.418 million by 2029 at a CAGR of 59.71%.

A solid oxide electrolyzer cell (SOEC) is a type of solid oxide fuel cell, that due to its regenerative electrolysis capabilities is used as a high electrochemical energy conversion device. The SOEC operates in the regenerative mode to achieve the electrolysis and uses ceramic electrolytes to attain hydrogen and oxygens. Due to less energy usage, SOEC is also helpful in reducing the hydrogen production cost.

One of the major driving factors for the SOEC electrolyzer market growth globally is the increase in the demand for hydrogen, especially as a fuel alternative for the automotive industries. With the ongoing shift towards zero-emission vehicles to minimize the carbon footprint, the demand for new energy vehicles has gained traction over the years, thereby improving the market footprint.

 Similarly, the increase in the global energy demand, for commercial, residential, or industrial use, is also expected to boost the demand for hydrogen, simultaneously increasing the market demand for SOEC electrolyzers. Additionally, in the global initiative to attain net zero emission, especially in the energy industry, the optimum choice for governmental organizations and industries is to shift towards hydrogen as a form of natural fuel.  

SOEC Electrolyzer Market Drivers:

• Growing hydrogen demand as an alternative for automotive fuel will accelerate the market growth.

Hydrogen vehicles or Fuel Cell Electric Vehicles (FCEVs) reduce the carbon footprint and offer lower operational costs. Based on a form of clean energy source such vehicles also reduce the time of refill as compared to the charging time of an EV. Owing to their high-performance benefits over electric and ICE-based vehicles the demand for hydrogen or Fuel-cell electric vehicles is witnessing a positive growth, which has elevated their sales volume.

According to the Hydrogen Council’s “Hydrogen Insight 2023” report, the global cumulative fuel-cell vehicles as of June 2023 stood at 79,000 units which represented a 10% from the end of 2022. Moreover, the same source further stated that major economies namely China, the United States, and Europe which harbor a large portion of new energy vehicles are experiencing positive investment inflows to further their hydrogen-based vehicle adoption.

Furthermore, major automotive manufacturers are aiming to optimize the growing opportunity in the hydrogen fuel cell segment due to which they are investing in FCEVs. For instance, in February 2024, Honda, a global automotive producer, unveiled its latest FCEV, CR-V e: FCEV at the H2 & FC Expo. The hydrogen fuel cell EV is scheduled to be sold in Japan starting in the summer of the current year.

• Booming energy demand globally has propelled the market expansion.

With rapid industrialization and urbanization, the energy demand in major economies globally is witnessing significant growth to ensure the functioning of the global infrastructure. And with the ongoing transition towards new technological innovation followed by smart grid and energy development, the demand has further escalated.

According, to Enerdata, in 2023, the global energy consumption grew about 2.2%, and the same source also specified that energy consumption for Brazil increased from 325 Mtoe in 2022 to about 336 Mtoe. Similarly, India and Russia’s energy consumption was recorded at about 1,081 and 836 Mtoe respectively, which expanded to about 1,135 and 838 Mtoe in 2023.

Major market players namely Topsoe, Bloom Energy Inc., and Ceres Power Holdings PLC are investing in strategic collaboration with governing authorities such as the U.S Department of Energy to establish their SOEC electrolyzer plants that would assist economies energy transition.

Asia Pacific is projected to account for a considerable share of the SOEC Electrolyzer market.

Region-wise, the SOEC electrolyzer market is analyzed into America, Europe Middle East Africa, and Asia Pacific, where the latter is estimated to attain a greater market share in the SOEC electrolyzer market in the forecasted year, as the region offers few of the fastest growing economies, in which energy consumption and investment in new energy vehicles is experiencing a significant growth, as compared to all other regions.

As per the Enerdata, in 2023, China’s annual energy consumption witnessed a 6.6% growth in comparison to the preceding year and twice the growth as compared to the 2010 to 2019 time period. Similarly, the annual energy consumption of India grew by about 5.1% in 2023, as compared to 2022. Energy produced via fossil fuels accounts for a significant share of APAC economies, however, with the current ongoing initiatives to reduce carbon footprint, the governing authorities are emphasizing sustainable resource adoption which has provided new growth prospects for green hydrogen in the region.

Furthermore, major automotive companies namely Honda and Toyota which are showing constant investment in FCEV technologies have well-established presence in major regional economies China, Japan, India, and South Korea which is further acting as an additional driving factor for the regional market growth.

The SOEC Electrolyzer Market Key Developments:

• In April 2024, Mitsubishi Heavy Industry started operating its 400kw solid oxide electrolysis cell test module at the Takasago Hydrogen Park. The module will act as a next-generation technology for hydrogen production thereby paving the way for hydrogen technologies for power generation.

• In March 2024, Topsoe concluded the testing of its SOEC module consisting of 12 running stacks and 1200 cells which provided a total power output of 350kW. The operation lasted for 2250 hours and marked the company’s commitment to providing innovative solutions for green hydrogen production.

• In March 2024, a hydrogen tech firm Bloom Energy signed a contract with Shell Plc., to study large-scale decarbonization solutions, which aim to utilize the properties of SOEC hydrogen technology.

The SOEC Electrolyzer Market Products Offered by Key Companies:

• Topsoe, a global hydrogen-based technologies and solutions manufacturer and supplier offers its SOEC electrolyzer, which offers next-generation production of green hydrogen. The SOEC offered by the company can process green hydrogen into green ammonia, which can be further used for various chemical applications.

• Elcogen AS offers Solid Oxide Electrolysis Cells, which can operate at 600 to 800 degrees Celsius and can also have co-electrolysis and reversible operation modes.

SOEC Electrolyzer Market Scope:

Report Metric	Details
SOEC Electrolyzer Market Size in 2024	US$323.665 million
SOEC Electrolyzer Market Size in 2029	US$3,363.418 million
Growth Rate	CAGR of 59.71%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Million
Segmentation	Component Application End-User Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in SOEC Electrolyzer Market	Sunfire GmbH Fuel Cell Energy Inc. Haldor Topsoe Elcogen Ceres Power Holdings PLC
Customization Scope	Free report customization with purchase

 

The SOEC Electrolyzer market is segmented and analyzed as follows:

• By Component
  • BOP
  • Stack
• By Application
  • Hydrogen Production
  • Industrial Process
  • Others
• By End-User
  • Power
  • Transportation
  • Refineries
  • Others
• By Geography
  • Americas
    • United States
    • Others
  • Europe, Middle East and Africa
    • Germany
    • United Kingdom
    • Others
  • Asia Pacific
    • China
    • Japan
    • Others

---

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits for the Stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Supplier

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. SOEC ELECTROLYZER MARKET BY COMPONENT

5.1. Introduction

5.2. BOP

5.3. Stack

6. SOEC ELECTROLYZER MARKET BY APPLICATION

6.1. Introduction

6.2. Hydrogen Production

6.3. Industrial Process

6.4. Others

7. SOEC ELECTROLYZER MARKET BY END-USER

7.1. Introduction

7.2. Power 

7.3. Transportation

7.4. Refineries

7.5. Others

8. SOEC ELECTROLYZER MARKET BY GEOGRAPHY

8.1. Introduction

8.2. Americas

8.2.1. USA

8.2.2. Others

8.3. Europe Middle East and Africa

8.3.1. Germany

8.3.2. United Kingdom 

8.3.3. Others

8.4. Asia Pacific

8.4.1. China

8.4.2. Japan

8.4.3. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Sunfire GmbH

10.2. Fuel Cell Energy Inc.

10.3. Haldor Topsoe

10.4. Elcogen

10.5. Ceres Power Holdings PLC

10.6. Bloom Energy

10.7. H2Electro

10.8. E&KOA Co.

Sunfire GmbH

Fuel Cell Energy Inc.

Haldor Topsoe

Elcogen

Ceres Power Holdings PLC

Bloom Energy Inc.

H2Electro

E&KOA Co.