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 2025 To 2030
- Published: December 2024
- Report Code: KSI061615906
- Pages: 165
SOEC Electrolyzer Market Size:
The SOEC electrolyzer market is estimated to be around US$517.055 million in 2025 and is anticipated to grow to US$5,372.420 million by 2030 at a CAGR of 59.71%.
SOEC Electrolyzer Market Highlights:
- Increasing hydrogen demand is driving growth in the SOEC electrolyzer market globally.
- Growing clean energy investments are boosting adoption of SOEC technology for hydrogen production.
- Asia Pacific is leading the SOEC market with rising energy consumption needs.
- Advancing SOEC innovations are reducing costs and improving hydrogen production efficiency.
- Expanding fuel cell vehicle sales are fueling demand for SOEC electrolyzers in transportation.
- Rising industrial decarbonization efforts are promoting SOEC use in sustainable processes.
- Strengthening strategic collaborations are enhancing SOEC technology development and market reach.
SOEC Electrolyzer Market Trends:
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 electrolysis and uses ceramic electrolytes to produce hydrogen and oxygen. 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 industry. 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 emissions, 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 Growth Drivers:
- Growing hydrogen demand as an alternative to automotive fuel.
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 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.
Moreover, as per the data report by the International Energy Agency, global investment in clean energy reached US$2,003 billion in 2024, an increase from the US$1,707 billion investment in 2022. As per the same source, global investments in clean energy are double the amount compared with fossil fuels. This increased demand for clean energy globally will lead to a rise in the SOEC electrolyzer market in the coming years.
Apart from this, 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 of energy transition.
SOEC Electrolyzer Market Geographical Outlook:
- SOEC electrolyzer market is segmented into five regions worldwide
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 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 a well-established presence in major regional economies, China, Japan, India, and South Korea, which further acts as an additional driving factor for the regional market growth.
SOEC Electrolyzer Market Key Developments:
- In April 2024, Mitsubishi Heavy Industries started operating its 400kw solid oxide electrolysis cell test module at the Takasago Hydrogen Park. The module acts 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.
SOEC Electrolyzer Market Scope:
| Report Metric | Details |
| SOEC Electrolyzer Market Size in 2025 | US$517.055 million |
| SOEC Electrolyzer Market Size in 2030 | US$5,372.420 million |
| Growth Rate | CAGR of 59.71% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Million |
| Segmentation |
|
| Geographical Segmentation | Americas, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in SOEC Electrolyzer Market |
|
| 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
- Americas
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Frequently Asked Questions (FAQs)
The SOEC electrolyzer market is projected to reach a market size of US$5,372.420 million by 2030.
SOEC Electrolyzer Market is valued at US$517.055 million in 2025.
The global SOEC electrolyzer market is projected to grow at a CAGR of 59.71% over the forecast period.
North America is expected to hold the largest share of the SOEC electrolyzer market.
The major factor anticipated to drive the Solid Oxide Electrolyzer Cell (SOEC) electrolyzer market growth is the increasing focus on renewable hydrogen production and the demand for clean energy solutions.
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. 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. United States
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 Corporation
10.7. H2Electro
10.8. E&KOA Co.
List of Tables
Table 1: Research Assumptions
Table 2: SOEC Electrolyzer Market, Key Findings
Table 3: SOEC Electrolyzer Market, By Component, USD Million, 2020 to 2030
Table 4: SOEC Electrolyzer Market, By Application, USD Million, 2020 to 2030
Table 5: SOEC Electrolyzer Market, By End-User, USD Million, 2020 to 2030
Table 6: SOEC Electrolyzer Market, By Geography, USD Million, 2020 to 2030
Table 7: Americas SOEC Electrolyzer Market, By Country, USD Million, 2020 to 2030
Table 8: Europe, Middle East and Africa SOEC Electrolyzer Market, By Country, USD Million, 2020 to 2030
Table 9: Asia Pacific SOEC Electrolyzer Market, By Country, USD Million, 2020 to 2030
Table 10: SOEC Electrolyzer Market, Strategy Analysis of Major Players
Table 11: SOEC Electrolyzer Market, Mergers, Acquisitions, Agreements, and Collaborations
Table 12: SOEC Electrolyzer Market, Policies and Regulations
Table 13: Sunfire GmbH, Products and Services
Table 14: Fuel Cell Energy Inc., Products and Services
Table 15: Haldor Topsoe, Products and Services
Table 16: Elcogen, Products and Services
Table 17: Ceres Power Holdings PLC, Products and Services
Table 18: Bloom Energy Corporation, Products and Services
Table 19: H2Electro, Products and Services
Table 20: E&KOA Co., Products and Services
List of Figures
Figure 1: SOEC Electrolyzer Market Size, USD Million, 2020 to 2030
Figure 2: SOEC Electrolyzer Market Segmentation
Figure 3: Key Market Drivers Impact Analysis
Figure 4: Key Market Restraints Impact Analysis
Figure 5: Porter’s Five Forces Analysis: Bargaining Power of Suppliers
Figure 6: Porter’s Five Forces Analysis: Bargaining Power of Buyers
Figure 7: Porter’s Five Forces Analysis: Threat of New Entrants
Figure 8: Porter’s Five Forces Analysis: Threat of Substitutes
Figure 9: Porter’s Five Forces Analysis: Competitive Rivalry in the Industry
Figure 10: SOEC Electrolyzer Market, Industry Value Chain Analysis
Figure 11: SOEC Electrolyzer Market, Policies and Regulations
Figure 12: SOEC Electrolyzer Market Share (%), By Component, 2025 and 2030
Figure 13: SOEC Electrolyzer Market Attractiveness by Component, 2030
Figure 14: SOEC Electrolyzer Market, By Component, BOP, USD Million, 2020 to 2030
Figure 15: SOEC Electrolyzer Market, By Component, Stack, USD Million, 2020 to 2030
Figure 16: SOEC Electrolyzer Market Share (%), By Application, 2025 and 2030
Figure 17: SOEC Electrolyzer Market Attractiveness by Application, 2030
Figure 18: SOEC Electrolyzer Market, By Application, Hydrogen Production, USD Million, 2020 to 2030
Figure 19: SOEC Electrolyzer Market, By Application, Industrial Process, USD Million, 2020 to 2030
Figure 20: SOEC Electrolyzer Market, By Application, Others, USD Million, 2020 to 2030
Figure 21: SOEC Electrolyzer Market Share (%), By End-User, 2025 and 2030
Figure 22: SOEC Electrolyzer Market Attractiveness by End-User, 2030
Figure 23: SOEC Electrolyzer Market, By End-User, Power, USD Million, 2020 to 2030
Figure 24: SOEC Electrolyzer Market, By End-User, Transportation, USD Million, 2020 to 2030
Figure 25: SOEC Electrolyzer Market, By End-User, Refineries, USD Million, 2020 to 2030
Figure 26: SOEC Electrolyzer Market, By End-User, Others, USD Million, 2020 to 2030
Figure 27: SOEC Electrolyzer Market Share (%), By Geography, 2025 and 2030
Figure 28: SOEC Electrolyzer Market Attractiveness by Geography, 2030
Figure 29: Americas SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 30: Americas SOEC Electrolyzer Market Share (%), By Country, 2025 and 2030
Figure 31: Americas SOEC Electrolyzer Market Attractiveness, By Country, 2030
Figure 32: United States SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 33: Americas (Others) SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 34: Europe, Middle East and Africa SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 35: Europe, Middle East and Africa SOEC Electrolyzer Market Share (%), By Country, 2025 and 2030
Figure 36: Europe, Middle East and Africa SOEC Electrolyzer Market Attractiveness, By Country, 2030
Figure 37: Germany SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 38: United Kingdom SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 39: Europe, Middle East and Africa (Others) SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 40: Asia Pacific SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 41: Asia Pacific SOEC Electrolyzer Market Share (%), By Country, 2025 and 2030
Figure 42: Asia Pacific SOEC Electrolyzer Market Attractiveness, By Country, 2030
Figure 43: China SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 44: Japan SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 45: Asia Pacific (Others) SOEC Electrolyzer Market, USD Million, 2020 to 2030
Figure 46: SOEC Electrolyzer Market Share, 2025
Figure 47: Competitive Dashboard
Figure 48: Sunfire GmbH, Financials, 2022-2024
Figure 49: Fuel Cell Energy Inc., Financials, 2022-2024
Figure 50: Haldor Topsoe, Financials, 2022-2024
Figure 51: Elcogen, Financials, 2022-2024
Figure 52: Ceres Power Holdings PLC, Financials, 2022-2024
Figure 53: Bloom Energy Corporation, Financials, 2022-2024
Figure 54: H2Electro, Financials, 2022-2024
Figure 55: E&KOA Co., Financials, 2022-2024
Sunfire GmbH
Fuel Cell Energy Inc.
Haldor Topsoe
Ceres Power Holdings PLC
Bloom Energy Corporation
H2Electro
E&KOA Co.
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