SOEC Electrolyzer Market size worth US$3,363.418 million by 2029

SOEC electrolyzer market

The SOEC electrolyzer market is expected to grow at a CAGR of 59.71% during the forecasted period, with a market valuation of US$323.665 million in 2024 and is expected to reach US$3,363.418 million by 2029.

SOECs are devices that utilize power to part water into hydrogen and oxygen gas through electrolysis. They work at high temperatures, comparable to Solid Oxide Fuel Cells (SOFCs), with a solid ceramic material acting as the electrolyte. Water vapor is presented at the cathode, where it is part into hydrogen and oxygen particles. Oxygen ions move to the anode, forming oxygen gas, whereas hydrogen ions are changed over to hydrogen gas. SOECs offer high effectiveness, and adaptability, and can be coordinated with renewable energy for clean hydrogen generation.

As per the report, the SOEC electrolyzer market is anticipated to develop at a significant pace.

The market is expected to potentially grow due to variables such as the rising requirement for clean hydrogen, its industrial applications, and its integration with renewable energy sources such as solar and wind. In addition, support through many countries’ government initiatives and policies, such as support through subsidies and regulatory frameworks, are propelling the advancement and arrangement of SOEC innovation. As traditional energy sources become more costly, SOECs offer a cost-competitive option for hydrogen generation, making them a practical alternative for the worldwide energy landscape. Technological progressions, such as productivity enhancements and material improvement, are moreover contributing to the development of SOEC systems.

The market is encountering various collaborations and innovative mechanical progressions, for example, in April 2024, Mitsubishi Heavy Industries, Ltd. began operating a test module for the Solid Oxide Electrolysis Cell (SOEC), a next-generation high-efficiency hydrogen production innovation, at Takasago Hydrogen Park in Japan.

Based on the components, the SOEC electrolyzer market is categorized into BOP and Stack. The stack component is expected to drive the growth of the SOEC electrolyzer market due to advancements in core technology, efficiency gains, cost reduction, and innovation focus. The stack is the heart of the electrochemical process of water splitting into hydrogen and oxygen, and improvements in stack materials, design, and manufacturing will significantly impact efficiency, durability, and overall performance.

Based on application, the SOEC electrolyzer market is classified into hydrogen production, industrial process, and others. Hydrogen production is anticipated to contribute to the SOEC electrolyzer industry development within the forecasted period due to rising hydrogen requirements, decarbonization endeavors, support of the government, and cost competitiveness. Moreover, clean and renewable energy sources are promoting demand for hydrogen in transportation, energy capacity, and industrial work. SOECs offer a green hydrogen pathway, aligning with worldwide decarbonization objectives and decreasing dependence on fossil fuels.

Based on end-users, the SOEC electrolyzer market is divided into power, transportation, refineries, and others. It is estimated that the power sector will contribute to driving SOEC electrolyzer market expansion in the years ahead due to its potential for grid integration, crest load administration, as well as storage of energy. SOECs can store abundant renewable energy such as hydrogen, giving adaptability and steadiness to the grid, reducing the requirement for extra power plants, and addressing issues of renewable energy sources.

Based on geography, the market for SOEC electrolyzers is increasing majorly within the North American region due to diverse factors such as strong government support, investments in clean energy activities, and favorable initiatives, The region’s well-developed energy grid and transportation systems bolster SOEC manufacturing and distribution. SOECs can play a vital part in decreasing emissions from heavy industry businesses. Moreover, the market is further supported through subsidies for renewable innovations, copious renewable energy resources, focus on sustainability, rising infrastructure, and early adoption of clean innovations in the region by key companies.

As a part of the report, the major players operating in the SOEC electrolyzer market that have been covered are Altana AG Mitsubishi Power, Toshiba Corporation, FuelCell Energy Inc., Bloom Energy Corporation, Haldor Topsoe, Sunfire, Kyocera Corporation, OxEon Energy, Nexceris, and Denso Corporation.

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This analytics report segments the SOEC electrolyzer market on the following basis: