SOEC Electrolyzer Market - 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$3.36 billion 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.

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.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

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