Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "SOEC Electrolyzer Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
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 SOEC or solid oxide electrolyzer cell is a type of solid oxide fuel cell, which attains the electrolysis of water or carbon dioxide, using the solid oxide. The SOEC operates in the regenerative mode to achieve the electrolysis. It uses ceramic electrolytes to attain hydrogen and oxygens. It uses less electricity to produce hydrogens and it is also helpful in reducing the consumption and costs of the electricity.
A SOEC or solid oxide electrolyzer cell is a type of solid oxide fuel cell, that achieves the electrolysis of water or carbon dioxide, using the solid oxide. It operates in the regenerative mode to achieve the electrolysis. SOEC also uses ceramic electrolytes to obtain hydrogen and oxygens. The SOEC uses less electricity to produce hydrogens and it is also beneficial in reducing the consumption and costs of the electricity.
One of the major driving factors for the global SOEC electrolyzer market is anticipated the global increase in the demand for hydrogen, especially as a fuel for the automotive industries. The hydrogen-based vehicles offer multiple benefits to the operators, as they produce almost zero emissions, and are an energy-efficient mode of transportation.
Similarly, the increase in the global demand for energy, for commercial, residential, or industrial use, is also expected to boost the demand for hydrogen, simultaneously increasing the market demand for SOEC electrolyzers. With the global initiative to attain net zero, especially in the energy industry, the optimum choice for governmental organizations and industries is to shift towards hydrogen, as it is a form of natural fuel, that emits lower or no emissions.
SOEC Electrolyzer Market Drivers:
An increase in the global green automotive industry.
One of the major factors that is estimated to propel the growth of SOEC electrolyzers in the global market is the increasing demand for the hydrogens as a fuel for the automotive industries. The demand for hydrogen vehicles has grown significantly in recent years, especially as hydrogen vehicles offer multiple benefits to the operators over the ICE and electric vehicles. Hydrogen vehicles or Fuel Cell Electric Vehicles (FCEVs) reduce the carbon footprint of vehicles and offer lower operational costs. Hydrogen is a form of clean energy source, and it also reduces the time of refill as compared to the charging time of an EV.
The global demand for hydrogen or fuel cell electric vehicles has witnessed a constant increase and is further expected to increase with the introduction of new vehicles and technologies in the global market. The total sale of FCEVs in China in 2022 was recorded at about 5,447 units, which increased to about 5,600 units in 2023. Similarly, in 2022, about 2,708 FCEVs were sold in the US market, which increased to about 2,992 in 2023 as stated by Hydrogen Insight.
Similarly, various companies and brands have introduced new FCEVs in the global and regional markets, pushing the demand for hydrogen as a fuel for vehicles. For instance, in February 2024, Honda, a global automotive producer, unveiled its latest FCEV, CR-V e:FCEV, one of the first production hydrogen vehicles in the American market. Similarly, in 2022, the Toyota Kirloskar Motor Pvt Ltd, along with the Ministry of Road Transport & Highways launched Toyota Mirai in the Indian automotive market, one of the world's most advanced FCEVs, developed by the Toyota Corporation.
The growing demand for energy in the global market.
Energy is among the most important elements that are required for the survival of the global infrastructure, especially with the increasing technological developments. Hydrogen is considered an optimum and most efficient replacement for natural or fossil fuels, as it offers almost similar properties and produces less or zero emissions.
The global energy consumption has grown significantly, about 2.2% in 2023, a historic growth, as stated by Enerdata in its energy consumption report. The organization stated that in 2022, about 325 Mtoe of energy was consumed by Brazil, which increased to about 336 Mtoe. Similarly, the energy consumption of India and Russia was recorded at about 1,081 and 836 Mtoe respectively, which expanded to about 1,135 and 838 Mtoe in 2023.
Asia Pacific is anticipated to hold a significant share of the SOEC Electrolyzer market.
The Asia Pacific region 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 the consumption of energies is growing significantly, as compared to all other regions. The Enerdata stated in its report that the annual energy consumption of China in 2023, grew by about 6.6% from 2022, and received twice the growth as compared to 2010 to 2019 time period. Similarly, the annual energy consumption of India grew by about 5.1% in 2023, as compared to 2022.
These countries use energy mostly produced by fossil fuel, but the governments of these countries, along with other countries in the region, shift to a greener form of energy, like hydrogen. Furthermore, the use of hydrogen as a fuel for automotive is also expected to boost the demand for SOEC electrolyzers in the region, as the demand for hydrogen is expected to grow with an increase in the sales of the FCEVs in the regions. The region offers one of the biggest FCEV markets in the globe, and also many companies like Honda and Toyota, offer FCEV technologies and are based in the region.
The SOEC Electrolyzer Market Key Developments:
- In April 2024, Mitsubishi Heavy Industry begins the operations of its new 400kW SOEC test module for higher hydrogen efficiency. The company claims that the electrolytic efficiency of the module was about 3.5kWh/Nm3, achieving 101% higher HHV, with higher heating values.
- In March 2024, Topsoe demonstrated their new achievement by unveiling the first batch of results, which involved 12 stacks and 1200 cells of SOECs, that operated successfully at a combined power of 35kW, and this power was maintained for over 2250 hours.
- In March 2024, a hydrogen tech firm Bloom Energy signed a contract with Shell Plc., to study large-scale decarbonization solutions, which aims to utilize the properties of SOEC hydrogen technology.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 165 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $323.67 Million |
| Forecasted Market Value (USD) by 2029 | $3363.42 Million |
| Compound Annual Growth Rate | 59.7% |
| Regions Covered | Global |
Companies Featured
- Altana AG Mitsubishi Power
- Toshiba Corporation
- FuelCell Energy Inc.
- Bloom Energy Corporation
- Haldor Topsoe
- Sunfire
- Kyocera Corporation
- OxEon Energy
- Nexceris
- HPCL
- h2e Power
- AVL
- Elcogen AS.
- Denso Corporation
By Component
- BOP
- Stack
By Application
- Hydrogen Production
- Industrial Process
- Others
By End-User
- Power
- Transportation
- Refineries
- Others
By Geography
- Americas
- USA
- Others
- Europe, Middle East and Africa
- Germany
- United Kingdom
- Others
- Asia Pacific
- China
- Japan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/8ufn93
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