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Solid Oxide Electrolysis Cell (SOEC) Market Size is predicted to witness a 24.15% CAGR during the forecast period for 2023-2031.
SOECs are electrochemical devices that convert electrical energy into chemical energy by electrolyzing water or carbon dioxide. SOECs use solid oxide materials as electrolytes, which conduct oxygen ions at high temperatures. When an electrical current is applied across the cell, it can either electrolyze steam (H2O) into hydrogen (H2) and oxygen (O2) or reduce carbon dioxide (CO2) into carbon monoxide (CO) and oxygen (O2).
SOECs play a significant role in the development of sustainable energy and industrial processes by offering a versatile and efficient means of converting electricity into chemical energy and contributing to carbon reduction efforts. The growing demand for clean energy, as well as the growing acknowledgement of hydrogen as a clean and adaptable energy carrier, is driving demand for SOECs that can produce hydrogen via electrolysis. Due to incorporating renewable energy sources like solar and wind into power systems, energy storage and grid balancing solutions are necessary.
SOECs can efficiently convert excess renewable electricity into hydrogen, which may be stored and used when energy demand exceeds supply. This integration is driving the deployment of SOECs for renewable energy integration applications.
Recent Developments:
- In May 2023, Bloom Energy initiated the production of hydrogen through the utilisation of the most extensive solid oxide electrolyzer installation globally, located at NASA's Ames Research Centre. This significant milestone was achieved at the renowned Moffett Field research site situated in Mountain View, California. The high-temperature, high-efficiency system had a hydrogen production rate that was 20-25% more per megawatt (MW) compared to commercially proven lower-temperature electrolyzers, such as proton electrolyte membrane (PEM) or alkaline electrolyzers.
- In July 2022, Sunfire has set up the world's first multi-megawatt high-temperature electrolyzer at Neste's renewable products plant in Rotterdam as part of the MultiPLHY project. This will make green hydrogen. The first two electrolysis units have been sent out by the company, which is setting new standards for technology in the market.
Competitive Landscape
Some Major Key Players In The Solid Oxide Electrolysis Cell (SOEC) Market:
- Sunfire GmbH
- Siemens Energy
- ITM Power
- Ceres Power
- Elcogen
- Kyocera Corporation
- NextCell
- FuelCell Energy
- Bloom Energy
- Hexis AG
- OxEon Energy
- Hoganas AB
- Nexceris
- Bosch
- Haldor Topsoe
- FuelCell Energy
- Toshiba
- Redox Power Systems
- Keramische Folien GmbH
- Others
Market Segmentation:
The Solid Oxide Electrolysis Cell (SOEC) market has been dividee based on product type, application, and end-user. The market is segmented as standard planner SOECs and Tubular SOECs based on product. The application segment includes hydrogen production, industrial processes, and others. The end-user segment includes power plants, refineries, chemical industries, and others.
Based On Product Type, The Planar Soecs Segment Is Accounted As A Major Contributor In The Solid Oxide Electrolysis Cell (SOEC) Market.
Over the projected period, the segment of planar SOECs is expected to have the biggest market share. This is mostly due to its commercial availability, scalability, ease of fabrication, customizable designs, and competitive performance and efficiency. Furthermore, when compared to tubular SOECs, the manufacturing procedure for planar cells is simpler, potentially leading to cheaper production costs. These qualities, along with their economic viability and cost-effectiveness, contribute to the wider usage of planar SOECs.
The Hydrogen Production Segment Witnessed Growth At A Rapid Rate
The hydrogen production sector is expected to have the biggest market share. SOECs (solid oxide electrolysis cells) are generally used to produce hydrogen via electrolysis of water. Hydrogen is a versatile & sustainable energy carrier with applications in transportation, energy storage, and industrial operations. SOEC-based hydrogen production is seen as a critical technology for enabling the decarbonization of sectors such as transportation and manufacturing. Because of the rising demand for hydrogen as a clean fuel and energy storage medium, the hydrogen production segment now dominates the market.
In The Region, The Asia Pacific Solid Oxide Electrolysis Cell (SOEC) Market Holds A Significant Revenue Share
Asia Pacific is predicted to be the world's largest market region. The dominance can be due to increased demand for energy storage devices in emerging economies such as China, India, and Indonesia. These countries are experiencing significant economic expansion and rising energy demand, necessitating the development of efficient and sustainable energy solutions. The region's emphasis on clean energy development and the shift to low-carbon economies correlates with the demand for SOFC and SOEC technologies. Because of its vast customer base, favourable government regulations, and investments in renewable energy and clean technologies, Asia Pacific provides considerable market prospects.
Solid Oxide Electrolysis Cell (SOEC) Market Report Scope:
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 24.15% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product Type, Application, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Sunfire GmbH, Siemens Energy, ITM Power, Ceres Power, Elcogen, Kyocera Corporation, NextCell, FuelCell Energy, Bloom Energy, Hexis AG., OxEon, Energy, Hoganas AB, Nexceris, Bosch, Haldor Topsoe, FuelCell Energy, Toshiba, Redox Power Systems, Keramische Folien GmbH, Others |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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