Solid Oxide Electrolysis Cell Market Set for Rapid Expansion with 24.15% CAGR by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Solid Oxide Electrolysis Cell (SOEC) Market- (By Product Type (Planar SOECs, Tubular SOECs), By Application (Hydrogen Production, Industrial Processes, Others), By End-User (Power Plants, Refineries, Chemical Industries, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Solid Oxide Electrolysis Cell (SOEC) Market is expected to represent a CAGR of 24.15% during a forecast period of 2023-2031.

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The Solid Oxide Electrochemical Cell (SOEC) is an electrochemical device that demonstrates high efficiency in the conversion of electrical energy into chemical energy through the process of electrolyzing water or carbon dioxide. The development of SOEC will persist beyond the attainment of optimal marketability. While it is imperative to meet cost targets, achieving a more comprehensive comprehension of the processes associated with electrolysis will lead to enhanced performance and longer lifespan, which necessitates verification. More importantly, when SOEC technology achieves deeper value-chain integration with intermittent renewable energy sources (wind, solar, etc.), it will receive the boost it needs to scale up to cost-competitiveness goals. To meet their net-zero ambitions, economies align their policies to promote efficient energy conversion technologies such as SOECs.

Furthermore, numerous governments and regulatory organizations are enacting supportive policies and offering incentives to market participants to enhance the adoption of clean energy technologies. Subsidies, grants, tax credits, and favourable rules for the deployment of SOECs are examples of these. Such assistance supports market growth and investment in the development and implementation of SOEC systems. Furthermore, SOECs are used in a variety of industries, including hydrogen production, chemical processes, and energy storage. The rising demand for sustainable and efficient energy solutions across the industrial sector is driving the implementation of SOECs, fueling market growth.

List of Prominent 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

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Market Dynamics:
Drivers-
The growing awareness of renewable energy sources is one of the key factors expediting the growth of the solid oxide electrolysis cell market. Growing concern about carbon emissions has caused government organizations to increase funding for research and development, establish favourable laws, and provide subsidies to assist technical breakthroughs to address this issue. The increased usage of sustainable energy sources to power data centres is expected to drive the SOEC industry. Furthermore, rising environmental deterioration and SOEC's excellent electricity efficiency will drive up demand for SOEC. However, high beginning costs and the availability of replacements will limit the growth of the solid oxide electrolysis cell industry.

Challenges:
Compared to other fuel cell technologies, SOEC requires a longer time to start up. Because SOEC is a high-temperature technology, reaching a crucial operating temperature and performing at full capacity takes time, contributing to a longer startup time. Furthermore, the functioning of an SOEC generates a substantial quantity of heat into the surrounding environment, increasing the requirement for effective thermal shielding and, as a result, increasing its weight. These are the primary reasons for SOEC's low market share in portable and emergency power applications. The development of SOEC systems with quicker startup times is still in its early stages. Companies such as SOLIDPower Sunfire and Bloom Energy are now investing in research and development to address the technological problems related to SOEC.

Regional Trends:
Over the forecast period, Asia Pacific is expected to grow at an excellent rate. The APAC Solid Oxide Electrolysis Cell (SOEC) market is being driven by rising demand for Solid Oxide Electrolysis Cell (SOEC) over syringes and vials, as well as an increase in elderly populations. China is another promising market in the Asia Pacific region. The rising number of diabetes patients in this region is primarily driving market growth in China. As per the Guidelines for the Prevention and Treatment of Diabetes in China (2020 Edition), the total prevalence of diabetes among adults is currently 11.2%, and the number of persons with diabetes is expected to be 141 million, with a 51.7% undiagnosed ratio.

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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.

Segmentation of Solid Oxide Electrolysis Cell (SOEC) Market-
By Product Type-
• Planar SOECs
• Tubular SOECs
By Application-
• Hydrogen Production
• Industrial Processes
• Others
By End-User-
• Power Plants
• Refineries
• Chemical Industries
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.