Market Research Report
Global Solid Oxide Electrolysis Cell (SOEC) Market - Analysis By System Type, Application, End-User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)
|Global Solid Oxide Electrolysis Cell (SOEC) Market - Analysis By System Type, Application, End-User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)|
Published: June 30, 2022
Content info: 280 Pages
Delivery time: 2-3 business days
The Global Solid Oxide Electrolysis Cell (SOEC) Market was valued at USD 50.35 and the market volume stood at xx installed megawatt Million in the year 2021. SOEC development will continue well into the future even after it achieves complete marketability. While cost targets must be met, a deeper understanding of the processes involved in electrolysis will continue to result in increased performance and lifetime gains - areas where it must be validated. More crucially, as SOEC technology gains greater value-chain integration with intermittent renewable (wind, solar, etc.) energy sources, it will receive the boost it needs to scale up to its cost-competitiveness goals. Economies align their policies to favour efficient energy conversion technologies like SOECs in order to fulfil their net-zero targets.
Based on the System Type segment, the Oxygen Ion segment is expected to hold the largest share in the SOEC market in the year 2028, the use of proton-conducting electrolytes allows for efficient operation at lower temperatures, lowering thermal stress and permitting the use of less expensive stack materials and balance-of-plant components. Furthermore, protonic cells (PCFCs) resist carbon coking and are sulfur-tolerant, allowing for stable operation with a wide range of hydrocarbon fuels.
The North American region is estimated to have the maximum share in the global SOEC market followed by APAC & Europe. Also, the new emerging markets in the APAC region will witness the fastest growth rate in the forthcoming years.
Moreover, rising emphasis by governments of developed markets, such as the United States and Europe, on reducing emissions and their inclination toward a technological shift to support or, to some extent, even replace ageing electric grids, is likely to boost market in the forecast period. Additionally, increasing adaptivity by end-users like data centers, military and defense, provide ample opportunities for leading companies to invest in SOEC, thereby, driving the growth of SOEC in the forecast period.