SOFC and SOEC Market Size, Share, Growth, and Industry Analysis, By Type (Planar, Tubular and Others), By Application (Stationary, Transportation and Portable & Military) and Regional Forecast to 2032

Updated On: 04 November 2024

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SOFC AND SOEC MARKET REPORT OVERVIEW

The SOFC and SOEC Market size was USD 1.28 billion in 2023, and the market is projected to touch USD 16.65 billion by 2032, exhibiting a CAGR of 29.6% during the forecast period.

SOFC and SOEC have received much attention because the demand for solid oxide fuel cells (SOFCs) and solid oxide electrolysis cells (SOECs) is booming. In contemporary society, because of increasing demand, it is necessary to embrace effective energy and sustainable strategies. These devices are advanced between which they are both belong, and they are also electrochemical devices that facilitate transition toward clean energy by providing high efficiency, fuel flexibility as well as low emissions. One of the factors that is increasing the market is the need for alternative energy sources to reduce dependence on petrol and other fossil fuels as well as cut down greenhouse gas emissions. Solid oxide fuel cells have different applications such as: residential power generation, commercial power generation and industrial power generation because they can use various fuels like natural gas, hydrogen or biogas. Other than that, growing attention is being paid to solid oxide electrolysis cells because they are thought to play an essential part in hydrogen production and capturing carbon today since people are concentrating more on hydrogen being perceived as a clean energy carrier.

The development of materials science and system design is leading to improved performance, lifetime and cheapness of SOFCs and SOECs, making them comparable to conventional energy technologies. Additionally, environmentally friendly policies which promote clean energy infrastructure in some carbon-neutrality aspiring regions are the reasons behind the governments’ embracing of these technologies.

COVID-19 Impact: Market Growth During Pandemic due to the increased importance of sustainable and resilient energy systems

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

COVID-19 pandemic had various effects on the Solid Oxide Fuel Cells (SOFCs) and Solid Oxide Electrolyzer Cells (SOECs) whereby long-term developments were mainly influenced positively due to the greater emphasis on clean energy sources. The pandemic brought about widespread interruptions to industries such as energy due to halted supplies and stalling projects among others leading to slowed rates of growth for SOFC SOEC markets. Nevertheless, an increasing global drive towards eco-friendly energy and carbon-free economies started when governments and institution undertook green and sustainable approaches that can withstand future challenges.

SOFCs and SOECs are increasingly appealing in this place because of their efficiency and adaptability in hydrogen production as well as power generation. Reports show that COVID-19 pandemic has laid bare the need for reliable energy sources - investors have therefore fast-tracked their investments in renewables. In this way, there was renewed interest and support into SOFCs or SOECs. Thus, it is expected that time after the covid-19 period will witness a great increase in demand for them as a result of government policies, company promises aimed at achieving carbon neutrality and rising usage of hydrogen as a dominant type of energy carrier in the global economy. Because of this turn towards makeable sources of energy that can also serve as backup systems against environmental shocks like climate change or changing weather patterns etc., there are anticipated profuse growths within such a short period.

LATEST TRENDS

"Increasing focus on high-efficiency and low-cost hydrogen production solutions to drive market growth "

A more notable pattern in SOFC and SOEC market growth is a heightened concern for less expensive hydrogen production with high efficiency. Companies are pursuing innovative SOEC technology options that would greatly improve their electrolysis efficiency making it easier to produce green hydrogen in a large scale. This trend is instigated by the rising desire for sustainable energy sources globally and the drive towards carbon neutrality. The attempts to enhance SOEC effectiveness underline the industry’s commitment to fast tracking hydrogen use as an integral part of renewable power systems.

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SOFC AND SOEC MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Planar, Tubular and Others.

Planar

Planar SOFCs have flat, layered structures that enable them to operate efficiently and produce high power densities. This means they are easier to mass-produce, accounting for their prevalence in stationary power generation applications. However, they are more vulnerable to thermal stress than other designs; moreover, they also require excited sealing processes.

Tubular

SDWSFCs are made to enhance their low efficiency by developing new designs with improved materials. In comparison with tubular SOFCs, they have higher power density but lower temperature and pressure levels, ability to work with biogas or biofuels and eventually produce energy from these substances only. These advantages make them more attractive for remote power generation applications because of their easy fabrication, low cost and simplicity based on established technologies.

By Application

Based on application the global market can be categorized into Stationary, Transportation and Portable & Military.

Stationary

SOFCs and SOECs are commonly employed in static installations for the generation of distributed energy, supplying dependable and efficient electricity to the residential, commercial as well as industrial sectors. These systems represent a green alternative to the currently available methods of power generation hence their popularity among those seeking to minimize carbon dioxide discharges into the atmosphere. Their flexibility regarding different fuels makes them even more useful for stationary electricity production.

Transportation

SOFCs are currently being researched for use in automobiles, trucks, and even ships. The potential for longer distances and lower emissions is offered by them than ice. The transportation industry is focusing on enhancing fuel cell durability and efficiency to promote mass adoption of fuel cells in vehicular application.

Portable & Military

SOFCs and SOECs come into play for portable and military applications. In these circumstances compact and lightweight power sources are needed to maintain reliability. The significance of this type of ZEPP in remote areas cannot be ignored as they continuously provide energy during crucial moments. Due to their small size, high capacity batteries make SOFCs functional even within war zones .

DRIVING FACTORS

"Clean Energy Demand to Boost Market Growth"

The growth of the SOFC and SOEC market is being driven by the rising world demand for clean and sustainable energy sources. Since these technologies utilize low emissions, they can therefore have a considerable reduction in carbon footprint in various industries.

"Technological Advancements to Drive Market Growth"

SOFC and SOEC technologies are undergoing continuous improvements that enhance their efficiency while reducing their total cost and resulting in market growth. Innovations in materials and manufacture are making this technology more feasible thus stimulating its use in electricity generation as well as hydrogen production systems.

RESTRAINING FACTORS

"High initial cost associated with these technologies to Hinder Market Growth "

An issue affecting the market for SOFCs and SOECs is the high costs that are implicated in them. Producing and installing solid oxide fuel cells and electrolyzers can be quite expensive due to the materials used as well as the complicated procedures for making them. As a result, they cannot be easily embraced by the masses. At the same time, durability over a long period of time can impact negatively on commercialization possibilities.

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SOFC AND SOEC MARKET REGIONAL INSIGHTS

The market is primarily segregated into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

"North America dominates the market due to its strong focus on clean energy initiatives and substantial investments in research and development"

Because of the extensive investment in research and development as well as emphasis on clean energy, North America is the leading for SOFCs and SOECs market share. In addition, North America has advanced manufacturing infrastructure and government policies that support these trends. Most importantly, the region is home to several key industry players that also collaborate with research institutions, thus consolidating its position as a leader in this area.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Continuous Investments in Research and Development"

Leading manufacturers are also signing partnerships to be widening their geographical scope while expediting the commercialisation process. For this reason, progress in the SOFC and SOEC sector is being accelerated by high investments that have enhanced research on product effectiveness and longevity. Furthermore, they are working on raising their production capacities while still taking measures to lower costs that would facilitate widespread usage of SOFCs and SOECs. Their dedication to sustainability and energy innovation is further aiding in adoption of these technologies across many sectors.

List of Market Players Profiled

• Bloom Energy (U.S.)
• Aisin Seiki (Japan)
• Mitsubishi Power (Japan)
• Ceres (U.K.)
• SolydEra (Italy)
• Sunfire GmbH (Germany)
• Convion (Finland)
• Special Power Sources (SPS) (U.S.)
• Topsoe(Denmark)
• Redox Power Systems (U.S.)
• ZTEK Corporation (U.S.)
• OxEon Energy (U.S.)

INDUSTRIAL DEVELOPMENT

February 2024: The development in the SOFC and SOEC Market was announced by Ceres Power Holdings. They unveiled their new high-efficiency SOEC module that is a big advancement in the Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolyzer Cell (SOEC) industry. It is among the most efficient modules globally with a conversion efficiency rate exceeding 90%. The objective of this development is to meet the ever-increasing demand for sustainable hydrogen production and energy storage options thus making Ceres a forerunner towards clean energy technologies. This development thus demonstrates Ceres’ dedication towards improving performance and sustainability within the market for SOFCs and SOECs.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis considers both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.