According to the research report titled ‘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)’, available with MarketStudyReport, global solid oxide electrolysis cell market was valued at USD 5.35 million in 2021 and is anticipated to grow substantially during the forecast timeline.

The rising focus on emissions reduction from worldwide governments coupled with growing emphasis on maintaining or even replacing aging electric grids are some of the factors driving the growth of global solid oxide electrolysis cell market.

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Additionally, increasing utilization by end-users like data centers as well as military & defense sectors, have provided numerous opportunities for major companies to invest in SOEC, which in turn is expected to stimulate the overall market expansion.

Even if solid oxide electrolysis cells have become fully commercially, ongoing research and development are estimated to continue in the ensuing years. Meanwhile, cost objectives must be satisfied and a greater comprehension of the electrolysis processes itself will continue to produce improved performance and lifespan gains.

By system type, global solid oxide electrolysis cell market is divided into oxygen ion and proton segments. Out of these, the oxygen ion segment is expected to capture the largest market share during the forecast timeframe.

Meanwhile, the proton segment is also predicted to expand significantly in the ensuing years. Protons that can conduct electrolytes are used for operating efficiently at lower temperatures and to reduce thermal stress. This enables the use of low-cost stack materials and balance-of-plant components. Moreover, protonic cells can operate reliably with a variety of hydrocarbon fuels since they are sulfur-tolerant and resist carbon coking, thus boosting the segmental size.

With respect to the end user landscape, this business space is fragmented into hospitals, educational institutions, hotels, restaurants, catering, and others.

Regionally, the report claims that North America market is projected to witness notable returns in the ensuing years, only trailed by Asia Pacific & Europe. Moreover, the new emerging markets in the Asia Pacific are found to be experiencing the strongest growth rate over the following years.

Redox Power System, Necresis LLC, OxEon Energy, Höganäs AB, SunFire GmbH, Haldor Topsoe, Bloom Energy Corporation, FuelCell Energy Inc., Toshiba Corporation, and Mitsubishi Power Ltd. are the major corporations stimulating global solid oxide electrolysis cell market.