The SOEC electrolyzer market is projected to experience significant growth, with an estimated value of US$323.665 million in 2024 expected to soar to US$3.36 billion by 2029, representing a remarkable CAGR of 59.71%. One of the primary factors fueling this growth is the surge in demand for hydrogen, particularly as a fuel alternative in the automotive sector. The increasing shift towards zero-emission vehicles to reduce carbon emissions has propelled the adoption of new energy vehicles, thereby expanding the market footprint. Moreover, the rising global energy demand for various purposes is anticipated to drive the need for hydrogen, consequently spurring the market demand for SOEC electrolyzers. In alignment with the global agenda to achieve net-zero emissions, the preference for hydrogen as a natural fuel source in governmental organizations and industries is gaining prominence. The growth in hydrogen demand for automotive fuel is accelerating the market expansion, with hydrogen vehicles and Fuel Cell Electric Vehicles (FCEVs) offering benefits such as reduced carbon footprint and lower operational costs. The efficiency of FCEVs compared to electric and ICE-based vehicles, along with faster refill times, has contributed to the positive growth trajectory of hydrogen vehicles. Major economies like China, the United States, and Europe are witnessing significant investment inflows to drive the adoption of hydrogen-based vehicles, as highlighted by the Hydrogen Council's report. Noteworthy automotive manufacturers are seizing the opportunity in the hydrogen fuel cell segment by investing in FCEVs, evident from Honda's introduction of the CR-V e: FCEV, scheduled for launch in Japan. This strategic move underscores the growing momentum and interest in hydrogen fuel cell technology in the automotive industry.