Portland, OR, June 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Solar Hydrogen Panel Market by Technology (Amorphous Silicon Solar Cells, Nano Solar Cells, Others), by End-Use (Residential, Industrial, Mobility, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global solar hydrogen panel market was valued at $10.3 million in 2022 and is estimated to reach $23.1 million by 2032, exhibiting a CAGR of 8.4% from 2023 to 2032.
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Prime Determinants of Growth:
The solar hydrogen panel market is experiencing growth due to a number of factors, including increase in demand for clean energy, government assistance, and advancements in technology. However, the high initial investment and lack of infrastructure restrict market growth. Moreover, a surge in demand for hydrogen fuel cells from various sectors and a rise in demand for sustainable transport will create new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $10.3 Million |
| Market Size in 2032 | $23.1 Million |
| CAGR | 8.4% |
| No. of Pages in Report | 241 |
| Segments Covered | Technology, End-Use, and Region |
| Drivers | Increase in demand for clean energy Government support Advancements in technology |
| Opportunities | Surge in demand for hydrogen fuel cells Increasing demand for sustainable transport Increase in investment in renewable energy |
| Restraints | High initial investment Lack of infrastructure Competition from other renewable energy sources |
COVID-19 Scenario:
- The COVID-19 pandemic had a mixed impact on the global solar hydrogen panel market. The market had a negative impact by the pandemic's disruptions, which included supply chain interruptions and economic downturns. Projects were delayed and investments in renewable energy, such as solar hydrogen panels, were cautious due to the unstable business environment and financial constraints.
- The pandemic, however, also emphasized the significance of clean and sustainable energy sources. An increasing focus on environmentally friendly power generation emerged as businesses and governments realized the necessity for resilient energy systems. Solar hydrogen panels, which generate hydrogen using renewable energy, have drawn interest as a possible clean and effective energy generation method. The post-pandemic recovery phase's demand for solar hydrogen panels was influenced by this increased emphasis on sustainability.
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The amorphous silicon solar cells segment to maintain its leadership status throughout the forecast period-
Based on technology, the amorphous silicon solar cells segment held the highest market share in 2022, accounting for around two-thirds of the global solar hydrogen panel market revenue, and is estimated to maintain its leadership status throughout the forecast period. The integration of amorphous silicon solar cells with energy storage and other conversion technologies is one factor that drives market growth. However, the others segment is projected to manifest a fastest CAGR of 9.0% from 2023 to 2032. owing to the surge in focus on decarbonization and the transition towards a hydrogen-based economy, notably. Governments and organizations worldwide are emphasizing the need to reduce greenhouse gas emissions and explore alternative energy sources.
The industrial segment to maintain its lead position during the forecast period-
Based on end-use, the industrial segment accounted for the largest share in 2022, contributing to more than half of the global solar hydrogen panel market revenue, and is projected to maintain its lead position during the forecast period. The growth factors for the solar hydrogen panel market in industrial end-use include the rise in awareness of environmental sustainability and the desire for clean energy sources, and solar hydrogen panels offer a convenient and efficient way for consumers to adopt renewable energy, reducing reliance on fossil fuels and lowering carbon emissions. However, the residential segment would portray the largest CAGR of 9.4% from 2023 to 2032. The growth opportunities in the residential segment of the solar hydrogen market arise from rapid urbanization and a surge in the growth of middle-class consumers across the globe.
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Europe to maintain its dominance by 2032-
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global solar hydrogen panel market revenue, and is likely to dominate the market during the forecast period. The government initiatives in Europe towards zero carbon emissions have created a demand for hydrogen panels, which positively impacts the solar hydrogen panel market. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 9.3% from 2023 to 2032. The region is characterized by a high demand for energy, rapid urbanization, and the presence of most of the developing countries. These factors, among others, are driving the demand for hydrogen, which can be utilized for power generation, leading to the demand for the solar-related industry in the Asia-Pacific.
Leading Market Players: -
- Sunhydrogen
- Hypersolar
- Proton Onsite
- Sunfire Gmbh
- Nel hydrogen
- Enapter
- Solhyd
- Schmid Group
- Suzhou GH New Energy Co. Ltd.
- Flux50
The report provides a detailed analysis of these key players in the global solar hydrogen panel market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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