Newark, N, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global biohybrid solar cell market is expected to grow from USD 1.21 billion in 2021 to USD 2.95 billion by 2030, at a CAGR of 10.43% during the forecast period 2022-2030.
The rapid urbanization, industrialization, and growing population have increased the energy demand worldwide. The primary sources of energy or electricity are fossil fuels for most countries. However, these sources of energy are non-renewable, limited, costly, and leave residues that are harmful to the environment. The over-exploitation of fossil fuels has led to an increase in greenhouse gases which has resulted in global warming, the primary cause of accelerated climate change and environmental degradation. Countries globally are investing heavily in technologies to produce clean, cheap, and efficient energy to arrest the pace of climate change. Solar energy is the most abundant form of energy received by the earth. Biohybrid solar cells convert the light and heat energy of the sun into electricity. The rising dependence on renewable, clean, and efficient solar energy to meet the increasing energy demands will drive the market for global biohybrid solar cells. Biohybrid solar cells are cheaper and more efficient. They are easy to set up than conventional solar cells, owing to which an increased amount of research is done on the up-gradation of these cells. The rising investments will lead to product innovations and a reduction in production costs, likely providing lucrative opportunities for global biohybrid solar cells to market players. Also, stringent government regulations on carbon emission will be favorable for the growth of biohybrid solar cells. The durability of biohybrid solar cells is less than conventional solar cells, which could restrict the market's growth. The seasonal variations could challenge the market's growth as biohybrid solar cells need abundant solar energy to produce electricity. The absence of provisions that guarantee electricity at night could be another challenge faced by the market players. Product innovations and extensive research can help overcome these challenges with better technology.
Competitive Strategy
To enhance their market position in the global biohybrid solar cell market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Vanderbilt University researchers have developed a method for combining the photosynthetic protein in spinach that converts light into electrochemical energy with silicon, the material used in solar cells, to produce significantly more electrical current than previous "biohybrid" solar cells.
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Market Growth & Trends
The rising awareness about climate change and the growing concern about its devastating impacts has created the urgency to take actions or steps that can reduce its consequences. More avenues to meet the rising energy demands are being explored, including nuclear, biomass, wind, water, geothermal and solar. The lack of availability of water, hot water springs, or biomass in some places makes solar energy the ideal alternative as a source of energy. The abundance of solar energy received by the earth can be converted into electricity with efficiency, low set-up, and maintenance costs by using innovative products such as biohybrid solar cells. The limited amount of fossil fuels, their high cost, and their non-renewable nature have created a void in the energy market, which is a positive development for the biohybrid solar cell as it is the best alternative to fossil fuels. The need to reduce carbon emissions to arrest temperature rise on earth has forced governments worldwide to curate rules, regulations, and policies that encourage renewable energy sources like solar energy. The availability of credit and subsidies in developed and developing economies will provide an impetus to the growth of the bio-hybrid solar cell market. Also, the research and development in biohybrid solar cells have led to the creation of cost-efficient, cheap, and highly effective solar cells resulting in the exponential growth of the market over conventional solar cells. The rising use of solar cells in the residential and commercial sectors will increase the demand for biohybrid solar cells in the global market.
Key Findings
- In 2021, the cadmium telluride segment dominated the market with the largest market share of 46% and market revenue of 0.55 billion.
The type segment is divided into silicon crystal, cadmium telluride, gallium arsenide, & others. In 2021, the cadmium telluride segment dominated the market with the largest market share of 46% and market revenue of 0.55 billion.
- In 2021, the solar lighting segment accounted for the largest share of the market, with 36% and market revenue of 0.43 billion.
The application segment is divided into solar lighting, commercial, military, and aerospace, & others. In 2021, the solar lighting segment accounted for the largest share of the market, with 36% and market revenue of 0.43 billion.
Regional Segment Analysis of the Biohybrid Solar Cell Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global biohybrid solar cell market, with a market share of around 36.67% and 0.44 billion of market revenue in 2021. The Asia Pacific is expected to be the fastest-growing market during the forecast period. The biohybrid solar cell market in the Asia Pacific has been expanding rapidly. China dominates biohybrid solar cells in the Asia Pacific. The growing emphasis on renewable energy sources to meet the ever-increasing population's energy demands has led to the establishment of major manufacturers in the region, which is a positive development for the growth of the Asia Pacific biohybrid solar cell market. Also, the rising number of commercial and industrial uses of biohybrid solar cells with new technologies are gaining popularity in countries like China and India, significantly contributing to the growing Asia Pacific biohybrid solar cells market.
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Key players operating in the global biohybrid solar cell market are:
- Jinko Solar
- JA SOLAR
- Trina Solar
- LONGi Solar
- Canadian Solar
- Q CELLS
- RISEN ENERGY
- GCL-S
- Talesun
- First Solar
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Market Quest has segmented the global biohybrid solar cell market based on the below-mentioned segments:
Global Biohybrid Solar Cell Market by Type:
- Silicon Crystal
- Cadmium Telluride
- Gallium Arsenide
- Others
Global Biohybrid Solar Cell Market by Application:
- Solar Lighting
- Commercial
- Military and Aerospace
- Others
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About the report:
The global biohybrid solar cell market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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