New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar Hydrogen Panel Market Information by technology, End-User, and Region - Forecast till 2030", Over the projected period of 2022–2030, the market for solar hydrogen panels could attain a valuation of at a CAGR of 5.1%.
Solar Hydrogen Panel Market Overview
A solar hydrogen panel can be described as a type of artificial photosynthesis system that produces photohydrogen directly from sunlight and water vapor by photocatalytic water splitting, obviating the need for conversion losses that would otherwise occur throughout the normal solar-hydrogen energy cycle. As they produce no CO2, unlike steam reforming from natural gas and employing the water-gas shift method to build hydrogen, hydrogen solar panels seem especially promising for the green hydrogen economy.
Market Competitive Landscape:
The affluent companies in the solar hydrogen panel industry are
- SunHydrogen Inc
- Suzhou GH New Energy Co. Ltd.
- Flux50
- Schmid Group
The solar hydrogen panel market is still in its infancy. Over the projected period, the market is anticipated to develop at a healthy rate. The major competitors in the market engage in a variety of methods, such as the introduction of new products, joint ventures, business transactions, mergers, and acquisitions, to maintain and increase their market share.
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Solar Hydrogen Panel Market USP Covered:
Market Drivers:
In comparison to other ways of manufacturing hydrogen, such steam reforming from natural gas and the water-gas shift process, hydrogen solar panels appear especially promising for the green hydrogen economy since they don't emit any CO2. The green hydrogen industry is expanding as well, along with the use of nuclear and green hydrogen fuels. It has been determined that hydrogen fuel cells are more efficient than traditional combustion-based power plants. Due to the increasing need for environmentally friendly hydrogen generation and the ease of producing significant volumes of hydrogen in the panels without the need for further procedures, the solar hydrogen panel market is anticipated to expand significantly. Green hydrogen is defined as hydrogen produced only from renewable resources.
Hydrogen, the most common element on Earth, has a huge amount of creative potential. It can be utilized as a raw material, a fuel, or an energy source in the industrial sector.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant Value |
| CAGR during 2022-2030 | 5.1 % CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology and End User |
| Key Market Opportunities | Rapid innovations and technology development in solar hydrogen Increasing potential use of hydrogen across multiple sectors |
| Key Market Drivers | Supportive government policies Increasing growth and demand for green hydrogen in the economy |
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In addition, since nuclear and green hydrogen fuels are used more often, the green hydrogen sector is growing. Hydrogen fuel cells have been found to be more effective than conventional combustion-based power plants. The US Department of Energy estimates that a typical combustion-based power plant has an efficiency of 33 to 35%, compared to up to 60% for hydrogen-based fuel cell systems. Due to the convenience and comfort of manufacturing enormous volumes of hydrogen in the panels without the need for any further procedure, the solar hydrogen panel market is expected to grow quickly as a result of the rising demand for environmentally friendly hydrogen generation.
Market Restraints:
The most concerning feature of solar energy innovation is that energy can only be produced while the sun is shining, raising the possibility that nights and cloudy days can impair energy output. If there were inexpensive ways to store energy, this interference would not be a problem because sunny spells can produce an excess. Sunlight availability is crucial since solar-powered hydrogen panels mainly rely on artificial photosynthesis to manufacture hydrogen. Its dependability would lessen the likelihood of installing the panels in places with unpredictable weather or in chilly, moist environments.
Also, depending on the time of year and the season, we might consume different amounts of solar energy. As a consequence, it is anticipated that the Global Solar Hydrogen Panel market would have certain growth restraints during the forecast period due to the low energy capacity of solar-powered systems compared to other sources.
Solar Hydrogen Panel Market COVID 19 Analysis
Due to research bottlenecks that have slowed down the commercialization and acceptance of clean hydrogen via panels, the COVID-19 outbreak has had a negative effect on the market growth for solar hydrogen panels. The majority of these investments have been postponed and redirected to support healthcare facilities due to the high costs associated with hydrogen solar panel projects, which are still in the research and testing stages, as well as the fact that the covid-19 outbreak caused an international economic slowdown. But, the sector has made great progress as the virus's transmission slows and lockdowns are lifted, with companies creating ground-breaking products and spending to speed up the market's growth rate.
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Solar Hydrogen Panel Market Segmentation
By Technology
The Global Solar Hydrogen Panel Market is divided into three technology-based segments: Amorphous Silicon Solar Cells, Nano-Solar Cells, and Platinum Loaded Barium Tantalum Oxynitride. Due to its low cost of production and widespread adoption, the nano-solar cell market is anticipated to grow significantly over the projected period.
By the End-User
By End-User
The end-user categories of the global market for solar hydrogen panels include residential, industrial, mobile, agricultural, and other. Throughout the timeframe of the forecast, the mobility segment is anticipated to increase significantly. In comparison to fossil fuels, hydrogen has three times the energy per unit. The transportation industry had any practical alternatives to fossil fuels before fuel cell-based engines became commercially available.
Solar Hydrogen Panel Market Regional Insights
According to forecasts, the global market for solar hydrogen panels would be dominated by Europe. The primary energy source in Europe is hydrogen. The European Green Deal aims to reduce greenhouse gas emissions while also getting Europe's economy ready for a world without carbon. The market for green hydrogen in Europe is being driven by an increasing need for greener energy across all main business sectors as well as growing environmental problems brought on by carbon emissions. For instance, according to Eurostat, the statistics office of the European Union in Luxembourg, renewable energy sources made up 37% of all electricity consumed in the EU in 2020, up from 34% in 2019. In the upcoming years, the European market for solar hydrogen panels will perform well due to the rise in demand for green hydrogen.
Even though some Asia-Pacific nations have been identified as being particularly sensitive to the effects of climate change, traditional sources are still the main way that energy is generated.
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In the area's power sector in 2021, fossil fuels accounted for 44% of carbon dioxide emissions. In order to reduce emissions, the area needs a low-carbon economy. The nations are concentrating on the energy transition with a focus on boosting the adoption of technologies like offshore wind and battery storage as well as raising the percentage of renewable energy. This would facilitate the creation of a green corridor to meet universal access to energy. The solar hydrogen panel market may be significantly impacted by this.
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