New York, United States , Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Global Light-Harvesting Materials Market Size is Expected to Hold a Significant Share by 2033, Growing at 8.8% CAGR from 2023 to 2033.
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Light-harvesting materials refer to substances or structures designed to capture and convert light energy into usable forms, typically for applications in renewable energy generation or optical devices. Light-harvesting materials absorb solar energy and convert it to chemical energy via photochemical processes. These materials are critical in technologies such as solar cells, which capture photons (light particles) from sunlight and transform them into electrical energy via photovoltaic or photosynthetic processes. Light-harvesting materials come in a variety of compositions and designs, from traditional silicon-based solar cells to newer materials like organic photovoltaics (OPVs) and perovskite solar cells, each with their own set of benefits in terms of efficiency, flexibility, and cost-effectiveness. However, several main reasons drive the market for light-harvesting materials. Firstly, the growing global demand for renewable energy sources, driven by environmental concerns and sustainability goals, emphasizes the relevance of materials such as photovoltaic cells and solar panels. Technological advances in materials science and nanotechnology continue to improve efficiency and performance, while government policies and incentives globally encourage adoption through subsidies and renewable energy regulations. However, the light-harvesting materials market faces several challenges that impede its growth and widespread adoption, including high installation costs, intermittent issues that necessitate effective energy storage solutions, and technological limitations such as efficiency thresholds and durability concerns that pose significant barriers.
Browse key industry insights spread across 265 pages with 110 Market data tables and figures & charts from the report on the "Global Light-Harvesting Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Organic, Inorganic, Hybrid, and Others), By Application (Solar Cells, Photodetectors, Optical Computing, Photochemical, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The inorganic segment is predicted to hold the largest market share through the forecast period.
Based on the type, the light-harvesting materials market is classified into organic, inorganic, hybrid, and others. Among these, the inorganic segment is predicted to hold the largest market share through the forecast period. This dominance is due to the long-standing use and proven performance of materials such as silicon in solar cells, which provide great efficiency and dependability when converting sunlight into power.
The solar cells segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the light-harvesting materials market is divided into solar cells, photodetectors, optical computing, photochemical, and others. Among these, the solar cells segment is anticipated to hold the highest market share during the projected timeframe. This dominance is being driven by rising global demand for renewable energy alternatives, with solar energy playing an important part in achieving sustainability goals. Technological breakthroughs, such as increased efficiency and cost-effectiveness, increase the appeal of solar cells for residential, commercial, and utility-scale applications.
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North America is estimated to hold the largest share of the light-harvesting materials market over the forecast period.
North America is estimated to hold the largest share of the light-harvesting materials market over the forecast period. Several main segments influence the North American market. The solar cell market is at the forefront, aided by significant expenditures in renewable energy and favorable regulatory regulations in places such as California and Texas. These regions are critical in advancing large-scale solar projects and increasing solar energy adoption.
Asia Pacific is predicted to have the highest CAGR growth in the light-harvesting materials market over the forecast period. This expansion is due to the region's advances in renewable energy and technical innovation. Government initiatives in China, India, Japan, and South Korea prioritize the construction of solar energy capacity, supported by favorable policies, subsidies, and incentives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the light-harvesting materials market include Koninklijke Philips N.V., Osram Licht AG, BASF SE, General Electric, Huntsman Corporation, DSM N.V., BIT-SERV GmbH, Covestro AG, Kyocera Corporation, Quantum Materials Corporation, Honeywell International Inc., and others key Players.
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Recent Developments
- In November 2022, Researchers from IISER-Thiruvananthapuram and IIT-Indore collaborated to build an artificial light-harvesting system that can efficiently gather sunlight for energy conversion by emulating photosynthesis, the process by which plants absorb sunlight and make sugar. Authorities announced that researchers from all over the world are working to mimic the photosynthetic light-harvesting mechanism in manufactured systems for usage in solar cells or synthetic leaves.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the light-harvesting materials market based on the below-mentioned segments:
Global Light-Harvesting Materials Market, By Type
- Organic
- Inorganic
- Hybrid
- Others
Global Light-Harvesting Materials Market, By Application
- Solar Cells
- Photodetectors
- Optical Computing
- Photochemical
- Others
Global Light-Harvesting Materials Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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