Solar Hydrogen Panel Market Research Report—Global Forecast till 2030

Solar Hydrogen Panel Market Research Report Information By Technology (Amorphous silicon solar cells, Nano-solar cells, Platinum-loaded Barium Tantalum Oxynitride) End User (Residential, Industrial, Mobility, Agriculture, Others) Regions (North America, Europe, Asia-Pacific, Middle East & Africa, South America) Forecast 2030

ID: MRFR/E&P/9573-HCR | February 2023 | Region: Global | 110 Pages         

Solar Hydrogen Panel Market

Solar Hydrogen Panel Market is expected to grow USD 33 million at a CAGR 5.1% during the forecast period 2022-2030.

Segmentation
By Technology Amorphous silicon solar cells Nano-solar cells Platinum-loaded Barium Tantalum Oxynitride
By End Users Residential Industrial Mobility Agriculture Others
By Region North America Europe Asia-Pacific Middle East & Africa South America
Key Players
Companies Profiled   SunHydrogen Inc    Suzhou GH New Energy Co Ltd    Flux50    Schmid Group
Drivers
Market Driving Forces   Supportive government policies Increasing growth and demand for green hydrogen in the economy
Request a Free Sample

The Global Solar Hydrogen Panel Market size is projected to be worth USD 33 million by 2030, registering a CAGR of 5.1% during the forecast period (2022–2030).


Solar Hydrogen Panel Market Overview 


A solar hydrogen panel is an artificial photosynthesis device that generates photohydrogen directly from sunlight and water vapor via photocatalytic water splitting, therefore avoiding the conversion losses of the traditional solar-hydrogen energy cycle. hydrogen solar panel appear to be particularly promising for the green hydrogen economy since they generate no CO2, unlike steam reforming from natural gas and then using the water-gas shift process to make hydrogen.


COVID-19 Impact on the Global Hydrogen Solar Panel Industry:


The advancements in the Solar Hydrogen Panel Market have been negatively influenced by the covid-19 pandemic, mostly because of the delay in research, which has hindered the commercialization and uptake of clean hydrogen through panels. Because hydrogen solar panel projects need large expenditures and are still in the research and testing phases, and because the outbreak of the covid-19 caused international economic slowdowns, most of these investments were postponed and diverted to help healthcare facilities. However, as the virus propagation slows and lockdowns are lifted, substantial progress has been achieved in the industry, with companies launching innovative products and investing to assist the market to regain its growth pace.


Solar Hydrogen Panel Market Dynamics


Growth Driver Key Insights


    • Supportive government policies

    • Increasing demand for green hydrogen globally



Green hydrogen is hydrogen that is totally derived from renewable sources. Using green hydrogen as a connection, green electricity or power may be turned into transportation fuel or utilized as a feedstock in industrial activities. Green hydrogen and derived fuels, such as green ammonia, will enable market participants to incorporate wind energy into the fuel tank of a cargo ship. As a result, hydrogen has the potential to significantly boost renewable energy sources' decarbonization potential. Hydrogen is the most plentiful element on the earth, and it has enormous potential for creativity. It may be utilized as a fuel or energy source as well as a raw material in the industrial industry. 


Furthermore, the green hydrogen industry is expanding as the use of nuclear and green hydrogen fuels grows. It has been discovered that hydrogen fuel cells are more efficient than traditional combustion-based power plants. A standard combustion-based power plant creates energy at 33 to 35% efficiency, according to the US Department of Energy, whereas hydrogen-based fuel cell systems may generate electricity at up to 60% efficiency. With the increasing need for green hydrogen generation, the Solar Hydrogen Panel Market is predicted to expand rapidly due to the ease and comfort of producing huge amounts of hydrogen in the panels without the need for any further procedure.


Restraints Key Insights




    • High installation and maintenance cost

    • Fluctuating energy production capacity



The most troubling aspect of solar energy innovation is that energy is only created when the sun shines, suggesting that evenings and overcast days might interfere with energy output. This interference would not be a concern if there were low-cost means of storing energy, as sunny spells can result in a surplus. Artificial photosynthesis in solar-powered hydrogen panels is heavily reliant on sunlight to produce hydrogen, hence sunshine availability is critical. This reliability would reduce the possibility of putting the panels in areas where the weather is irregular or where the environment is cold and damp. Furthermore, the amount of solar energy we can use varies depending on the time of day and the season. As a result, the low energy capacity of solar-powered systems in comparison to other sources is projected to limit the growth of the Global Solar Hydrogen Panel market to some extent during the forecast period.


Opportunity Key Insights




    • Rapid innovations and technology development in solar hydrogen production

    • Increasing potential use of hydrogen across multiple sectors



Hydrogen can be consumed directly, utilized to generate power via fuel cells, or used as a chemical feedstock in industrial operations. Green hydrogen-generating systems are gaining popularity. This is due to the fact that hydrogen's potential applications are expanding across a wide range of industries, including power generation, manufacturing processes in industries such as steelmaking and cement production, fuel cells for electric vehicles, heavy transport such as shipping, green ammonia production for fertilizers, cleaning products, refrigeration, and electricity grid stabilization. 


Carbon-free hydrogen, on the other hand, will be crucial in decarbonizing specific end-use industries such as iron ore and steel, fertilizers, refining, methanol, and marine transportation, all of which generate significant quantities of CO2.

Solar hydrogen has the potential to significantly alter the future of energy generation. Hydrogen is a flexible fuel that may be utilized in a range of applications. It may be used to power cars, create energy, or heat houses and businesses, for example. Solar hydrogen will become an increasingly appealing choice for companies and households as the cost of solar panels and another renewable energy technology continues to fall. Hence, creating a potential for expansion of Solar Hydrogen Panel Market in the near future.


Solar Hydrogen Panel Market Segmentation


Market Outlook By Technology


Amorphous silicon solar cells, Nano-solar cells, and Platinum loaded barium tantalum oxynitride are the segments based on technology used in the Global Solar Hydrogen Panel Market. The nano-solar cell segment is expected to boom during the forecast period due to the ease of mass-produced and implementation globally.


Market Outlook By End-User 


Residential, Industrial, Mobility, Agriculture, and others are the segments by end-user of the Global Solar Hydrogen Panel Market. The mobility segment is expected to grow substantially during the forecast period. This is because hydrogen has three times the energy per unit of fossil fuels. Prior to the commercialization of fuel cell-based engines, the transportation sector had no viable alternatives to fossil fuels.


Solar Hydrogen Panel Market Regional Analysis


The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among all regions, Europe is predicted to have the largest market in the Global Solar Hydrogen Panel Market. In Europe, hydrogen is the dominant source of energy. The European Green Deal seeks to cut greenhouse gas emissions while simultaneously preparing Europe's economy for a post-carbon future. Rising demand for cleaner energy across all major business sectors, as well as mounting environmental challenges caused by carbon emissions, are key growth drivers for Europe's Green Hydrogen market. For example, according to Eurostat, the European Union's statistics office in Luxembourg, renewable energy sources accounted for 37% of total EU power consumption in 2020, up from 34% in 2019. As a result of increased demand for green hydrogen, the Solar Hydrogen Panel Market is likely to rise in the near future in the Europe regionAsia-Pacific, on the other hand, is expected to be the most opportunistic segment throughout the projected period. In the Asia-Pacific green hydrogen market, China has the greatest market share. Furthermore, the presence of major market players in this area is projected to promote market expansion.


Solar Hydrogen Panel Market Competitive Landscape


The Global Solar Hydrogen Panel Market is an emerging market. The market is expected to witness a healthy growth rate throughout the forecast period. The key players in the industry, to maintain their market share, are involved in various strategies such as new product launches, collaborations, corporate deals, mergers, and acquisitions to maintain and expand their market dominance.


List of Companies covered in the report:



  • SunHydrogen Inc

  • Suzhou GH New Energy Co. Ltd.

  • Flux50

  • Schmid Group

  • Others


Recent Developments:



  • In March 2021, Sun Hydrogen announced the project and collaboration kickoff with SCHMID to develop a GEN 2 manufacturing process platform.


Solar Hydrogen Panel Market Report Overview:


The Global Solar Hydrogen Panel Market is segmented based on Technology and End-User in this report. The report is focused on various analytical aspects such as market dynamics, Technology Analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global District Cooling Industry.


Segmentation Overview:


By Technology:



  • Amorphous silicon solar cells

  • Nano-solar cells

  • Platinum-loaded Barium Tantalum Oxynitride 


By End User:



  • Residential

  • Industrial

  • Mobility

  • Agriculture

  • Others


By Regions:



  • North America

  • Europe

  • Asia-Pacific

  • Middle East & Africa

  • South America


Objectives of the Study



  • To get a comprehensive overview of the Global Solar Hydrogen Panel Market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, technology advancements, and key developments

  • To gain insights about the key country/region in which the market is growing



Report Scope:

Report Attribute/Metric Details
  Market Size    2030: 20 million USD
  CAGR   ~ 9.5 %
  Base Year    2021
  Forecast Period    2022-2030
  Historical Data    2018 - 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology and End User
  Geographies Covered   North America, Europe, Asia-Pacific, Middle East & Africa, and South America
  Key Vendors   SunHydrogen Inc, Suzhou GH New Energy Co. Ltd., Flux50, Schmid Group
  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


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

The Global Solar Hydrogen Panel Market would register a growth of ~9.5% during the forecast period.

The high installation and maintenance cost is a key restraining factor for the Global Solar Hydrogen Panel Market

Europe would enjoy the upper hand in the Global Solar Hydrogen Panel Market.