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Solar Hydrogen Panel Market Trends

ID: MRFR//9573-HCR | 110 Pages | Author: Priya Nagrale| June 2024

Global Solar Hydrogen Panel Market Overview:

Solar Hydrogen Panel Market Size was valued at USD 0.031 Billion in 2023. The solar hydrogen panel market industry is projected to grow from USD 0.033 Billion in 2024 to USD 0.04 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.60% during the forecast period (2024–2032). Low variable electricity costs and economic need for green hydrogen are the key market drivers enhancing the market growth.

Global Solar Hydrogen Panel Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Hydrogen Panel Market Trends

  • Rising demand for green hydrogen propels market growth

The increasing demand for green hydrogen is driving the market CAGR for solar hydrogen panels. Green hydrogen is made entirely from renewable sources. Green electricity or power can be transformed into transportation fuel or used as a feedstock in industrial activities by using green hydrogen as a connection. Green hydrogen and derived fuels, such as green ammonia, will allow market participants to integrate wind energy into the fuel tank of a cargo ship. As a result, hydrogen has the potential to significantly boost renewable energy's decarbonization potential. The most abundant element on the world, hydrogen, has tremendous creative potential. It has the potential to be employed as a fuel or energy source, as well as a raw material in the industrial sector.

In addition, as nuclear and green hydrogen fuels become more widely used, the green hydrogen sector is expanding. Hydrogen fuel cells have been discovered to be more efficient than traditional combustion-based power plants. According to the US Department of Energy, a typical combustion-based power plant has an efficiency of 33 to 35%, compared to up to 60% for hydrogen-based fuel cell systems. The solar hydrogen panel market is predicted to rise quickly as a consequence of increased demand for environmentally friendly hydrogen generation, owing to the convenience and comfort of producing vast amounts of hydrogen in the panels without the need for any further procedure.

Moreover, concerns about carbon emissions and warming are growing. Governments all around the world have put in place a variety of policies and regulations aimed at reducing carbon emissions from diverse sectors. Electrolyzers produce hydrogen by electrolysis, which is the process by which water is split into hydrogen and oxygen using electricity. Electricity is created from either renewable or nonrenewable resources. For instance, ITM Power, based in the United Kingdom, established a joint venture with ITM Linde Electrolysis GmBH in January 2020. The firms will produce green hydrogen on a large scale using a PEM electrolyzer with a capacity of more than 10 MW.

Solar Hydrogen Panel Market Segment Insights:

Solar Hydrogen Panel Technology Insights

The solar hydrogen panel market segmentation, based on technology includes amorphous silicon solar cells, nano-solar cells, platinum-loaded barium tantalum oxynitride. Nano solar cells segment dominated the market, accounting for 35% of market revenue in 2022. Nano solar cells with a nanocrystal layer on the substrate. The nano solar cells are normally made of silicon, CdTe, or CIGS, while the substrates are typically made of silicon or other organic conductors. Quantum dot solar cells are a version of this method that uses quantum mechanical processes to improve performance. Another option is dye-sensitized solar cells, but in this instance the nano-structuring is built into the substrate.

Figure 1: Solar Hydrogen Panel Market, by Technology, 2024 & 2032 (USD Billion)

Solar Hydrogen Panel Market, by Technology, 2022&2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Hydrogen Panel End-User Insights

The solar hydrogen panel market segmentation, based on end-user, includes residential, industrial, mobility, agriculture and others. In terms of value, the mobility category has the largest share of the solar hydrogen panel market. This is because hydrogen contains three times as much energy per unit as fossil fuels. Before the commercialization of fuel cell-based engines, the transportation industry had no viable alternatives to fossil fuels. Fuel cell electric vehicles, on the other hand, offer a long-term solution. Solar hydrogen panels are a viable and feasible option for the car business.

Solar Hydrogen Panel Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe’s would dominate the market for solar hydrogen panels. In the European Union, hydrogen is the primary energy source. The European Green Deal aims to cut greenhouse gas emissions while simultaneously preparing Europe's economy for a carbon-free future. The European market for green hydrogen is being pushed by an increasing demand for cleaner energy across all major economic sectors, as well as growing environmental issues caused by carbon emissions.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Solar Hydrogen Panel Market Share By Region 2022 (Usd Billion)

Solar Hydrogen Panel Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America solar hydrogen panel market accounts for the second-largest market share due to the introduction of renewable energy programs. Further, the German solar hydrogen panel market held the largest market share and the UK solar hydrogen panel market was the fastest-growing market in the North American region.

The Asia-Pacific Solar Hydrogen Panel Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing government initiatives to support the growth of renewable energy projects. Moreover, China’s solar hydrogen panel market held the largest market share, and the Indian solar hydrogen panel market was the fastest-growing market in the Asia-Pacific region.

For instance, according to Eurostat, the European Union's statistics office in Luxembourg, renewable energy sources accounted for 37% of total power consumed in the EU in 2023, up from 34% in 2022. The European market for solar hydrogen panels will perform well in the next years due to increased demand for green hydrogen.

Solar Hydrogen Panel Key Market Players & Competitive Insights

Leading market players are extensively spending in research and development in order to extend their product lines, which will help the solar hydrogen panel market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and thrive in a more competitive and growing market, the solar hydrogen panel industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies utilized by manufacturers in the solar hydrogen panel industry to benefit clients and grow the market sector. In recent years, the solar hydrogen panel industry has provided some of the most significant improvements to medicine. Major players in the solar hydrogen panel market, such as Sun Hydrogen Inc, Suzhou GH New Energy Co Ltd, Flux50, and Schmid Group, among others, are seeking to raise market demand by investing in research and development operations.

Uniper SE is a German energy corporation headquartered in Düsseldorf. The company's name is a combination of the words "unique" and "performance," as suggested by long-term employee Gregor Recke. Uniper was founded by separating E.ON's fossil fuel holdings into a distinct business, which commenced operations on January 1, 2016. In over 40 countries, the company employs over 11,000 people. One-third of the workforce is based in Germany. It has a subsidiary in Russia called Unipro. Uniper is a company that is traded on the Frankfurt Stock Exchange. In April 2020, Siemens Gas and Power and Uniper SE have established a collaboration to develop projects that generate and use green hydrogen from renewable energy sources.

Fluxys is a Belgian firm that primarily operates natural gas transportation systems. It employed approximately 850 people in 2004, and its infrastructure included approximately 3,700 km (2,300 mi) of pipelines and a port in Zeebrugge, Belgium. The company is traded on the Euronext Brussels exchange. The corporation was formed in 2001 when Distrigas was split into two organizations (one of which retained the name Distrigas). Suez held up to 57.25% of Fluxys shares prior to its 2008 merger with Gaz de France to establish GDF Suez (now Engie), but was forced to cut its position to appease the European Commission for Competition.

Key Companies in the solar hydrogen panel market include

  • SunHydrogen Inc

  • Suzhou GH New Energy Co Ltd

  • Flux50

  • Schmid Group

Solar Hydrogen Panel Industry Developments

In June 2022: Air Liquide S A and Siemens Energy have launched a joint venture in Europe to develop industrial scale renewable hydrogen electrolizers in series. By combining the experience of two of the world's greatest firms in their respective sectors, this Franco-German collaboration will enable the development of a sustainable hydrogen economy in Europe and build a European ecosystem for electrolysis and hydrogen technologies. Production is set to begin in the second half of 2023, with a capacity of three gigatonnes per year by 2025.

In May 2022: Air Liquide S.A., CaetanoBus, and Toyota Motor Europe have decided to work together to create integrated hydrogen solutions. This will entail the development of infrastructure as well as vehicle fleets to expedite the spread of hydrogen mobility for both light- and heavy-duty vehicles.

In August 2021: Linde announced a long-term agreement with Infineon Technologies for the production and storage of green hydrogen on-site. Green hydrogen is being considered by Infineon Technologies for use in the semiconductor manufacturing process.

Solar Hydrogen Panel Market Segmentation

Solar Hydrogen Panel Market By Technology Outlook

  • Amorphous silicon solar cells

  • Nano-solar cells

  • Platinum-loaded Barium Tantalum Oxynitride

 Solar Hydrogen Panel Market By End-User Outlook

  • Residential

  • Industrial

  • Mobility

  • Agriculture

  • Others

Solar Hydrogen Panel Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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