Photovoltaic Hydrogen Production Market Scope
Solar energy water splitting technology is divided into four major categories: photochemical systems, semiconductor systems, photobiological systems, and hybrid and other systems. Concentrated solar energy can also be used to produce hydrogen directly from the water. Because of the enormous potential of solar energy technologies, low-cost, high-efficiency hydrogen production systems based on solar energy are receiving a lot of attention. The most common method of producing solar-based hydrogen employs photovoltaic (PV) cells in conjunction with water electrolysis. PV cells are used to generate electricity in this system. This electric current is passed through water by an electrolyzer, causing the water molecules to separate into hydrogen and oxygen gases.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Toyota (Japan), Toshiba (Japan), Siemens (Germany), Fusion Fuel Green Plc (Ireland), NextEra Energy (United States), Austrom Hydrogen (Australia), Iberdrola (Spain), China Huadian (China), Sungrow (China) and China Datang (China) |
CAGR | % |
To entice more end users, market players are focusing on providing Photovoltaic Hydrogen Production of higher quality while adhering to all regulatory standards. In the global Photovoltaic Hydrogen Production market, there are numerous large and small-scale service providers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Photovoltaic Hydrogen Production market is currently expanding due to the rapid advancement of technology. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Toyota (Japan), Toshiba (Japan), Siemens (Germany), Fusion Fuel Green Plc (Ireland), NextEra Energy (United States), Austrom Hydrogen (Australia), Iberdrola (Spain), China Huadian (China), Sungrow (China) and China Datang (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Jingneng Power (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Photovoltaic Hydrogen Production market by Type , by Application (Fuel Cell, Petroleum and Chemical and Metal Smelting) and Region with country level break-up.
On the basis of geography, the market of Photovoltaic Hydrogen Production has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In September 2020, First Solar Japan and Toshiba Energy Systems & Solutions Corporation (hereinafter “Toshiba ESS”) signed a contract to construct two mega solar projects, Yatsubo Solar Power Plant and Ikeda Solar Power Plant in Tochigi Prefecture, Nasu area, Eastern Japan. Both power plants will start operating in April 2023, adding a total of 60 megawatts (MW) of solar energy capacity to the country’s electricity grid. The electricity will be sold to TEPCO Power Grid, Inc. under a 20-year Feed-in-Tariff.
In May 2021, Toyota announced The Toyota Motor Corporation Frontier Research Center (Toyota) is engaged in solar cell research, as part of its efforts to achieve carbon neutrality by 2050. Solar cells have already been equipped to some Toyota models, with the electricity generated used to power driving and other operations. Improving the amount of electricity generated by solar cells—in other words, increasing the amount of high-efficiency solar cells equipped to vehicles—is one way of extending the electric-powered cruising range of electrified vehicles. To this end, the development of lighter, thinner, more shape-following, and higher-efficiency solar cells is essential.
The discarded solar panel, which is now considered solid waste, may then also be regulated under RCRA Subtitle C as hazardous waste if it is determined to be hazardous. The most common reason that solar panels would be determined to be hazardous waste would be by meeting the characteristic of toxicity. Heavy metals like lead and cadmium may be leachable at such concentrations that waste panels would fail the toxicity characteristic leaching procedure (TCLP), a test required under RCRA to determine if materials are hazardous waste. If the generator of the solar panels knows from previous experience that the material would fail the TCLP test, they can determine that the waste is hazardous without the need for testing.
Photovoltaic Hydrogen Production Market Dynamics:
Attributes | Details |
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Trends Influencing Market | - The growing influence of solar power appliances.
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Key Restraints | - The Lack of a skilled workforce in production will be hindering the market growth.
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Challenges | - The high initial cost of investment.
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Market Opportunities | - The Growing Advancement in the Technology of Solar Cell Manufacturing will be showing a Positive Impact on Market Growth.
- The Supportive Government Policies and Initiatives
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Key Target Audience
Photovoltaic Hydrogen producers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others