Solar Fuel Market - Global Industry Analysis, Size, Share, Growth 2023
The
increase in demand for power and energy has been phenomenal during the
last decade. It is expected to continue to rise enormously during the
next decade. Power and energy demand is on the rise due to rising
population, industrialization and modernization across the globe.
Majority of the power demand is supplied by utilizing fossil fuels such
as coal, oil & gas. These are non-renewable energy sources and will
get depleted sooner or later. Renewable energy is the need of the hour
to guarantee sustainable energy supply. Solar energy is the most
abundant source of renewable energy. Solar fuel is the perfect way to
provide unlimited and sustainable energy and power across the
globe.Solar fuel is produced from sunlight through artificial
photosynthesis or a thermochemical reaction. Sunlight is the fuel
source, which converts solar energy into chemical energy consisting of
hydrogen, oxygen, carbon dioxide or methanol. Solar fuel can be stored
and used later as per the requirements. The major solar fuels are
hydrogen and products of carbon dioxide reduction.
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The
market for solar fuel is still at a nascent stage. Hydrogen fuel
produced through solar energy has some applications in aerospace &
aircraft industry and automobile industry. Europe and North America have
been the main markets for solar fuels. Counties such as the U.S,
Germany, Norway and Sweden have started using solar fuels. Countries
such as Japan, South Korea and Australia are also leading adopters of
solar fuel technology.
The
global solar fuel market can be segmented on the basis of types,
technology and geography. Currently, solar fuels such as hydrogen fuel,
diesel, methanol and methane are being produced. Technology used to
convert solar energy into fuels consists of artificial photosynthesis
and thermochemical reaction. North America and Asia Pacific including
the U.S, Canada, Japan, South Korea, China and Australia have the
highest share of solar fuel market. Europe including Germany, Sweden,
Norway and Austria also have a huge market for solar fuels.
Some
of the drivers for solar fuel market chiefly include the rising demand
for energy across the globe. New technologies developments in solar
fuels will further boost the market. Shifted focus on renewable energy
sources, sustained power supply and environmental friendly power
productionwill further boost the demand for solar fuels. In recent
times, numerous research and development activities in the field of
solar fuels have been carried out across the globe. It will further
boost the solar fuel market. Although, present lack of technology and
limited applications may pose a threat to solar fuel market. However,
many national governments have given grants and funds for carrying out
research in solar fuel technology. In many countries such as Japan,
Germany, U.K, Netherlands and Sweden, governments have given subsidies
for solar fuel powered cars and other applications of solar fuels. All
these factors predict an excellent growth trajectory for the solar fuel
market during the forecast period.
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Some
of the key players in the solar fuel market include BioCee
Inc.,Climeworks LLC, HyperSolar Inc., Joule Unlimited Inc., Liquid Light
Corporation, Lockheed Martin Corporation, Panasonic Corporation, Solar
Fuel Corporation, Shell Global Solutionsand Toshiba Corporation among
others.
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