PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1213643
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1213643
According to SPER Market Research, the Global Solar Hydrogen Panel Market is estimated to reach USD 0.04 billion by 2032 with a CAGR of 5.36%.
In a solar hydrogen panel, photocatalytic water splitting is used to produce photohydrogen directly from sunlight and water vapor, avoiding the conversion losses of the conventional solar-hydrogen energy cycle. This artificial photosynthesis process produces photohydrogen in the same way that nature does. Since they don't produce any CO2, hydrogen solar panels seem especially promising for the green hydrogen economy compared to other methods of producing hydrogen, such as steam reforming from natural gas and the water-gas shift process.In addition, as the usage of nuclear and green hydrogen fuels increases, the green hydrogen sector is growing. It has been found that hydrogen fuel cells are more effective than conventional power plants based on combustion. The market for solar hydrogen panels is expected to grow quickly due to the rising demand for environmentally friendly hydrogen generation and the convenience of manufacturing large amounts of hydrogen in the panels without the need for further steps. Hydrogen that is entirely obtained from renewable resources is referred to as green hydrogen. Green electricity or power may be converted into transportation fuel or used as a feedstock in industrial processes using green hydrogen as a link. Participants in the market will be able to integrate wind energy into the fuel tank of a cargo ship thanks to green hydrogen and its derived fuels, including green ammonia. Therefore, hydrogen has the potential to considerably increase the decarbonization potential of renewable energy sources. The most prevalent element on earth, hydrogen, offers a tremendous amount of creative potential. It can be used in the industrial sector as a raw material, a fuel, or an energy source.
The COVID-19 epidemic has had an unfavorable impact on market growth for solar hydrogen panels, mostly as a result of research delays that have slowed down the commercialization and adoption of clean hydrogen through panels. Due to the high costs associated with hydrogen solar panel projects, which are still in the research and testing stages, as well as the fact that the COVID-19 outbreak caused an international economic slowdown, the majority of these investments have been delayed and redirected to support healthcare facilities. However, as the virus's spread slows and lockdowns are removed, the industry has made significant strides, with businesses developing ground-breaking goods and investing to help the market pick up its growth pace.