PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1587674
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1587674
Solar Hydrogen Panel Market Forecasts to 2030 - Global Analysis By Technology, End User and by Geography
According to Stratistics MRC, the Global Solar Hydrogen Panel Market is accounted for $18.20 billion in 2024 and is expected to reach $39.30 billion by 2030 growing at a CAGR of 13.69% during the forecast period. Solar hydrogen panels, which combine photovoltaic technology with hydrogen production, represent a novel approach to the generation of renewable energy. These solar panels use light from the sun to create electricity, which powers an electrolyser that uses electrolysis to separate water into hydrogen and oxygen. Moreover, the hydrogen that is produced can be kept in storage and used as a clean fuel source for a number of purposes, such as energy storage, industrial processes, and transportation. By offering a sustainable way to produce hydrogen, this technology improves energy security in addition to helping to reduce greenhouse gas emissions.
According to the International Energy Agency (IEA), hydrogen demand could reach 120 million tonnes by 2030, with a significant portion expected to be produced from renewable sources, including solar energy. This indicates a growing market for solar hydrogen technologies.
Market Dynamics:
Driver:
Growth in the requirement for clean energy
The need for clean energy solutions is growing as a result of the global movement to reduce carbon footprints. Solar hydrogen panels are becoming a practical choice as nations work to fulfill their obligations under the Paris Agreement and other international climate agreements. They use solar energy to create hydrogen, a clean fuel that can be used for power generation and transportation, among other things. Additionally, the need for sustainable energy sources that can take the place of fossil fuels is what drives this demand even more.
Restraint:
High initial expenses
The upfront cost of installing solar hydrogen panels is one of the biggest obstacles to their widespread use. Photovoltaic cells, the apparatus used in electrolysis, and the infrastructure required for the distribution and storage of hydrogen can all be expensive. This cost constraint restricts access, especially in the residential and small-scale sectors where financial resources may be more limited. Furthermore, the current high upfront costs continue to be a major barrier to market growth, even though technological advancements are predicted to lower costs over time.
Opportunity:
Increasing requirement for green hydrogen
The demand for green hydrogen, which is created using renewable energy sources like solar power, is being driven by the growing emphasis on lowering carbon emissions on a global scale. Solar hydrogen panels offer a practical means of producing clean hydrogen fuel as businesses look for environmentally friendly substitutes for fossil fuels. Additionally, manufacturers and developers now have the chance to invest in solar hydrogen technologies that serve industries like energy storage, transportation, and industrial processes, owing to the expanding green hydrogen market.
Threat:
Threat from alternative energy sources
The market for solar hydrogen panels is highly competitive with other renewable energy technologies like photovoltaic systems and wind power. Moreover, these substitutes might have more affordable starting costs or easier implementation procedures, which would make them more alluring to customers and companies searching for environmentally friendly energy solutions. Because of this, solar hydrogen panels might find it difficult to overtake these well-established technologies in the market.
Covid-19 Impact:
The COVID-19 pandemic had a major effect on the market for solar hydrogen panels by causing extensive supply chain disruptions and construction delays in projects because of lockdown protocols and social distancing rules. These disruptions hindered the adoption of renewable energy projects, such as solar hydrogen projects, because funds were frequently reallocated to meet critical healthcare needs during recessions. Furthermore, the pandemic also resulted in a deterioration of macroeconomic conditions, which limited the amount of capital available for investments in renewable energy and decreased demand for transportation and industrial energy, which in turn reduced the use of bioenergy and other renewable systems.
The Nano Solar Cells segment is expected to be the largest during the forecast period
It is projected that the solar hydrogen panel market will be dominated by the nanosolar cell segment. To increase their performance and efficiency, nanosolar cells use a layer of nanocrystals on a substrate. These cells benefit from their ability to efficiently harvest sunlight while minimizing material usage. They are typically made of materials like silicon, cadmium telluride (CdTe), or copper indium gallium selenide (CIGS). They are ideal for integration into solar hydrogen systems because of their special structure, which enhances light absorption and energy conversion. Moreover, nanosolar cells are becoming more and more popular as a result of the growing demand from consumers and industries for sustainable energy alternatives.
The Mobility segment is expected to have the highest CAGR during the forecast period
In the market for solar hydrogen panels, the mobility segment is anticipated to grow at the highest CAGR. The growing need for hydrogen fuel cells in transportation applications is driving this market trend because hydrogen has three times the energy density of fossil fuels. Fuel cell electric vehicles (FCEVs) are showing promise as a sustainable way to cut greenhouse gas emissions in the transportation sector. They are a viable alternative to conventional combustion engines. Additionally, automotive manufacturers and consumers find solar hydrogen panels to be appealing options due to their ability to produce hydrogen efficiently.
Region with largest share:
The Europe region has the largest market share for solar hydrogen panels due to its strict environmental laws and dedication to renewable energy. More than two-fifths of the global market share was held by Europe, where the adoption of solar hydrogen technologies was spearheaded by nations like France and Germany. The ambitious goals of the European Union, like the European Green Deal, are to transition to a carbon-neutral economy and drastically reduce greenhouse gas emissions. This has encouraged investments in the production of hydrogen from renewable sources. Furthermore, several European countries have instituted policies and incentives that facilitate research and development in the field of hydrogen technology, thereby augmenting the market's growth prospects.
Region with highest CAGR:
The market for solar hydrogen panels is anticipated to grow at the highest CAGR in the Asia-Pacific region. Numerous factors, such as the fast urbanization rate, rising energy consumption, and the government's strong push for the adoption of renewable energy solutions, are contributing to this growth. Leading the way in this shift are nations like China and India, who are concentrating on increasing their renewable energy resources to meet growing electricity demand while addressing environmental issues. Additionally, boosting the market potential for solar hydrogen technologies is the region's dedication to cutting carbon emissions and moving toward a hydrogen-based economy.
Key players in the market
Some of the key players in Solar Hydrogen Panel market include Hydrogenics, SunHydrogen Inc, Enapter, Suzhou GH New Energy Co Ltd, Cummins, Schmid Group, Heliogen, Sunfire GmbH, Flux50, Solhyd, Nel Hydrogen and Proton OnSite.
Key Developments:
In July 2024, SunHydrogen, Inc., the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, announced that it has entered into a joint development agreement with Honda R&D Co., LTD. SunHydrogen's innovative solar hydrogen technology uses abundant and low-cost materials, requires no external power other than sunlight, and is designed with scalability in mind.
In January 2024, Enapter AG has entered into an agreement to establish a joint venture company with Wolong Electric Group Co, Ltd, Shaoxing City, Zhejiang Province. This significantly expands the cooperation agreed in the framework agreement. Through this partnership, the joint venture will acquire stacks from the Enapter Group and then produce the Enapter AEM electrolyser products locally in China for the Chinese market.
In December 2023, Cummins Inc has reached an agreement in principle to resolve U.S. regulatory claims regarding its emissions certification and compliance process for certain engines primarily used in pick-up truck applications. The company has cooperated fully with the relevant regulators, already addressed many of the issues involved, and looks forward to obtaining certainty as it concludes this lengthy matter.
Technologies Covered:
- Amorphous Silicon Solar Cells
- Nano Solar Cells
- Platinum-Loaded Barium Tantalum Oxynitride
- Photovoltaic (PV) Electrolysis
- Concentrated Solar Power (CSP) Electrolysis
- Photoelectrochemical (PEC) Water Splitting
- Other Technologies
End Users Covered:
- Industrial
- Commercial
- Residential
- Agriculture
- Mobility
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Solar Hydrogen Panel Market, By Technology
- 5.1 Introduction
- 5.2 Amorphous Silicon Solar Cells
- 5.3 Nano Solar Cells
- 5.4 Platinum-Loaded Barium Tantalum Oxynitride
- 5.5 Photovoltaic (PV) Electrolysis
- 5.6 Concentrated Solar Power (CSP) Electrolysis
- 5.7 Photoelectrochemical (PEC) Water Splitting
- 5.8 Other Technologies
6 Global Solar Hydrogen Panel Market, By End User
- 6.1 Introduction
- 6.2 Industrial
- 6.3 Commercial
- 6.4 Residential
- 6.5 Agriculture
- 6.6 Mobility
- 6.7 Other End Users
7 Global Solar Hydrogen Panel Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Hydrogenics
- 9.2 SunHydrogen Inc
- 9.3 Enapter
- 9.4 Suzhou GH New Energy Co Ltd
- 9.5 Cummins
- 9.6 Schmid Group
- 9.7 Heliogen
- 9.8 Sunfire GmbH
- 9.9 Flux50
- 9.10 Solhyd
- 9.11 Nel Hydrogen
- 9.12 Proton OnSite
List of Tables
- Table 1 Global Solar Hydrogen Panel Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 3 Global Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 4 Global Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 5 Global Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 6 Global Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 7 Global Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 8 Global Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 9 Global Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 10 Global Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 11 Global Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 12 Global Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 13 Global Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 14 Global Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 15 Global Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 16 Global Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 17 North America Solar Hydrogen Panel Market Outlook, By Country (2022-2030) ($MN)
- Table 18 North America Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 19 North America Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 20 North America Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 21 North America Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 22 North America Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 23 North America Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 24 North America Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 25 North America Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 26 North America Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 27 North America Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 28 North America Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 29 North America Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 30 North America Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 31 North America Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 32 North America Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 33 Europe Solar Hydrogen Panel Market Outlook, By Country (2022-2030) ($MN)
- Table 34 Europe Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 35 Europe Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 36 Europe Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 37 Europe Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 38 Europe Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 39 Europe Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 40 Europe Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 41 Europe Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 42 Europe Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 43 Europe Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 44 Europe Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 45 Europe Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 46 Europe Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 47 Europe Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 48 Europe Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 49 Asia Pacific Solar Hydrogen Panel Market Outlook, By Country (2022-2030) ($MN)
- Table 50 Asia Pacific Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 51 Asia Pacific Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 52 Asia Pacific Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 53 Asia Pacific Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 54 Asia Pacific Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 55 Asia Pacific Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 56 Asia Pacific Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 57 Asia Pacific Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 58 Asia Pacific Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 59 Asia Pacific Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 60 Asia Pacific Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 61 Asia Pacific Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 62 Asia Pacific Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 63 Asia Pacific Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 64 Asia Pacific Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 65 South America Solar Hydrogen Panel Market Outlook, By Country (2022-2030) ($MN)
- Table 66 South America Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 67 South America Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 68 South America Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 69 South America Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 70 South America Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 71 South America Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 72 South America Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 73 South America Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 74 South America Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 75 South America Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 76 South America Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 77 South America Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 78 South America Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 79 South America Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 80 South America Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 81 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Country (2022-2030) ($MN)
- Table 82 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Technology (2022-2030) ($MN)
- Table 83 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Amorphous Silicon Solar Cells (2022-2030) ($MN)
- Table 84 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Nano Solar Cells (2022-2030) ($MN)
- Table 85 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Platinum-Loaded Barium Tantalum Oxynitride (2022-2030) ($MN)
- Table 86 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Photovoltaic (PV) Electrolysis (2022-2030) ($MN)
- Table 87 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Concentrated Solar Power (CSP) Electrolysis (2022-2030) ($MN)
- Table 88 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Photoelectrochemical (PEC) Water Splitting (2022-2030) ($MN)
- Table 89 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Other Technologies (2022-2030) ($MN)
- Table 90 Middle East & Africa Solar Hydrogen Panel Market Outlook, By End User (2022-2030) ($MN)
- Table 91 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Industrial (2022-2030) ($MN)
- Table 92 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Commercial (2022-2030) ($MN)
- Table 93 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Residential (2022-2030) ($MN)
- Table 94 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Agriculture (2022-2030) ($MN)
- Table 95 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Mobility (2022-2030) ($MN)
- Table 96 Middle East & Africa Solar Hydrogen Panel Market Outlook, By Other End Users (2022-2030) ($MN)
