Wilmington, Delaware, May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solar Fuel Market by Type (Hydrogen, Ammonia, and Others), and Application (Power Generation, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the solar fuel market was valued at $2.6 billion in 2023 and is estimated to reach $5.4 billion by 2033, growing at a CAGR of 7.7% from 2024 to 2033.
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Prime determinants of solar fuel market growth
The global solar fuel market is experiencing growth due to several factors such as escalating greenhouse gas emissions, advancements in solar energy technology, and growing investment in green hydrogen projects. However, the high technical cost and lack of widespread infrastructure hinder market growth. Moreover, the shift towards green hydrogen production will provide opportunities for expanding the solar fuel market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $2.6 billion |
| Market Size in 2033 | $5.4 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 290 |
| Segments Covered | Type, Application, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers | Increase in importance of sustainability Advancements in solar energy technology Growth in investments in green hydrogen projects |
| Opportunity | Shift towards green hydrogen production |
| Restraint | High initial investment costs Lack of widespread infrastructure |
The hydrogen segment is expected to grow faster throughout the forecast period.
By type, the hydrogen segment held the highest market share in 2023, accounting for more than three-fourths of the solar fuel market revenue. However, the hydrogen segment is projected to manifest the highest CAGR of 7.8% from 2024 to 2033. Hydrogen-type solar fuel is dominating and rapidly growing in the solar fuel market primarily due to its high energy density and versatility in applications such as transportation and power generation. Its compatibility with existing infrastructure and zero-emission profile when used make it a particularly attractive renewable energy option.
The power generation segment is expected to grow faster throughout the forecast period.
By application, the power generation segment held the highest market share in 2023, accounting for more than two-thirds of the solar fuel market revenue. However, the power generation is projected to manifest the highest CAGR of 7.8% from 2024 to 2033. Power generation applications dominate and are expected to grow rapidly in the solar fuels market due to their ability to provide a consistent, renewable energy source. Solar fuels integrate seamlessly into existing power grids, offering a reliable alternative to intermittent solar and wind sources, thereby enhancing energy security and sustainability.
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Europe is expected to dominate the market by 2033.
By region, Europe held the highest market share in 2022, accounting for more than two-fifths of the solar fuel market revenue, and is estimated to dominate during the forecast period. However, Europe is projected to manifest the highest CAGR of 8.2% from 2024 to 2033. Europe leads and is expected to rapidly expand in the solar fuels market due to strong government policies supporting renewable energy, substantial investments in technology innovation, and a societal commitment to reducing carbon emissions. The region's strategic focus on achieving energy independence and sustainability also significantly propels market growth.
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Leading Market Players: -
- Green Hydrogen Systems
- Air Liquide
- Adani Green Energy Ltd
- Royal Dutch Shell
- Plug Power Inc.
- GAIL (India) Limited
- Ballard Power Systems
- NTPC Limited
- Reliance Industries
- Linde Plc
The report provides a detailed analysis of these key players in the solar fuel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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