Published on : Jun 10, 2016
The demand for energy and power has been increasing since the last decade and this demand is predicted to stay consistent even in the next decade. This demand is rising owing to the increasing industrialization, the growing population, and the increasing modernization globally. Renewable energy is a must for proving a continuous supply of sustainable energy. Solar energy has emerged as the biggest source of renewable energy. The use of solar fuel can be done by storing and utilization this fuel as per need in the future. At present, the solar energy market is small and at an immature stage, however, this market is predicted to grow sturdily in the coming years.
- Governments Providing Subsidies in Nations will Propel Market Growth: The rising demand for sustainable fuel has fuelled the development of the market for solar fuel. The proliferation of new technologies is predicted to further boost the development of the market for solar fuel. In addition, an increasing focus toward renewable energy as well as the subsidies presented by government worldwide will also propel the development of the market. Furthermore, governments in a number of nations have offered subsidies for cars that are solar fuelled and for other solar fuel applications.
- Europe and North America are Key Markets: Regionwise, Europe and North America are the major dominant regions in the market for solar fuel. Within Europe, nations such as that of Austria, Germany, Sweden, and Norway are stressing upon on the making of solar fuels. Denmark and Portugal are also lucrative markets for solar fuels. On the other hand, within Asia Pacific, South Korea, Japan, and Australia are the major nations that have adopted the solar fuel technology.
- Limited Application Areas may Inhibit Market Growth: A lot of research activities are going on for the development of solar fuels. A number of thermochemical and photosynthesis reactions are being carried on for the conversion of solar energy to fuels, thus driving the growth of the market. However, the limited application areas of solar fuel presently and the absence of developed technologies will have a negative impact on the growth of the market.
BioCee Inc., Climeworks LLC, HyperSolar Inc., Joule Unlimited Inc., Liquid Light Corporation, Lockheed Martin Corporation, Shell Global Solutions, Solar Fuel Corporation, Toshiba Corporation, and Panasonic Corporation, among others, are some of the key players operating in the market for solar fuel.