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Solar Hydrogen Panel Market Size, Share & Industry Analysis, By Technology (Amorphous Silicon Solar Cells, Nano Solar Cells, and Others), By End-User (Industrial and Commercial & Residential), and Regional Forecast, 2024-2032

Last Updated: September 26, 2024 | Format: PDF | Report ID: FBI110341

 

KEY MARKET INSIGHTS

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The global solar hydrogen panel market size was valued at USD 15.45 million in 2023. The market is projected to grow from USD 17.07 million in 2024 and reach USD 41.33 million by 2032, exhibiting a CAGR of 11.69% during the forecast period.


Solar hydrogen panels are an artificial photosynthesis method where hydrogen is directly produced from sunlight and water vapor. They are known as solar water-splitting systems. The devices are designed to harness sunlight to produce hydrogen gas directly through photovoltaic electrolysis. This technology combines photovoltaic cells, which convert sunlight into electricity, with an electrolyzer, which splits water into hydrogen and oxygen using the electricity generated by the PV cells.


The COVID-19 pandemic significantly impacted the solar hydrogen panel market. Social distancing guidelines and lockdown measures caused supply chain disruptions and delays in project construction. This directly affected the uptake of renewable electricity projects, biofuel plants, and renewable energy investments. Degrading macroeconomic conditions across nations and the absence of required capital among customers pose a crucial problem affecting market trends. Trade restrictions, travel, and border closures have sharply reduced the demand for transportation and industrial energy, which decreased the consumption of bioenergy and other renewable energy systems.


Solar Hydrogen Panel Market Trends


Solar Hydrogen Panels are Favorable for the Future of Clean Energy


Solar hydrogen panels are a new and developing advancements in technology that could change how we produce and consume energy. These panels connect solar cells to a hydrogen production system to produce hydrogen gas from water using solar energy. Hydrogen is a clean and renewable energy source in many applications, including transportation, power generation, and industrial processes.


In November 2022, KU Leuven, a researcher in Belgium, produced a hydrogen panel that converts water vapor from the air directly into hydrogen gas using sunlight. The panel has been claimed to produce 250 liters of hydrogen daily at 15% efficiency. The panel would be developed in the Solhyd project, which was then in the transitioning phase for research. The overall hydrogen panel is the module that uses solar energy systems to split the water molecules and produce the hydrogen gas. The generated hydrogen gas is collected and stored for various applications, such as fuel for hydrogen fuel cells, industrial processes, or transportation. The storage methods include compression, liquefaction, or chemical bonding with materials such as metal hydrides.


Eventually, increasing technological advancements and production of hydrogen panels will positively influence the solar hydrogen panel industry.


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Solar Hydrogen Panel Market Growth Factors


Increasing Research and Development for Clean and Sustainable Energy to Drive Industry Growth


Increasing research on solar hydrogen panels and projects is boosting the market growth. Hydrogen fuel plays a key role in the transition to full decarbonization. However, for hydrogen to meet carbon reduction targets, hydrogen should be produced using renewable energy and not polluting fossil fuels. The idea of ​​using green hydrogen is gaining ground worldwide, with companies witnessing opportunities to produce hydrogen directly from solar panels, especially solar power, without using electricity from the grid. Electrolyzers can be used to convert water into hydrogen using solar energy. However using electrolyzer as an energy-intensive electrolytic process has hindered widespread adoption of this solution. In July 2021, American Sun Hydrogen, previously known as Hyper Solar, shared plans to develop a solar-hydrogen panel that produces hydrogen from sunlight and any water source, including sewage and seawater. The company mainly focuses on the supply of hydrogen for fuel cell vehicles.


Increasing Government Regulations Promoting Use of Renewable Energy and Reducing Dependence on Fossil fuels Contributes to Market Growth


The Ministry of New and Renewable Energy (MNRE) has presented the Approved List of Solar Panel Models and Manufacturers (ALMM) in 2021. All government-subsidized solar projects, which comprise the majority of solar-based green hydrogen proposals in India, must use panels made mainly by Indian producer ALMM, according to the 2021 regulation. Several factors influence solar hydrogen panel market growth. Government policies and regulations are likely to continue to favor renewable energy over fossil fuels, boosting the market for solar panels. The technology is still in its first phase, but the potential of demand for solar hydrogen panels as a clean and renewable energy source is significant. Many companies and organizations are developing hydrogen solar panels and the market is expected to grow significantly over the forecast period.


RESTRAINING FACTORS


High Production Cost and Infrastructure Required for Hydrogen Storage and Distribution Hamper Market Growth


The ongoing research on solar hydrogen panels in various countries has gained traction. However, the challenges are still associated with the initial cost of the facility manufacturing process and the infrastructure needed to store and distribute hydrogen. These panels are designed to use sunlight to directly produce hydrogen from water through electrolysis, offering a promising avenue for renewable energy generation and storage. However, hydrogen production, storage, and distribution economics remain complex. The production cost of hydrogen via electrolysis can be relatively high compared to conventional fossil fuels, primarily due to the energy-intensive nature of the process and the cost of materials involved in making efficient electrolyzers.


Solar Hydrogen Panel Market Segmentation Analysis


By Technology Analysis


Amorphous Silicon Solar Cells Segment Holds a Dominant Share Due to their Performance and High Absorption Capacity


Based on technology, the market is classified into amorphous silicon solar cells, nano solar cells, and others.


The amorphous silicon solar cells segment is expected to hold the largest market share during the forecast period. These cells are one of the oldest types of thin film cells. They are made of non-crystalline silicon and have low price and high absorbency. Therefore, they are used in solar cells with minimal layer thicknesses, which save material costs and compensate for performance deficiencies due to a relatively low maximum industrial sector efficiency of about 13%. However, their performance is lower than that of crystalline silicon solar cells. Furthermore, amorphous silicon solar cells can be deposited at very low temperatures and on different structures, including glass and plastic.


The nano solar cells segment is expected to be the fastest-growing segment over the forecast period. Researchers from a research institute in Amsterdam have developed a method to print existing solar panels with silicon particles that scatter green light back to the observer. More efforts are concentrated on reducing the cost of solar panels and offering environmentally friendly solutions. Nano solar cells have high efficiency as quantum dots and resonant colloidal nanoparticles can increase light absorption, charge separation, and overall efficiency of solar cells.


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By End-User Analysis


Industrial Segment Holds Dominant Market Share Due to Enormous Benefits Of Solar Power


Based on end-user, the market is segmented into industrial and commercial & residential.


The industrial segment is anticipated to hold a dominant market share during the forecast period. This is due to the suitability of solar hydrogen panels for large-scale applications, where performance and longevity are tested to the extreme. Solar panels generate electricity from sunlight through PV cells. This electricity is used to power homes, businesses, and even entire communities, reducing the reliance on fossil fuels and lowering greenhouse gas emissions. Another factor driving segmental dominance is the increasing demand for hydrogen gas from various industries, such as the chemical industry, the food and beverage industry, and the oil and gas industry.


Commercial premises can install solar panels on their roofs. However, they also have the option to explore more innovative solutions, such as solar parking lots and ground installations.


Residential solar systems, on the other hand, often have fewer installation options due to the limitations of home size. This limits their installation only to the roof. Advancements in photovoltaic technology and electrolysis processes have led to increased efficiency and reduced costs of solar hydrogen panels, making them more appealing for commercial applications. As the technology matures and economies of scale are achieved, the upfront investment required for commercial installations is expected to decrease further.


REGIONAL INSIGHTS


Geographically, the market has been studied across regions such as North America, Europe, Asia Pacific, and the rest of the world.


Europe Solar Hydrogen Market Size, 2023 (USD Million)

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Europe is expected to hold the largest market share during the forecast period as the growth of solar hydrogen panels is visible in various countries and different companies are undertaking projects for producing solar panels. Belgium's KU Leuven University collaborated and created a hydrogen panel that converts 15% of sunlight into hydrogen gas. This has led Europe to focus on renewable energy and the transition to a low-carbon economy, which has increased the demand for solar panels.


Asia Pacific is expected to be the fastest-growing region during the forecast period as the product demand has increased in India, China, and Japan, which are focusing on clean and renewable energy, which reduces carbon emissions. Changing government policies and environmental conditions have positively impacted the solar hydrogen panel market share in the region. For example, in February 2024, Sun Hydrogen started the first production phase of 1 m² green hydrogen panels with its industrial partner COTEC from South Korea. The company's new technology makes it possible to produce renewable hydrogen using sunlight and water. The company has patent technology and is certified. It claims to be the single independent nanoparticle-based hydrogen production device that can use solar energy to split water molecules into ultrapure hydrogen and oxygen.


North America is expected to grow and hold a considerable market share during the projected period. An increase in the demand for clean and renewable energy and growing awareness regarding climate change has escalated the need to cut greenhouse gas emissions, driving the solar hydrogen panel market growth.


KEY INDUSTRY PLAYERS


Companies Focusing on R&D and Pilot Projects Toward Solar Hydrogen Panels


The global market is highly fragmented, with large and medium-sized regional players supplying a wide range of products across the value chain at local and national levels. Many companies and research institutes are implementing pilot projects to produce solar hydrogen panels. These players focus on strategic partnerships, new product launches, and commercialization to expand their market share. Moreover, these players invest heavily in research projects that enable them to launch innovative solutions and gain maximum revenue from the market.


List of Top Solar Hydrogen Panel Companies:



  • Flux50 (Belgium)

  • SunPower Renewables (Australia)

  • Solhyd (Belgium)

  • SunHydrogen (U.S.)

  •  Suzhou GH New Energy Co. Ltd. (China)

  • Jinko Solar (China)

  • Phi Suea House (Thailand)


KEY INDUSTRY DEVELOPMENTS:



  • December 2023: Solhyd received the first part of the initial capital of USD 2 million funding for a hydrogen producing solar panels project (Golden Hydrogen from Leuven) that would be funded by entrepreneurs over the next few years. The funds would be used to optimize and deploy the core technology in pilot applications further at the company's current stage. The company is known for its hydrogen panels that produce renewable hydrogen directly from air and solar energy.

  • October 2023: JinkoSolar Holding Co., Ltd, the leading manufacturer of solar modules, signed the most significant supply contract with ACWA Power to provide 3.8 GW N-type Tiger Neo modules for ACWA Power's two projects in Saudi Arabia.

  • April 2023: Researchers constructed a kilowatt-scale experimental plant that produces green hydrogen and heat using solar energy. This solar hydrogen plant is under construction and generates a half kilogram of hydrogen within 8 hours, which volumes around 2 kilowatts of corresponding output power.

  • November 2022: KU Leuven researchers manufactured a rooftop panel that captures sunlight, air, and water. This panel converts water vapor from the air to hydrogen gas.

  • May 2022: The European Patent Office declared that Belgian scientists Johan Martens, Tom Bosserez, and Jan Rongé have been designated as qualifiers for the European Inventor Prize 2022 for their pioneering work on a solar hydrogen panel. The panel transforms sunlight and water vapor into hydrogen gas without using no metals or external water supplies.


REPORT COVERAGE


The report provides a detailed analysis of the market and focuses on key aspects such as, the competitive landscape of the industry by market segments that include technology and end-user. Besides, the report offers insights into the market trends and highlights key industry developments and key players. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


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REPORT SCOPE & SEGMENTATION
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 11.69% from 2024 to 2032



Unit



 Value (USD Million)



Segmentation



By Technology



  • Amorphous Silicon Solar Cells

  • Nano Solar Cells

  • Others



By End-User



  • Industrial

  • Commercial & Residential



By Region



  • North America

  • Europe

  • Asia Pacific

  • Rest of the World






Frequently Asked Questions

As per a study by Fortune Business Insights, the market size was USD 15.45 million in 2023.

The market is likely to grow at a CAGR of 11.69% over the forecast period (2024-2032).

By technology, the amorphous silicon solar cells segment is expected to lead as they are thin and require less silicon, which makes them more sustainable.

Europes market size stood at USD 6.38 million in 2023.

Increasing research and development initiatives for clean and sustainable energy will drive the growth of the market.

Some of the top players in the market are Flux50, SunPower, Solhyd, HyperSolar, SunHydrogen, and others.

The global market size is expected to reach USD 41.33 million by 2032.

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