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Solar Fuel Market to Reach $5.4 billion, Globally, by 2033 at 7.7% CAGR: Allied Market Research

The solar fuels market is expected to witness significant growth, driven by the need to reduce carbon emissions and shift towards renewable energy. Solar fuels offer a sustainable alternative to fossil fuels by converting solar energy into chemical energy. This technology is critical for energy storage and transportation, aiding in the global pursuit of a carbon-neutral future. Continued advancements in conversion efficiencies and catalytic systems are crucial for enhancing its commercial viability.

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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About Us  

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.  

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Originally published at https://www.einpresswire.com/article/709514379/solar-fuel-market-to-reach-5-4-billion-globally-by-2033-at-7-7-cagr-allied-market-research

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