PHOTOELECTROCHEMICAL MARKET SIZE  (2023 - 2030)

In 2022, the Global Photoelectrochemical Market was valued at $11.64 billion, and is projected to reach a market size of $30.30 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 12.7%. 

Market Overview: 

A photoelectrochemical cell is a photocurrent-generated device that is made up of an electrolyte and a photoactive semiconductor electrode. They extract electrical energy from light or sunlight. Each cell is composed of one or two semiconducting photoelectrodes and also auxiliary metal and reference electrodes that are immersed in an electrolyte solution. The electron-hole pairs are produced by illumination of the interface electrolyte semiconductor with a level of energy that is higher than the band gap of the semiconductor. The charge in the semiconductor is distributed consequently creating a region of space charge which allows the separation of the electron-hole pairs. Also, instead of electrical energy, photoelectrochemical cells may produce fuels in a process such as the electrolysis of water to hydrogen and oxygen. The photoelectrochemical cell market based on type has been segmented into n-type semiconductors and p-type semiconductors. Based on application, the photoelectrochemical cell market has been segmented into electrochemical photovoltaic cells, dye-sensitized solar cells, and light-emitting cells. The photoelectrochemical cell has also been segmented based on structure into c-Si, a-Si, microcrystalline silicon (μc-Si), and nanocrystalline silicon (nc-Si). 

COVID-19 Impact on the Photoelectrochemical Market:  

The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has stretched out around the globe at a very rapid pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-hit countries in terms of the number of positive cases and reported deaths. The COVID-19 outbreak has severely affected economies and industries in various countries due to lockdowns and business shutdowns. This can be attributed to the sharp decline in the construction, automotive, and industrial sectors. It hampered the overall economic growth in three main ways: by affecting production and demand, its financial impact on the manufacturing industry, by supply-chain disruptions. China is the global manufacturing centre, with the presence of the largest raw material suppliers for semiconductors. The overall market shutdown due to COVID-19 is also affecting the growth due to the shutting down of factories, disruptions in the supply chain, and a downturn in the world economy. 

Market Drivers: 

Growing environmental concerns and depleting fossil fuels reserves are causing the market to grow globally: 

The increased demand for environment-friendly power sources to reduce greenhouse gas emissions and achieve a global Net Zero Target is driving people to shift towards more sustainable and renewable forms of energy. Thus, increasing the scope of the photoelectrochemical market globally. 

Growing demand for R&D and new technology in the industry is boosting the photoelectrochemical market growth: 

Private capital investment and spending on R&D and the approval and launch of new technologies have both increased remarkably in recent years, renewing a decades-long trend that was disrupted in 2008 as the 2007–2009 recession occurred. Particularly, spending on drug R&D elevated by nearly 65% between 2017 and 2020. More and more organizations are focussing on energy-intensive research and studies to understand the direct energy imparting mechanism from photons to chemical energy. Therefore, increased competition and constant innovations in the industry are escalating the global photoelectrochemical market. 

Lower cost of production is a key factor in boosting its market size: 

The manufacturing and production cost of photoelectrochemical cells are comparatively lesser than that of other silicone-based solar cells. This is due to the minimum complex mechanism in which the cell works and its easy formation property. Therefore, the cost of these cells is a major factor in fuelling their demand in the market.   

Government policies and support are augmenting the global market size: 

Government initiatives and tax rebates to adopt photoelectrochemical cells as a substitute for traditional non-renewable source-based power are further anticipated to fuel the photoelectrochemical market growth in the forecast period to propel the overall industry. 

Market Restraints: 

Inadequacy in the supply of semiconductors is restraining the market growth: 

Semiconductors are a prime component of a photoelectrochemical cell. The global supply chain is facing disruptions as a result of the cold trade war between the United States and China. Tariffs and restrictions were imposed on each other, causing demand and supply chain disruptions. This has thereby impacted multiple sectors and industries, causing a semiconductor shortage. The COVID-19 outbreak also inflicted havoc on the semiconductor supply chain. Taiwan is a major supplier of semiconductors and due to the above-stated factors, it has hampered the global growth of the photoelectrochemical market. 

PHOTOELECTROCHEMICAL MARKET REPORT COVERAGE:

This research report on the Photoelectrochemical Market has been segmented and sub-segmented based on Type, Application, Structure, Region, and Key Companies. 

Photoelectrochemical Market – By Type. 

• N-Type Semiconductor 

• P-Type Semiconductor 

Based on type the photoelectrochemical market is segmented into 2 categories – N-Type Semiconductors and P-Type Semiconductors.  

Photoelectrochemical Market – By Application. 

• Electrochemical Photovoltaic Cells 

• Dye-Sensitized Solar Cells 

• Light Emitting Cells. 

Based on application the photoelectrochemical market is segmented into 3 categories – Electrochemical Photovoltaic Cells, Dye-Sensitized Solar Cells, and Light Emitting Cells. 

Photoelectrochemical Market – By Structure. 

• C‐Si, A‐Si 

• Microcrystalline Silicon (Μc‐Si) 

• Nanocrystalline Silicon (Nc‐Si) 

Based on their structure the photoelectrochemical market is segmented into 3 categories – C‐Si, A‐Si, Microcrystalline Silicon (Μc‐Si), and Nanocrystalline Silicon (Nc‐Si). 

Photoelectrochemical Market – By Region. 

• North America 

• Europe 

• Asia-Pacific 

• South America 

• Middle-East and Africa 

Based on their region the photoelectrochemical market is segmented into 5 major regions– North America, Europe, Asia-Pacific, South America, Middle-East, and Africa. 

Asia-Pacific holds the dominance and has the majority of the revenue share during the forecast period. Owing to the rapid urbanization, increasing adoption of enhanced technologies such as IoT or AI across various industry sectors in several developing economies such as India, Japan, China, and others are fuelling the market size of the photoelectrochemical market in the region.  

North America is anticipated to witness remarkable growth during the forecast period of 2023 - 2030 owing to the surging demand for advanced technologies and rising investments in the region.  

Photoelectrochemical Market – By Companies. 

1. Binergy Scientific Inc. (US) 

2. Solid Cell Inc. (US) 

3. Ballard Power Systems. (Canada) 

4. Giner Inc. (US) 

5. Sirius Computer Solutions, Inc. (US) 

The Photoelectrochemical market is highly competitive and fragmented and has several major players involved. Few major players influence the market share, and few emerging companies are estimated to enter the market over the forecast period. The key players are undertaking various growth strategies such as new product launches, acquisitions and mergers, and collaborations, contributing to the Photoelectrochemical market's growth worldwide.