Global Photo Electrochemical Cell (Pec) Market, By Type (n-Type Semiconductor, p-Type Semiconductor), Application (Electrochemical Photovoltaic Cells, Dye Sensitized Solar Cells, Light Emitting Cells), Structure (c‐Si, a‐Si, Microcrystalline Silicon (μc‐Si), Nanocrystalline Silicon (nc‐Si) - Industry Trends and Forecast to 2029
Market Analysis and Size
Photo electrochemical cell (Pec) includes hydrogen generation that is a result of integrated water electrolysis and solar energy conversion in a single photocell. This process is an environmentally friendly, low-cost and renewable method for hydrogen production.
Global Photo Electrochemical Cell (Pec) Market was valued at USD 12.59 billion in 2021 and is expected to reach USD 32.07billion by 2029, registering a CAGR of 12.40%during the forecast period of 2022-2029. Dye Sensitized Solar Cells accounts for the largest application segment in the respective market owing to the rise in awareness among buyers regarding adverse environmental impacts. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Photoelectrochemical cells (PECs) refer to the cells that extract electrical energy from sunlight. Each cell consists of one or two semiconducting photoelectrodes along with auxiliary metal. Photoelectrochemical cells (PECs) are known to produce useful fuels in a process such as electrolysis of water to oxygen and hydrogen.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (n-Type Semiconductor, p-Type Semiconductor), Application (Electrochemical Photovoltaic Cells, Dye Sensitized Solar Cells, Light Emitting Cells), Structure (c-Si, a-Si, Microcrystalline Silicon (μc-Si), Nanocrystalline Silicon (nc-Si)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Binergy Scientific Inc. (US), Solid Cell Inc. (US), Ballard Power Systems. (Canada), Giner Inc. (US), Sirius Computer Solutions, Inc. (US), among others
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Market Opportunities
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Photo Electrochemical Cell (Pec) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Rise in Awareness regarding Adverse Environmental Impacts
The rise in awareness among buyers regarding adverse environmental impacts of non-renewable source-based power acts as one of the major factors driving the photoelectrochemical cells (PECs) market. Also, increase in the dependence on unconventional sources of energy has a positive impact on the market.
- Modern Energy Services
The rise in economic growth and energy security accelerate the market growth. Also, increase in the need for reducing poverty and improving the quality of life with the help of modern energy services has assist in the expansion of the market.
- Increase in Solar System Installation
The increase in the number of installation of solar system further influence the market. The rise in demand of photoelectrochemical cells (PECs) because of growing need to decline prices of solar cells modules drives the growth of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the photoelectrochemical cells (PECs) market.
Opportunities
Furthermore, prevalence of advanced technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in number of research and development activities will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the production is expected to obstruct market growth. Also, fluctuations in the raw materials are projected to challenge the photoelectrochemical cells (PECs) market in the forecast period of 2022-2029.
This photoelectrochemical cells (PECs) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on photoelectrochemical cells (PECs) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Photo Electrochemical Cell (Pec) Market
The COVID-19 had a negative impact on the photoelectrochemical cells (PECs) market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand photoelectrochemical cells (PECs) technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the photoelectrochemical cells (PECs) market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Photo Electrochemical Cell (Pec) Market Scope and Market Size
The photoelectrochemical cells (PECs) market is segmented on the basis of type, application and structure. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- N-Type Semiconductor
- P-Type Semiconductor.
Application
- Electrochemical Photovoltaic Cells
- Dye Sensitized Solar Cells
- Light Emitting Cells
Structure
- C-Si, A-Si
- Microcrystalline Silicon (Μc-Si)
- Nanocrystalline Silicon (Nc-Si)
Photo Electrochemical Cell (Pec) Market Regional Analysis/Insights
The photoelectrochemical cells (PECs) market is analysed and market size insights and trends are provided by country, type, application and structure as referred above.
The countries covered in the photoelectrochemical cells (PECs) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the photoelectrochemical cells (PECs) market because of the growing number of population along with rising demand of renewable energy and energy security within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments and high demand for advanced technology in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Photo Electrochemical Cell (Pec) Market
The photoelectrochemical cells (PECs) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to photoelectrochemical cells (PECs) market.
Some of the major players operating in photoelectrochemical cells (PECs) market are
- Binergy Scientific Inc. (US)
- Solid Cell Inc. (US)
- Ballard Power Systems. (Canada)
- Giner Inc. (US)
- Sirius Computer Solutions, Inc. (US)
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