A research report included in the database of Transparency Market Research, in their category on the energy and mining industries, gives full details of the global solar fuel market and provides market forecast for the same within a time frame of 2015 to 2023. The report is titled “Solar Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
The global solar fuel market, is currently expanding due to an increase in demand for power around the world. This demand is expected to stay high till 2023 owing to the need for sustainable and eco-friendly energy generation methods.
Other drivers for the global solar fuel market’s growth are the abundance of solar power that can be used as fuel and technological developments that are making it increasingly easier to get the most amount of energy from solar fuel. The general consensus of the global energy industry is to move towards renewable sources of energy. This is further supporting the growth of the global solar fuel market.
One of the major restraints on the global solar fuel market currently is the lack of efficient technology that can be used in a feasible manner. This can be mitigated by intensive research and development projects that are aided by the governments. For instance, the growing use of solar fuel powered vehicles in the U.K., the Netherlands, Sweden, Germany, and Japan, is encouraged by the subsidies provided by their national governments.
North America and Asia Pacific have the largest stakes in the global solar fuel market, due to large-scale activities in the market by the U.S., China, Japan, India, Australia, and South Korea. European markets of Austria, Germany, Sweden, and Norway are also demonstrate lucrative prospects for the global solar fuel market.
The global solar fuel market is in its early developmental stages and therefore most players are heavily investing in research and development efforts. The U.S. has shown the fastest rate of development in the global solar fuel market so far, with Germany and China following. The larger areas of application in the global solar fuel market currently, are in the automotive industry and the aerospace and aircraft industry.
Key players of the global solar fuel market are Toshiba Corporation, Shell Global Solutions, Solar Fuel Corporation, Panasonic Corporation, Lockheed Martin Corporation, Liquid Light Corporation, Joule Unlimited, Inc., HyperSolar, Inc., Climeworks LLC, and BioCee, Inc.
The global solar fuel market is expected to provide a significant alternative to the conventional fuels that are already depleting at a rapid rate. Industry experts state that solar fuel is the perfect way of providing a sustainable and theoretically infinite source of energy. The global solar fuel market employs cells that either use artificial photosynthesis or a thermochemical reaction to convert solar energy to electricity, making sunlight the prime source of energy.
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