Biohybrid Solar Cell Market, By Material (Silicon Crystal, Cadmium Telluride, Gallium Arsenide, Others), Application (Battery Storage, Solar Lighting, Commercial, Military & Aerospace, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Global Biohybrid Solar Cell Market Analysis:

Biohybrid solar cells are a type of solar cell developed using a combination of inorganic matter and organic matter. The biohybrid solar cell technology is still at its nascent stage and requires extensive research and development. They consist of various layers of photosystem I, which gathers photonic energy. Photonic energy is converted into chemical energy by photosystem I, which creates current that travels through the cell. The biohybrid solar cell itself comprises multiple non-organic materials that can be found in other solar cells. Further, after multiple days of injecting photosystem I complex, they become visible and usually appear as a thin green film. This thin green film is extremely vital as it helps and improves energy conversion. Biohybrid solar cells are highly efficient in the way they convert solar energy to electricity. Little to no power is lost in the conversion process of chemical to electric power. While in the traditional solar cells, the efficiency is at almost 40% in comparison to 100% offered by biohybrid solar cells. Also, the production cost of biohybrids is much less owing to the process of extraction of protein from spinach and other plants being easy and cheap. Due to all these benefits and increased research and development, technology is becoming more popular and widely adopted.

Growing adoption of renewable sources of energy and government regulations regarding carbon emissions are the major factors driving the market growth

Global electricity consumption is massively increasing every day owing to the rising urbanization and development of various residential buildings and industries. To meet daily needs, governments across the globe are investing in better technologies that could offer more lucrative results. The conventional sources of energy generation like nuclear energy and fossil fuels are high priced, limited in nature, and also leave residues in the environment. Solar energy is in abundance in nature and is completely clean and doesn’t leave any kind of residue. It is renewable, easy to setup, and also a much cost-efficient source. This has made the government’s across the globe to invest more in biohybrid solar cell technology and facilitated in market growth. Further stringent government regulations on carbon emissions from conventional sources are also motivating the usage of biohybrid solar cells. Various conventions such as the Paris Convention has strictly aimed at reducing carbon emissions by 40% till the year 2030. These regulations and conventions are motivating countries to invest more in renewable and clean sources of energy. While most countries don’t enjoy hydropower energy sources due to the unavailability of water bodies, they certainly can harvest solar energy. All these factors are increasing demand for biohybrid solar cells and facilitating the market growth.

Short lifespan, seasonal dependency and lack of electricity provision during night time are hampering the market growth

Biohybrid solar cells have a really short lifespan in comparison to traditional solar cells. While a traditional solar cell could last up to many years, a biohybrid solar cell lasts for only a few weeks to nine months, which creates a major question on its durability. Further, solar cells can’t work without the presence of sunlight in abundance. During certain seasons the solar power is majorly reduced owing to less availability of the sun and in the night time, there is no production at all.

Growing application of residential and commercial rooftop solar harvesting and increasing measures toward rural electrification to create lucrative market opportunities

Various organizations and residential setups across the globe have started to adopt solar energy sources for indigenous consumption. Growing electricity prices and rising government norms on electricity consumption is motivating a big portion of the population to invest in solar energy. With growing urbanization and the development of sustainable living apartments, most of the modern architecture includes harvesting solar energy technology on the rooftop. Installation of solar technology helps in decreasing high electricity bills and reduces carbon emissions. Major offices and industries are also investing in rooftop solar energy sources to meet daily high consumption rates. Due to all these benefits majorities of the population is adopting such rooftop solar technologies, and this will create lucrative market opportunities for the growth of the biohybrid solar cell market. Also, rising investments toward infrastructural development in order to provide electricity to rural and remote places will create major growth opportunities for the biohybrid solar cell market.

Global Biohybrid Solar Cell Market, by Material:

Cadmium telluride segment to be most lucrative till 2027

The cadmium telluride segment will have a dominating share in the global market, and they are expected to register a significant revenue during the forecast timeframe. Cadmium telluride has the highest energy conversion rate, which makes them the most efficient material. Further, they are widely adopted owing to low costs in comparison to other materials. Cadmium telluride has the quickest payback time in the thin-film solar cell technology, and also, they emit the least amount of carbon. All these factors are majorly promoting manufacturers to use cadmium telluride as raw material and facilitating the segment’s growth.

Global Biohybrid Solar Cell Market, by Material:

Battery storage segment to register maximum growth

The battery storage segment is anticipated to register maximum growth in the biohybrid solar cell market during the forecast period. Biohybrid solar cells have much higher efficiency in solar power conversion and storage, which makes them the most adopted type of solar cell for battery storage. Further, biohybrid solar cells are naturally derived from organic and inorganic sources, which makes them a cost-effective source of battery storage in solar cell technology. All these factors are facilitating the growth of the battery storage segment.

Global Biohybrid Solar Cell Market, by Region:

North America region to hold the largest market share

North America region is expected to hold the largest market share in the biohybrid solar cell market during the forecast timeframe. Robust infrastructure facilities, stringent government regulations for carbon emissions, sustainable developments, growing adoption of renewable energy sources are the major factors driving the market growth. Further, the rise in usage of residential and commercial rooftop solar energy technology is propelling the market growth.

Asia-Pacific will be the fastest-growing in the transformer oil market

Asia-Pacific region is anticipated to grow majorly in the biohybrid solar cell market during the forecast period. The growing demand and consumption of electricity owing to major industrialization activities and increased electrification of rural areas are the major drivers of the biohybrid solar cells in the region. Further, the region having multiple countries under the tropical zone is rich in solar energy sources, owing to which government’s in the Asia-Pacific region are majorly investing in biohybrid solar cells.

Key Participants in the Global Biohybrid Solar Cell Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant global biohybrid solar cell market players include Canadian Solar., Talesun., Trina Solar, LONGi Solar, JA SOLAR Co., Ltd., Jinko Solar., Q CELLS, RISEN ENERGY CO., LTD, GCL-SI, First Solar.

Market players prefer inorganic growth strategies to expand into local markets.

Global biohybrid solar cell market players are focusing highly on advanced product development and merger & acquisition. These are the common strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.