rising usage of renewable energy sources and presence of strict government laws about carbon emissions are fueling the global biohybrid solar cell market growth. the north american region is likely to grab major market share in the forecast period.
Research Dive has added a new report to its offering titled, “Global 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”.
The global biohybrid solar cell market is projected to grow with a CAGR of 10.6% from 2020 to 2027. As per the report, the North American region is estimated to seize a highest market share during the estimated period, due to growing availability of efficient infrastructure amenities, strict government rules for carbon emissions, sustainable developments, and rising usage of renewable energy sources.
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• Key Segment Findings of the Market:
The market is segmented on the basis of materials, application, and region.
– Among materials segment, the cadmium telluride sub-segment is expected to grab major market share throughout the forecast period; mostly due to the rising adoption of cadmium telluride-based biohybrid solar cells that are low cost as compared to other materials.
– Among application segment, the battery storage sub-segment is projected to experience noteworthy growth throughout the forecast timeframe. This is mostly due to the growing adoption of biohybrid solar cells that are efficienct in solar power conversion and storage.
– Based on region, the Asia Pacific region market is projected to experience fast-paced growth in the course of the forecast period; mainly owing to the increasing demand and usage of electricity for several industrial activities and rising electrification of rural parts in the region.
• Market Dynamics
As per the report, increasing adoption of renewable energy sources and implementation of strict laws by the government bodies regarding carbon emissions are immensely boosting the growth of the global biohybrid solar cell market. Moreover, rising adoption of residential as well as commercial rooftop solar harvesting and growing focus on rural electrification are likely to reveal lucrative opportunities for the market growth. However, short life expectancy, seasonal dependency, and dearth of power supplies at night are hindering the growth of the market.
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• Key Players of the Industry
The major players of the global biohybrid solar cell industry are Talesun., RISEN ENERGY CO., LTD, Canadian Solar., Trina Solar, LONGi Solar, Jinko Solar., JA SOLAR Co., Ltd., Q CELLS, GCL-SI, First Solar., and others. Various business strategies such as innovative product inventions, R&D activities, acquisitions and mergers, etc. implemented by these players are helping them build a significant position in the global market. Furthermore, the report furnishes latest developments, performance, financial status, and product portfolio of these players along with Porter Five analysis and SWOT analysis.
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