April 24, 2024

Biohybrid Solar Cell Market Size to Garner USD 853.36 Billion by 2032

The global biohybrid solar cell market size was estimated to be around US$ 431.8 billion in 2022. It is projected to reach US$ 853.36 billion by 2032, indicating a CAGR of 7.1% from 2023 to 2032.

Biohybrid Solar Cell Market Size 2023 To 2032

Key Takeaways

  • North America led the market with the highest market share of 36% in 2022.
  • Asia-Pacific is projected to grow at the fastest CAGR during the forecast period.
  • By Material, the silicon crystal coatings segment contributed more than 41% of revenue share in 2022.
  • By Material, the cadmium telluride coatings segment is expected to grow at a remarkable CAGR of 8.2% during the projected period.
  • By Application, the battery storage segment held the biggest market share of 29% in 2022.
  • By Application, the solar cells segment is estimated to expand at the fastest CAGR over the projected period.

The Biohybrid Solar Cell Market is experiencing a surge in interest and innovation as the demand for sustainable energy solutions continues to rise globally. Biohybrid solar cells, a cutting-edge technology at the intersection of biology and photovoltaics, hold immense potential for revolutionizing the renewable energy landscape.

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Biohybrid Solar Cell Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 7.10%
Market Size in 2023 USD 460.30 Billion
Market Size by 2032 USD 853.36 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Material and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Virology Market Size To Increase USD 4.26 Billion By 2032

Growth Factors:

Several key factors contribute to the rapid growth of the Biohybrid Solar Cell Market. First and foremost is the inherent eco-friendly nature of these cells, which leverage biological materials to harness solar energy efficiently. This aligns with the increasing emphasis on environmentally conscious energy sources, driving both consumer and industry adoption.

Additionally, ongoing research and development efforts are expanding the efficiency and applicability of biohybrid solar cells. Collaborations between biotechnology and energy sectors are fostering breakthroughs, leading to improved performance, durability, and cost-effectiveness. As advancements continue, the market is poised for sustained growth, attracting investments and partnerships across the globe.

Regarding production, the report investigates the capacity, production, value, ex-factory price, growth rate, and market share of major manufacturers, regions, and product types. On the consumption side, the report focuses on the regional consumption of Biohybrid solar cell products across different countries and applications.

Region Snapshot

The Biohybrid Solar Cell Market’s influence is not confined to a specific geographical location. While the technology is gaining traction globally, certain regions stand out as hotspots for development and adoption. Countries with strong commitments to renewable energy, such as Germany, the United States, and Japan, are witnessing robust growth in the biohybrid solar sector.

Biohybrid Solar Cell Market Share, By Region, 2022 (%)

Moreover, emerging markets in Asia, particularly India and China, are embracing this innovative technology as part of their sustainable energy strategies.

Recent Developments

  • In 2023, Oxford PV, a leading innovator in solar cell technology, achieved a groundbreaking milestone by setting a world record for commercial-sized solar cell efficiency. Their solar cell converted an impressive 28.6% of solar energy into electricity, a feat independently verified by Fraunhofer ISE, marking a significant advancement in renewable energy production.
  • In 2023, Ascent Solar Technologies, Inc., a U.S.-based innovator in lightweight and flexible CIGS thin-film photovoltaic solutions, has acquired thin-film solar manufacturing equipment from Flisom. This acquisition enables Ascent Solar to commence manufacturing at its new facility in Zurich, Switzerland.
  • In 2023, NexWafe has secured €30 million to expedite the construction of its inaugural commercial-scale facility in Bitterfeld, Germany, dedicated to producing environmentally friendly solar wafers. The investment includes contributions from existing investors like Reliance New Energy Limited, Aramco Ventures, ATHOS Venture GmbH, as well as new investors, including Malcolm Turnbull AC and Keshik Capital led by Alex Turnbull.
  • In 2023, QCells, a South Korean company, intends to establish a comprehensive silicon-based solar supply chain in the U.S. The plan includes breaking ground in Georgia in the first quarter for a facility capable of manufacturing 3.3 GW of solar ingots, wafers, cells, and finished panels.
  • In 2022, Meyer Burger entered into strategic partnerships with CSEM, Helmholtz-Zentrum Berlin, Fraunhofer ISE, and the University of Stuttgart for advancing high-performance solar modules using perovskite technology. They are collaboratively researching tandem solar cells and innovating next-generation solar modules.
  • In 2020, Trina Solar successfully acquired Nclave, a Spanish solar tracker system manufacturer. Nclave’s smart tracker system is a key component of Trina Solar’s comprehensive smart photovoltaic solution, TrinaPro, further strengthening their position in the solar industry.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Biohybrid Solar Cell Market Players

  • Solaronix SA (Switzerland)
  • Greatcell (Australia)
  • Exeger Operations AB (Sweden)
  • G24 Power Ltd. (U.K.)
  • Konica Minolta Sensing Europe B.V. (Netherlands)
  • Merck KGaA (Germany)
  • Oxford PV (U.K.)
  • Peccell Technologies, Inc. (Japan)
  • Sharp Corporation (Japan)
  • Sony Corporation (Japan)
  • Ricoh (Japan)
  • First Solar. (US)
  • SunPower Corporation (U.S.)
  • Suniva Inc (U.S.)
  • Trina Solar (China)

Market Segmentations

By Material

  • Silicon Crystal
  • Cadmium Telluride
  • Gallium Arsenide
  • Others

By Application

  • Battery Storage
  • Solar Lighting
  • Commercial
  • Military and Aerospace
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Biohybrid Solar Cell Market 

5.1. COVID-19 Landscape: Biohybrid Solar Cell Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Biohybrid Solar Cell Market, By Material

8.1. Biohybrid Solar Cell Market, by Material, 2023-2032

8.1.1. Silicon Crystal

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Cadmium Telluride

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Gallium Arsenide

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Others

8.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Biohybrid Solar Cell Market, By Application

9.1. Biohybrid Solar Cell Market, by Application, 2023-2032

9.1.1. Battery Storage

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Solar Lighting

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Commercial

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Military and Aerospace

9.1.4.1. Market Revenue and Forecast (2020-2032)

9.1.5. Others

9.1.5.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Biohybrid Solar Cell Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Material (2020-2032)

10.1.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Material (2020-2032)

10.2.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Material (2020-2032)

10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Material (2020-2032)

10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Material (2020-2032)

10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Material (2020-2032)

10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Material (2020-2032)

10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Material (2020-2032)

10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Material (2020-2032)

10.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Material (2020-2032)

10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Material (2020-2032)

10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. Solaronix SA (Switzerland)

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Greatcell (Australia)

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Exeger Operations AB (Sweden)

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. G24 Power Ltd. (U.K.)

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Konica Minolta Sensing Europe B.V. (Netherlands)

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Merck KGaA (Germany)

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Oxford PV (U.K.)

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Peccell Technologies, Inc. (Japan)

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Sharp Corporation (Japan)

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Sony Corporation (Japan)

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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