In today’s world, a majority of the power demand is met by utilizing fossil fuels such as oil, gas, and coal. Currently, renewable energy sources such as solar energy and wind energy account for a mere 4% of the overall power mix. Efforts to reduce the adverse impact of greenhouse gases rely largely on the power sector that accounts for about 42% of all-energy-related carbon emissions. Solar fuel is the ideal way to provide unlimited and sustainable energy and power worldwide. Being utilized as a fuel source, sunlight is capable of converting solar energy into chemical energy consisting of carbon dioxide, hydrogen, oxygen, or methanol. Solar fuel can also be stored and utilized later based on the need.
What is lending an impetus to the growth of the global solar fuel market?
The growing demand for sustainable fuel has boosted the growth of the global solar fuel market. The development of new technologies is expected to further support the market’s growth. A shifting focus on renewable energy and the subsidies offered by various governments predict an excellent growth trajectory for the solar fuel market in the coming years. In countries such as the U.K., Sweden, Japan, Germany, and Netherlands, governments are providing subsidies for solar fuel powered cars and other applications of solar fuels. However, the lack of advanced technologies and limited applications of solar fuel might pose a threat to the growth of the market.
Which are the key regions that hold immense potential for the growth of the global solar fuel market?
North America and Europe are the key regions contributing significantly towards the growth of the global solar fuel market. In Europe, countries such as Germany, Norway, Austria, and Sweden are stressing on the generation of solar fuels. Portugal and Denmark also hold immense potential for the growth of the market. Recently, Portugal reached a clean energy milestone with the country running entirely on renewable sources for four days straight. In Asia Pacific, Australia, Japan, and South Korea are the leading adopters of solar fuel technology.
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How is the global solar fuel market evolving?
The market for solar fuel is still at a nascent stage. Some of the prominent players operating in the global solar fuel market are Climeworks LLC, BioCee Inc.,HyperSolar Inc., Liquid Light Corporation, Joule Unlimited Inc., Lockheed Martin Corporation, Solar Fuel Corporation, Shell Global Solutions, Panasonic Corporation, and Toshiba Corporation.
Extensive research activities are being carried out to develop solar fuels. Artificial photosynthesis and thermochemical reactions are being implemented to convert solar energy into fuels. At the University of Massachusetts Lowell, Assistant Professor Juan Pablo Trelles is developing a new technique–“plasma-enhanced solar energy”– to convert waste carbon dioxide released from industrial factories and power plants into high-value chemicals and sustainable fuels. In this technique, solar energy is utilized to heat carbon dioxide to the high temperatures required to increase its reactivity. Using concentrated solar energy, chemicals and fuels from carbon dioxide and water are synthesized.
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