Bacteria Powered Solar Cell Market: Introduction
A solar cell is an electrical device used to convert solar energy into electrical energy by the photovoltaic effect. These cells are environment-friendly, reduce electricity bills, and possess longer lifespan; however, high installation cost, low efficiency rates, and weather and time-dependence are a few shortcomings associated with these cells. Consequently, researchers developed a biogenic solar cell fabricated from bacteria In order to overcome these shortcoming. A bacteria powered solar cell can be made at a low cost and offers higher efficiency as compared to that offered by conventional solar cell. These cells work in both bright light as well as in dim light, such as cloudy or overcast skies.
Key Drivers of Global Bacteria Powered Solar Cell Market
- GHG emissions have been rising significantly across the world for the last few years due to burning of fossil fuel for electricity, heat, and transportation. Electricity generation is a major source for emission of Greenhouse gases. For instance, in the U.S., the electricity sector accounted for approximately 32% of total U.S. energy-related CO2 emissions of 5,131 MMT in 2019. For instance, increase in demand for electricity generation along with enactment of stringent regulations to limit carbon emissions are increasing focus to adopt renewable technologies in establishments. Clean forms of energy, such as solar power, are being harnessed for generation of electricity in various commercial as well as residential uses. This is anticipated to propel the demand for bacteria powered solar cells, which generate electricity by converting solar energy into electrical energy in buildings.
- Technological innovations in solar cell with respect to design specifications in order to reduce cost and optimize efficiency are anticipated to augment the adoption of bacteria powered solar cells in the next few years
- Rise in focus to reduce dependency on fossil fuel by enhancing the utilization of solar technologies in order to maintain national energy security and reduce the climate change impacts is also anticipated to propel the global bacteria powered solar cell market during the forecast period. Policymakers have introduced several incentives and initiatives to enhance the utilization of solar technologies. Tax rebate, tax credit, feed in tariff, and solar renewable energy credit program are some initiatives taken by regional governments to promote the adoption of solar technologies.
Commercial Type Segment Expected to Hold a Major Share of Global Market
- The global bacteria powered solar cell market can be segmented based on end-user and region
- Based on end-user, the global bacteria powered solar cell market can be divided into residential, commercial, and industrial. Volatility in price of electricity along with rising environmental concerns is expected to fuel the commercial segment of the global bacteria powered solar cell market during the forecast period.
North America to Hold a Major Share of Global Bacteria Powered Solar Cell Market
- In terms of region, the global bacteria powered solar cell market can be segregated into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The bacteria powered solar cell market in North America is projected to expand due to ongoing technological innovation in the design of solar cell in order to optimize efficiency and reduce cost. For instance, in 2018, Researchers of British Columbia in Canada designed a bacteria powered solar cell that converts light to electrical energy under cloudy days or overcast skies.
- The bacteria powered solar cell market in Europe is projected to expand at a rapid CAGR during the forecast period. Expansion of the market in the region can be attributed to introduction of stringent regulations to limit GHG emissions across establishments in Europe. Furthermore, introduction of several building codes and standards & incentives to promote utilization of renewable technologies is likely to propel the market in the region during the forecast period.
- The bacteria powered solar cell market in Asia Pacific is likely to expand at a moderate pace during the forecast period, due to an increase in the demand for reliable & cost-effective solar technologies for power generation in the region even during cloudy days. Furthermore, an increase in purchasing power, rise in living standards, and strong economic growth are key factors that are anticipated to propel the bacteria powered solar cell market in the region.
- The bacteria powered solar cell market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period, due to a surge in the demand for supplying power in portable electronics devices in these regions
Key Players Operating in Global Market
- The global bacteria powered solar cells market is in the nascent stage and hence, no manufacturer is currently operating in the market
Global Bacteria Powered Solar Cell Market: Research Scope
Global Bacteria Powered Solar Cell Market, by End-user
Global Bacteria Powered Solar Cell Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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