The increase in demand for power and energy has been phenomenal during the last decade. It is expected to continue to rise enormously during the next decade. Power and energy demand is on the rise due to rising population, industrialization and modernization across the globe. Majority of the power demand is supplied by utilizing fossil fuels such as coal, oil & gas. These are non-renewable energy sources and will get depleted sooner or later. Renewable energy is the need of the hour to guarantee sustainable energy supply. Solar energy is the most abundant source of renewable energy. Solar fuel is the perfect way to provide unlimited and sustainable energy and power across the globe.Solar fuel is produced from sunlight through artificial photosynthesis or a thermochemical reaction. Sunlight is the fuel source, which converts solar energy into chemical energy consisting of hydrogen, oxygen, carbon dioxide or methanol. Solar fuel can be stored and used later as per the requirements. The major solar fuels are hydrogen and products of carbon dioxide reduction.
 
The market for solar fuel is still at a nascent stage. Hydrogen fuel produced through solar energy has some applications in aerospace & aircraft industry and automobile industry. Europe and North America have been the main markets for solar fuels. Counties such as the U.S, Germany, Norway and Sweden have started using solar fuels. Countries such as Japan, South Korea and Australia are also leading adopters of solar fuel technology.
 
The global solar fuel market can be segmented on the basis of types, technology and geography. Currently, solar fuels such as hydrogen fuel, diesel, methanol and methane are being produced. Technology used to convert solar energy into fuels consists of artificial photosynthesis and thermochemical reaction. North America and Asia Pacific including the U.S, Canada, Japan, South Korea, China and Australia have the highest share of solar fuel market. Europe including Germany, Sweden, Norway and Austria also have a huge market for solar fuels. 
 
Some of the drivers for solar fuel market chiefly include the rising demand for energy across the globe.  New technologies developments in solar fuels will further boost the market. Shifted focus on renewable energy sources, sustained power supply and environmental friendly power productionwill further boost the demand for solar fuels. In recent times, numerous research and development activities in the field of solar fuels have been carried out across the globe. It will further boost the solar fuel market. Although, present lack of technology and limited applications may pose a threat to solar fuel market. However, many national governments have given grants and funds for carrying out research in solar fuel technology. In many countries such as Japan, Germany, U.K, Netherlands and Sweden, governments have given subsidies for solar fuel powered cars and other applications of solar fuels. All these factors predict an excellent growth trajectory for the solar fuel market during the forecast period.  
 
Some of the key players in the solar fuel market include BioCee Inc.,Climeworks LLC, HyperSolar Inc., Joule Unlimited Inc., Liquid Light Corporation, Lockheed Martin Corporation, Panasonic Corporation, Solar Fuel Corporation, Shell Global Solutionsand Toshiba Corporation among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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