Increase in utilization of hydroelectric cells in portable applications is likely to present significant opportunities for cell manufacturers
Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Adoption of cost-effective, eco-friendly, and efficient methods for green energy generation is driving the hydroelectric cells industry. Governments are formulating policies to support clean energy goals. These efforts are likely to lead to significant renewable electricity capacity expansion in the near future. Hence, utilization of low-cost renewable energy resources is likely to increase, which is expected to broaden the hydroelectric cells market outlook. The global hydroelectric cells market stood at US$ 1.7 Bn in 2021 and is projected to reach US$ 3.0 Bn by 2031.
Utilization of SnO2-based hydroelectric cells in renewable electricity generation has increased. The SnO2 segment accounted for leading share of 50.2% in 2021. Long lifespan, low cost of maintenance, and eco-friendliness are the key advantages likely to spur the usage of these cells. Energy produced by hydroelectric cells are extensively utilized in residential applications.
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Key Findings of Study
- Rise in Application of Hydroelectric Cells in Production of Green Electrical Energy: Governments in various countries are promoting policies that support renewable electricity capacity expansion in the next few years. Countries in Asia Pacific and North America are accelerating the clean energy transition, which has spurred demand for cost-effective and eco-friendly methods of harvesting energy. These initiatives are likely to augment the hydroelectric cells market. Rise in demand for electricity in rural areas in emerging economies is likely to propel investments in hydroelectric cell technology.
- Strong Demand in Portable Applications to Create Lucrative Opportunities: Hydroelectric cells have emerged as cost-effective and eco-friendly alternatives for renewable electricity generation. These are likely to gain traction in various portable applications. The portable segment held major share of the global market in 2021. The segment is expected to dominate the market during the forecast period.
Key Drivers
- Increase in usage of renewables in global electricity generation is a key driver of the global hydroelectric cells industry
- Investment in rural electrification programs in emerging economies presents significant opportunities for companies in the market
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Regional Growth Dynamics
- Asia Pacific is estimated to account for leading share of the global market during the forecast period. The region held 73.1% share in 2021. China accounted for major share of the market in Asia Pacific in 2021. Rise in demand for electricity and substantial investment in power generation from renewable energy sources in the past few years have propelled the market in Asia Pacific. Ongoing R&D activities on new technologies in hydroelectric cells is expected to create new revenue streams for companies in the region. Transition from conventional sources of energy to clean & green energy sources is a key market trend in the region that is likely to create significant demand for products in the hydroelectric cells industry.
- The market in North America is expected to grow at a rapid pace during the forecast period. This is ascribed to rise in demand for hydroelectric cells. Surge in usage of renewable energy sources for electricity generation is likely to drive the uptake of hydroelectric cells in the region.
Competition Dynamics
The market landscape is consolidated, with the presence of small number of large players. Numerous companies are investing significantly in R&D activities in order to consolidate their positions and market share.
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Prominent vendors in the market include CSIR-National Physical Laboratory.
Hydroelectric Cells Market Segmentation
Metal Oxide
- SnO2
- Al2O3
- ZnO
- TiO2
- MgO
- SiO2
Application
- Portable
- Stationary
- Automotive
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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