Organic Solar Cells Market: Introduction
The report states that akin to most of markets concerned with renewable power generation technologies, especially solar power, the global market for organic solar cells will also expand at an exponential rate. According to the report, the market is likely to expand at a CAGR of 21.20% over the period between 2021 and 2031. Growing at this pace, the market is expected to rise from a valuation of US$ 97.4 Mn in 2020 to US$ 807.39 Mn by 2031.
Organic solar cells have been segmented on the basis of application and region in order to provide a holistic view of the market. This technology could provide electricity at a lower cost than first- and second-generation solar technologies. Organic solar cells can cover more surface area than their inorganic counterparts. Organic cells with flexible solar modules can be manufactured using roll-to-roll production, which is less expensive than traditional manufacturing methods.
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Organic solar cells make use of organic, mostly carbon-compound based, materials instead of silicon, which is used in conventional solar cells. Although conventional silicon-based solar cells are currently the dominant type of solar cells in the market, the latest advances in molecular engineering and nanotechnology have uncovered several potential advantages of organic solar cells. These advantages of organic solar cells are expected to outbalance those of silicon-based cells and the global market for solar cells is expected to significantly expand in the near future.
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Organic Solar Cells Market Segmentation
Based on application, the market has been segmented into building integrated photovoltaics, conventional solar applications, mobile applications, and defense or military based applications. Presently, majority usage of organic solar cells is observed in the segment of building integrated photovoltaics. Organic solar cells also find use across defense applications such as skins on military equipment. In vehicles, organic solar cells are used for powering portable electrical systems such as stereos. Building Integrated Photovoltaic (BIPV), mobile applications, conventional solar applications, and defense or military-based applications. The building integrated photovoltaic industry in particular has been benefited by the increase in the number of & and non-residential buildings and is expected to do well in the near future. Easy incorporation of organic materials in the BIPV industry has increased the demand for the organic solar cells in these applications.
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Regional Analysis of Organic Solar Cells Market
The market has been segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Of these, Europe is currently the leader, as major producers of organic solar cells are located in European countries such as France, Germany, and the U.K. These companies are benefitting from the exponentially growing demand for solar power in Europe, and also from the tax benefits and subsidies provided by governments of European countries to solar cell manufacturers. Major countries that are dominating the organic solar cells market include Germany, Japan, France, the U.K. and the U.S. Companies such as Heliatek GmbH and BASF SE are doing exceptionally well in the organic solar cells market in Germany. Heliatek GmbH has even entered into a collaboration with different companies at each and every step of value chain that has enabled it to capitalize the organic solar cells market. The Japanese market consists of some large players such as Mitsubishi Chemical Corporation and Sumitomo Chemical Co., Ltd that have diversified from their main business to reap the benefits of lucrative organic solar industry.
Organic Solar Cells Market Players
Prominent vendors operating in the market include New Energy Technologies, Inc., BELECTRIC OPV GmbH, Disa Solar, and Mitsubishi Chemical Corporation.
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