ALBANY, N.Y., April 22, 2022 (GLOBE NEWSWIRE) -- The global organic solar cells market registered a value of US$ 97.4 Mn in 2020. The global market is likely to rise at a CAGR of 21.2% during the forecast period, from 2021 to 2031. The global organic solar cells market is estimated to attain valuation of US$ 807.39 Mn by 2031. Organic solar cells, unlike traditional solar cells, utilize organic or carbon substances rather than silicon. Organic solar cells are becoming more common due to breakthroughs in molecular engineering and nanotechnology. Organic solar cells are becoming increasingly popular, owing to their numerous advantages. In the future years, this aspect is expected to contribute to the growth of the global organic solar cell market. Organic solar cells with the same effectiveness as conventional solar cells are being developed. This is anticipated to result in increased market growth prospects.
As demand for environment-friendly solar technology grows, the organic photovoltaic field is likely to observe increasing commercial growth. Organic solar cells provide a number of advantages over conventional solar cells, including the ability to be changed into various colors and shapes. As a result, they are being considered most suitable for applications that prioritize flexibility and design over performance. In addition, tax benefits and subsidies offered by several governments for the usage of renewable energy are likely to boost revenue opportunities in the global organic solar cell market.
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Globally, rapid industrialization, urbanization, and population growth necessitate adequate electrical supply. Different governments are centering their efforts on generating energy from renewable sources. Market participants are looking for ways to meet the growing demand for organic solar cells from customers all around the world. The global organic solar cell market is also boosted by technological improvements in photovoltaics and the growth of solar plants in developing nations.
Key Findings of Market Report
- Growing number of residential as well as non-residential structures has benefitted the building integrated photovoltaic business, which is likely to do well in the years to come. The simplicity with which organic materials can be incorporated into the BIPV sector has raised demand for organic solar cells in various applications.
- The global organic photovoltaic market is growing in popularity as demand for environment-friendly solar technology has increased. Organic solar cells have an edge over their traditional counterparts wherein they can be shaped and colored in a variety of ways. As a result, they are considered the best option for applications that emphasizing design and versatility over performance.
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- Europe is one of the dominant regions in the global organic solar cells market, as it is home to a few of the major organic solar cell producers. In Germany, for instance, firms such as Heliatek GmbH and BASF SE are doing remarkably well in the manufacturing of organic solar cells. Furthermore, tax incentives and benefits granted by governments to makers and consumers of solar power equipment are likely to propel the Europe organic solar cells market.
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Global Organic Solar Cell Market: Growth Drivers
- Organic solar cells are also utilized in various defense applications. Organic solar cells are used on the body of small military equipment in defense applications.
- Subsidies and tax breaks offered by various governments to encourage the use of renewable energy are estimated to boost the global organic solar cell market. Organic solar cells, on the other hand, have a shorter lifespan and lower efficiency, which are two main issues that are limiting market's growth.
Global Organic Solar Cell Market: Key Competitors
- Mitsubishi Chemical Corporation
- New Energy Technologies Inc.
- BELECTRIC OPV GmbH
- Solarmer Energy Inc.
- Sumitomo Chemical Co. Ltd.
- Heliatek GmbH
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Global Organic Solar Cell Market: Segmentation
Application
- Building Integrated Photovoltaics
- Mobile Applications
- Conventional Solar Applications
- Defense or Military-based Applications
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