The global organic solar cells market is projected to grow at a CAGR of 12.46% to reach US$142.296 million by 2026 from US$62.562 million in 2019.
Organic photovoltaic or solar cells are made of thin films (less than 100 nm) of organic semiconductor materials to convert solar energy into electrical energy. Organic solar cells (OSCs) are one of the emerging photovoltaic (PV) technologies and are classified as third-generation solar cells with organic polymer. These are a branch of electronics that deals with conductive organic polymers, or small organic modules, for light absorption and charge transport. Organic solar cells have better physical properties than conventional solar cells such as design and flexibility, which are expected to drive market growth. The growing clean renewable energy demand across various industries is the key driver of the organic solar cells market.
In addition, the rapidly increasing population, flourishing industrial sector, and infrastructure development will increase the electricity demand, nationwide. According to IEA, the global electricity demand will grow at 2.1% every year up to 2040, twice the rate of primary energy demand. This raises electricity's share in total final energy consumption from 19% in 2018 to 24% in 2040. The electricity demand growth is set to be particularly strong in developing economies. Owing to the growing demand for electricity, countries are expanding their power generation capacities but either increasing their existing capacities or installing new power generating plants, which will further proliferate the market growth for organic solar cells as the demand for them will increase in the market. Furthermore, the supportive government policies and initiatives to boost the use of renewable energy are further contributing to the growth of the organic solar cells market.
Market Share Segmentation.
By application, the Building Integrated Photovoltaics (BIPV) segment is expected to hold a dominant market share as the favorable government policies and guidelines regarding enhanced renewable installations will strengthen the market growth of BIPV during the forecast period. Also, the BIPV’s have added advantages such as they protect the buildings from adverse climatic conditions and noise which has further increased their preference over the other alternatives. Geographically, the European region is projected to hold the largest share due to the increasing investments in Research and Development for organic solar cells, especially by countries like Germany, France, and the United Kingdom. Asia Pacific region is estimated to grow significantly owing to the large-scale investments by countries such as China and Japan in the organic solar cells market.
Governments across the globe are developing and implementing several policies and initiatives to address the challenges associated with climate change by shifting towards low-energy buildings, which will increase the demand for organic solar cells in the market. For instance, the Energy Performance of Buildings Directive (EPBD), in European Union, has instructed all the new buildings to be nearly zero-energy buildings in every member country of the European Union by the end of 2020. Such favorable initiatives by the governing bodies will encourage countries to shift towards low-energy buildings, which in turn will propel the market growth of organic solar cells during the forecast period.
The construction cost associated with BIPVs is very high which may restraint the market growth. Also, the lack of awareness regarding the benefits of organic solar cells in many countries, especially in the Middle East and African region may hamper the market growth.
The Covid-19 pandemic negatively impacted the Global organic solar cells market, as due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the construction industry was put to a halt. For months at a stretch, no new construction work was allowed, globally which hampered the market growth. Furthermore, several solar projects were delayed, worldwide due to their dependency on raw materials from China which further adversely affected the market.
The market leaders for the Global Organic Solar Cells market consists of Solarmer Energy, Inc., Mitsubishi Chemical Holdings Corporation, Armour, Inc., Sumitomo Chemical Co., Heliatek GmbH, Optodot Corporation, Ente Nazionale Idrocarburi (Eni), Brite Solar, SolarWindow Technologies, Inc., and NanoFlex Power Corporation. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in May 2019, OPVIUS development merged with Armor, Inc. for the integration and marketing activities for flexible organic photovoltaic films with those of Armor, Inc.
|Market size value in 2019||US$62.562 million|
|Market size value in 2026||US$142.296 million|
|Growth Rate||CAGR of 12.46% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Solarmer Energy, Inc., Mitsubishi Chemical Holdings Corporation, Armour, Inc., Sumitomo Chemical Co., Heliatek GmbH, Optodot Corporation, Ente Nazionale Idrocarburi (Eni), Brite Solar, SolarWindow Technologies, Inc., NanoFlex Power Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the organic solar cells market size by 2026?
A1. The global organic solar cells market is projected to reach a market size of US$142.296 million in 2026.
Q2. What is the size of global organic solar cells market?
A2. Organic Solar Cells Market was valued at US$62.562 million in 2019.
Q3. What are the growth prospects for the organic solar cells market?
A3. The organic solar cells market is projected to grow at a CAGR of 12.46% over the forecast period.
Q4. Which region holds the maximum market share of the organic solar cells market?
A4. Geographically, the European region is projected to hold the largest share of the organic solar cells market due to the increasing investments in research and development for organic solar cells.
Q5. What factors are anticipated to drive the organic solar cells market growth?
A5. The growing clean renewable energy demand across various industries is the key driver of the organic solar cells market.
Solarmer Energy, Inc.
Mitsubishi Chemical Holdings Corporation
Sumitomo Chemical Co.
Ente Nazionale Idrocarburi (Eni)
SolarWindow Technologies, Inc.
NanoFlex Power Corporation
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