The global organic solar cells market is projected to witness a compounded annual growth rate of 12.92% to grow to US$157.563 million by 2027, from US$67.292 million in 2020.
Organic solar cells (OSCs) are categorized as third-generation solar cells containing organic polymer. OSCs are one of the emerging photovoltaic (PV) technologies and are used in electronics for charge transmission and light absorption. In terms of design and adaptability, organic solar cells outperform conventional solar cells, which is projected to spur industry expansion. The rising population and industrialization have significantly increased the energy demand. 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. Solar PV generation increased by a record of 156 TWh in 2020 to reach 821 TWh in 2021. International policies like the Net Zero Emissions by 2050 Scenario show average annual generation growth of 24% between 2020 and 2030.
Further, significant steps taken globally for climate change are shifting toward renewable and greener energy sources. Especially in the middle of the oil crisis, the countries are in constant search of alternative sources of energy to keep the energy demands. Moreover, tremendous infrastructural investment in Smart grids by regions like the USA, Canada, European Union, and China amongst others. Smart Grids will provide a basic infrastructure to connect renewable energy from solar and wind to households. This infrastructural investment is anticipated to snowball the organic solar cells market.
To meet the ever-rising energy demand of the 21st century, more and more green and renewable energies are utilized. Amongst all, Solar energy is one of the most reliable renewable sources. Rapid increasing population, industrialization, and changing technology are demanding a significant amount of energy. According to IEA, solar PVs account for 60% of renewable energy alone. Utility-scale solar PV is the least expensive choice for expanding power supply in the vast majority of nations worldwide, particularly in light of growing natural gas and coal prices. The deployment of commercial and residential PV projects is significantly being accelerated by policy measures in China, the European Union, and India.
Governments all over the world are creating and putting into practice a number of laws and programs to address the problems brought on by climate change by converting to low-energy structures, which will boost the market's demand for organic solar cells. For instance, the Energy Performance of Buildings Directive (EPBD) of the European Union mandates that by the end of 2020, all new buildings in all of its member states must be almost entirely energy-free. In India several new solar energy projects are upcoming. For instance, SJVN ltd., a Maharashtra-owned corporation has bagged a 200 MW solar project worth Rs. 1,200 crores. Such encouraging moves by the governing authorities will encourage nations to move toward low-energy structures, which will in turn fuel the market expansion for organic solar cells during the course of the projection period.
Geographically, the organic solar cell market has been classified into America, the Middle East and Africa, and the Asia Pacific region. The demand for solar panels in the Americas region is being fuelled owing to the increasing awareness about the use of renewable sources of energy for industrial as well as commercial sectors. Moreover, the region is home to emerging technologies which has led to an increased pace of adoption of advanced solar technology and recycled panels. In the United States and Canada, government regulations aimed at allaying environmental concerns have led to a significant shift towards the usage of renewable sources of energy. Furthermore, rising environmental consciousness has supported the use of organic cells which has boosted the market growth for organic solar cells.
Moreover, the US is one of the dominating renewable energy producers in the world. According to a report by the Center for Climate and Energy Solutions, renewable energy is the fastest growing source of energy in the United States. According to the report, solar generation is expected to climb up from 11% of the total U.S renewable generation in 2017 to about 48% by 2050, making it the fastest growing electricity source.
Due to the COVID-19 pandemic, the market for organic solar cells grew in 2020, but not to its full potential. Despite the COVID-19 pandemic, the global photovoltaics (PV) market expanded significantly in 2020. The IEA estimates that solar PV power generation grew by a record 156 TWh in 2020, a 23 percent increase from 2019. According to the 2021 Snapshot of Global PV Markets, 760,4 GWdc of PV capacity was installed globally as of the end of 2020.
|Market size value in 2020||US$67.292 million|
|Market size value in 2027||US$157.563 million|
|Growth Rate||CAGR of 12.92% from 2020 to 2027|
|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|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the organic solar cells market size by 2027?
A1. The global organic solar cells market is projected to reach a market size of US$157.563 million in 2027.
Q2. What is the size of the global organic solar cells market?
A2. Organic Solar Cells Market was valued at US$67.292 million in 2020.
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 12.92% over the forecast period.
Q4. Which region holds the maximum market share of the organic solar cells market?
A4. The demand for solar panels in the Americas region is being fuelled owing to the increasing awareness about the use of renewable sources of energy for industrial as well as commercial sectors.
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
Ente Nazionale Idrocarburi (Eni)
SolarWindow Technologies, Inc.
NanoFlex Power Corporation
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