Organic Solar Cell Market Size, Share, and COVID-19 Impact Analysis, By Material (Polymers, and Small Molecules), By Application (Building Integrated Photovoltaic {BIPV}, Portable Electronics, Defense Application, Conventional Solar, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Organic Solar Cell Market size was valued at USD 50.4 million in 2021 and is expected to grow by USD 106.1 million in 2030 at a CAGR of 12.30%.
Organic solar cells are a third-generation photovoltaic device that harvests energy from light, both outside and indoors, utilizing organic materials. Organic electrons are used in an organic cell, commonly known as a plastic solar cell. These are conductive organic polymers, or tiny organic modules, used for light absorption and charge transport in electronics. This is done so that sunlight can be used to generate power through the photovoltaic effect. The increased reliance on renewable energy sources for power generating, as well as government subsidies and tax breaks for power generation, will boost market growth.
COVID-19 ANALYSIS
The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The pandemic's lockdowns and social distance restrictions have stifled economic activity, interrupting supply chains, delaying projects, creating a labor shortage, and driving down demand for products and services. Governments all across the world are working hard to alleviate the suffering caused by the pandemic. The worldwide renewable energy business is largely reliant on imports from other parts of the world.
According to the Indian government, India imports roughly 80% of solar cells and modules, as well as ancillary equipment from China, such as inverters. Due to the initial slowdown in manufacturing activity in China, followed by tightening restrictions in different nations across the world, several solar projects in India and around the world are being delayed. Furthermore, due to COVID-19, important solar equipment vendors have experienced production delays, leading in a massive backlog in order fulfillment.
LATEST TREND
Increasing Consumption for Electricity Is Propelling Market Growth
Rapid industrialization, urbanization, and population growth necessitate adequate electricity supply. Various governments are concentrating their efforts on generating energy from renewable sources. Market players are looking for ways to meet the growing demand for organic solar cells from consumers all around the world. The global organic solar cells market is boosted by technological improvements in photovoltaic and the growth of solar plants in developing nations.
DRIVING FACTORS
Rising Popularity of Environmentally Friendly Photovoltaic Technology Globally
The organic photovoltaic sector is growing in popularity as demand for environmentally friendly photovoltaic technology grows. Organic solar cells have an advantage over conventional solar cells in that they may be shapes and colors in a variety of ways. As a result, they're the best option for applications that prioritize design and flexibility over efficiency. Furthermore, several governments' subsidies and tax benefits for the usage of renewable energy are boosting the demand for organic solar cells.
Increasing Demand for Building-Integrated Photovoltaic (BIPV) To Boost Market Growth
BIPV products provide additional functionality to a structure unlike standard construction materials. Buildings that adopt this technology become energy producers rather than energy consumers. To do this, building technology must be combined with BIPV technology. BIPVs shield buildings from the elements and noise. They also provide thermal insulation. Because BIPVs do not require brackets or rails, this technique reduces total building material and installation costs. Their popularity has continued to rise since then. BIPV devices are being used in unique ways by designers and architects, and manufacturers are continuing to develop new solutions to suit the growing demand.
RESTRAINTS
Higher BIPV System Costs and a Lack of Awareness Are Stifling Growth
The BIPV technology can help transform buildings from energy consumers to producers. To do this, building technology must be combined with BIPV technology. For curtain walls and other features of structures, organic photovoltaic (OPV) technology is new and pricey. Furthermore, during the projected period, the global market would be hampered by a lack of awareness and inadequate marketing of BIPV products in Vietnam, the Philippines, and a few other African nations.
SEGMENTATION
The Global Organic Solar Cell Market is segmented by Material, Application, and Region. Based on the Material, the market is categorized into Polymers, and Small Molecules. Based on Application, the market is categorized into Building Integrated Photovoltaic {BIPV}, Portable Electronics, Defense Application, Conventional Solar, and Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The Global Organic Solar Cell Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Europe is expected to dominate the global market for organic solar cells due to large investments in organic solar cell R&D by nations such as France, Germany, and the United Kingdom would add to the region's significant market share. In Europe, BIPV technology is in a phase of transition, with the legal framework having a favorable impact. The European Union (EU) established the Energy Performance in Structures Directive (EPBD) and the Renewable Energy Directive, opening the path for near-zero energy buildings.
Due to increased investments by large corporations, particularly in China and Japan, Asia Pacific is expected to grow significantly throughout the projection period. Because of government policies that encourage renewable energy generation, China and India are likely to be prospective markets.
North America held the second-largest share of the market due to of the existence of small scale manufacturers in the region. In South America, the Middle East, and Africa, one of the primary factors impacting market size is raising demand from the building industry. Saudi Arabia and Brazil were the primary drivers of its expansion. The adoption of these materials in a variety of applications is driving market expansion in these regions.
KEY INDUSTRY PLAYERS
The market's major players are utilizing a variety of techniques to strengthen their positions. Development of unique solutions is one of their favored tactics for diversifying their product portfolios and expanding their sales frontiers. Many academic institutions are also performing groundbreaking research on the potential applications of OPVCs. For example, the Fraunhofer Institute for Laser Technology-led EffiLayers project in Germany's North Rhine-Westphalian region is investigating the creation of flexible and printable thin-film organic PVs. Manufacturers in the region will be able to develop fresh technologies as a result of the research.
KEY INDUSTRY DEVELOPMENTS:
In November 2017, Heliatek completed the 'world's largest building-integrated organic photovoltaic' (BIOPV) system on top of a school in La Rochelle, France.
LIST OF KEY COMPANIES PROFILED:
- Heliatek (Germany)
- ARMOR (France)
- infinityPV (Denmark)
- Solarmer Energy, Inc. (U.S.)
- NanoFlex Power Corporation. (U.S.)
- Optodot Corporation (U.S.)
- Eni S.p.A. (Italy)
- Novaled GmbH (Germany)
- Brite Solar (Greece)
- BELECTRIC GmbH
SEGMENTATION
By Material
- Polymers
- Small Molecules
By Application
- Building Integrated Photovoltaic {BIPV}
- Portable Electronics
- Defense Application
- Conventional Solar
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Organic Solar Cell Market Size
- May-2022
- 1 4 0
- Global
- Energy-and-Power
Related Research
Air Electrode Battery Market By Product (Zinc-Air Batteries, and Lithium-Air Batteries) Type (Primar
February-2023
Battery Recycling Market By Chemistry (Lithium-ion, Lead Acid, Nickel and Others), Application (Tran
January-2023
Biodiesel Market By Feedstock (Soybean, Rapeseed, Palm, Palm, Poultry, Tallow, White Grease, and Oth
January-2023
Biomass Boiler Market Size, Share, and COVID-19 Impact Analysis, By Feedstock (Woody biomass, Forest
June-2022
Biomass Power Generation Market Size, Share, and COVID-19 Impact Analysis, by Feedstock (Solid bioma
June-2022
Biomethane Market by Application (Automotive, Power Generation, and Others), Production Method (Ferm
February-2023
Carbon Capture and Storage (CCS) Market Size, Share, and COVID-19 Impact Analysis, By Capture Source
June-2022
Diesel Market by Application (Marine, Railway, Automotive, and others), by Type (1 Diesel Fuel, 2 Di
December-2022
Electrical House Market Size By Type (Fixed and Mobile), Module Type (Single Module and Multi-Module
March-2023
Electricity Generation Market Size, Share & Trends Analysis Report By Application ( Power Stations,
March-2021