On the basis of geographical analysis, the global dye-sensitized solar cells market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to gather the largest share over the forecast period on the back of the initiatives by European Commission to reduce dependence on non-renewable energy sources, and high rate of installation of dye-sensitized solar cells in BIPV. In addition, rise in use of portable electronics is also expected to boost the growth of the market in the region in the coming years. Moreover, the market in North America is also anticipated to grab notable share during the forecast period owing to the increasing demand for energy, and trend of sustainable power development in the region. As per the U.S. Energy Information Administration, 35.74 quadrillion Btu of electric power was consumed in 2020, whereas total energy consumption was around 93 quadrillion Btu that year.
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The global dye-sensitized solar cells market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global dye-sensitized solar cells market includes the following segments:
By Type of Dye
May 2021- Exeger secured a deal worth USD 38 million to build a manufacturing facility in Sweden with the help of ABB. The factory is aimed to ramp up the production of dye-sensitized solar cells.
July 2020- Fujikura released a lineup of thin dye-sensitized solar cell module panel and started the sales of those panels.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving growth are rising investments towards renewable resources, and surge in technological innovations associated with solar cells.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Ans: Fluctuating prices of raw materials are estimated to hamper the market growth.
Ans: Europe will provide more business opportunities for market growth owing to the initiatives by European Commission to reduce dependence on non-renewable energy sources, and high rate of installation of dye-sensitized solar cells in BIPV.
Ans: The major players in the market are Dyenamo AB, Solaronix SA, Sharp Corporation, Peccell Technologies, Inc., Dyesol Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type of dye, application, and by region.
Ans: The natural segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.