Organic PV Solar Cells Market Size & Share, by Application (Solar Electricity, Heating); End-user (Residential, Industrial, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3513
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Organic PV Solar Cells Market size is expected to reach USD 488 million by the end of 2035, growing at a CAGR of 15% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of organic PV solar cells was over USD 91 million. The market's expansion can be attributed to rising demand for organic PV solar cells around the world, as well as increased awareness of the benefits. Organic photovoltaic cells have several advantages such as lower cost, lightweight, biodegradable, customizable, and adaptable to consumer needs, which are expected to drive market growth in the coming years.  As per the data of the International Energy Agency, solar PV power generation in 2021 increased by 22% growth from 2020 with a record of 179 TWh globally.

The increasing demand for solar energy consumption among people across the world is estimated to propel market growth. Also, the government initiatives to encourage the use of solar cells for power generation to benefit the nation are expected to have a positive impact on market growth. The market growth is also attributed to the increasing utilization of electricity across the world with a growing population around the globe. The demand for electricity across the world is estimated to rise by ~2% per annum by the end of 2050.  The rising demand for eco-friendly power generation and environmental concerns to prevent the use of silicon-based materials in solar cells are driving market growth during the forecast period.


Organic PV Solar Cells Market
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Organic PV Solar Cells Sector: Growth Drivers and Challenges

Growth Drivers

  • The Increasing Demand for Building-Integrated Photovoltaics (BIPV) Products in Construction – The applications of building-integrated photovoltaics products in construction materials and buildings are estimated to drive market growth. The increasing application of solar cells in construction technology offers protection to buildings from climate and noise. The use of BIPV technology is estimated to decrease the need for brackets and rails. The value of BIPV around the globe as of 2020 was estimated to be over USD 12 billion and was projected to raise to more than USD 85 billion by the end of 2030.

  • Increasing Application of Street Lamps, Household Roofs, and Buildings – More than 2.5% of the electricity generated across the U.S. in the year 2022 was from solar panels. The number of solar panels installed in America in the year 2022 was sufficient to provide electricity for over 20 million homes.

  • Increasing Use of Renewable Sources for Electricity across the World – The amount of electricity produced from renewable sources such as solar power in 2021 was estimated to account for over 12% of total renewable energy.

  • Growing Installation of Organic Solar Cells in the Defense Equipment – More than 1 million solar panels are installed in the military bases of the air force, navy, and army in Florida. The excess energy generated from the three bases was distributed to the surrounding homes which are more than 16,000 as of 2020 reports.

  • Growing Concern Regarding Greenhouse Gas Emissions – It was estimated that more than 30% of greenhouse gas emissions across the globe are released from fossil fuel combustion for electricity in the year 2019.

Challenges

  • Less Efficient and Smaller Lifespan – Despite the good internal efficiency the absorption capacity for photovoltaic cells is less and the lack of resistance against the reactions such as oxidation, reduction, recrystallization, and temperature changes are estimated to degrade the performance of the solar panels. These are the factors estimated to hamper the market growth in the coming years.
  • Lack of Workers, and Shortage of Materials
  • Disruption in Value Chain Resulting in Loss for Manufacturers

Organic PV Solar Cells Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~15%

Base Year Market Size (2022)

~ USD 91 Million

Forecast Year Market Size (2035)

~ USD 488 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Organic PV Solar Cells Segmentation

Application (Solar Electricity, Heating)

The global organic PV solar cells market is segmented and analyzed for demand and supply by application into solar electricity, heating, and others. Out of the three types, the solar electricity segment is estimated to gain the largest market share of about ~38% in the year 2035. The growth of the segment can be attributed to the increasing use of solar panels for electricity generation across the world. The market segment growth is attributed to the increasing environmental concern about the greenhouse gases released from the conventional heat and electricity generation process. The growing pollution caused by silicon materials used in traditional solar panels and less efficiency in absorption is estimated to propel market growth in the coming years. The percentage of solar energy or sunlight absorbed by silicon solar panels is only 65% as per the estimations in 2020. The increasing installation of solar power plants across the world to increase the efficiency and expenditure of electricity is estimated to hike the market growth.

End-user (Residential, Industrial, Commercial)

The global organic PV solar cells market is also segmented and analyzed for demand and supply by end-user into residential, industrial, commercial, and others. Amongst these three segments, the industrial segment is expected to garner a significant share of around ~29% in the year 2035. The market segment growth is attributed to the increasing use of industrial buildings situated in off-grid and remote areas to provide continuous electricity supply. The increasing number of construction buildings for commercial use such as organizations, hotels, and institutions are estimated to hike the market segment growth. The growing utilization of solar panels for light-up signs or message boards to reduce electricity consumption is anticipated to drive market segment growth.  The installation of solar panels on the rooftop of buildings for water heating, and air ventilation instead of using electricity is also driving the market segment growth. The little maintenance cost and high quality of commercial solar panels are projected to fuel the growth of the market segment in the coming years. Also, the lifespan of commercial solar panels compared to industrial and residential solar panels is very high which is 15-20 years is also expected to have a positive impact on the market segment growth.

Our in-depth analysis of the global market includes the following segments:

               By Application

  • Solar Electricity
  • Heating
  • Others

 

              By End-User

  • Residential
  • Industrial
  • Commercial
  • Others

 


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Organic PV Solar Cells Industry - Regional Synopsis

North American Market Forecast

The market share of organic PV solar cells in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~37% by the end of 2035. The growth of the market can be attributed majorly to the increasing technology adoption among people that need huge amounts of electricity. The growing investment in research and development of renewable energy generation is estimated to drive market growth. Increasing the capacity of existing solar power panels to meet the rising demand is estimated to hike the market growth. The escalating application in the biomedical devices sector to save electricity consumption in the region is driving market growth in the coming years. The growing number of households with solar panels for heaters, electronic appliances, and power generators are estimated to drive the market growth. More than 3.8% of U.S. homes installed solar panels as of 2022 estimations. Increasing applications in wearables such as biometric sensors and smartwatches are estimated to propel the market growth during the forecast period in this region.

Europe Market Forecast

The European organic PV solar cells market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing investment in research and development in the technology of organic photovoltaic solar cells. The increasing applications of electronics and electronic devices to save electricity are estimated to drive market growth in the region. The BIPV technology applications in Europe are also estimated to have a positive impact on market growth. The tax subsidies and benefits given in Europe for consumers and manufacturing owners are also estimated to drive market growth in the coming years. Increasing applications in households to reduce the effects of greenhouse gas emissions are estimated to propel market growth.

APAC Market Statistics

Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for organic solar cells in the region. The rising presence of prominent key players in China and Japan is fueling the market growth. Also, the growing number of government initiatives in the region supporting renewable resources for the generation of power is estimated to fuel the market growth in the coming years. Moreover, the increasing number of industries in the region with a rising population is expected to propel the growth of the market. The increasing adoption of digital technologies across the region with rising living standards is estimated to increase the need for high electricity and thereby boost market growth. Increasing solar panel construction in the open fields to increase the power generation from solar energy to save electricity expenditure is estimated to have a positive impact on the market growth.

Research Nester
Organic PV Solar Cells Market Size
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Companies Dominating the Organic PV Solar Cells Landscape

top-features-companies
    • Brite Solar
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Novaled GmbH
    • New Energy Technologies, Inc.
    • Eni S.p.A.
    • NanoFlex Power Corporation
    • Solarmer Energy, Inc.
    • Optodot Corporation
    • infinityPV
    • Heliatek
    • Cybrid Technologies Inc.

In-the-news

In The News

  •  Through Eni New Energy US Inc., the subsidiary of Plentitude acquired the 81 MW Kellam photovoltaic plant which is sold by Hanwha Qcells USA Corp. The operation’s main goal was to neutralize carbon and supply 100% decarbonized energy by 2040.

  • Brite Solar signed an agreement with ByaWa r.e. regarding the supply of transparent solar panels for utilization in their project Agri-PV.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3513
  • Published Date: Apr 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing use of renewable sources of electricity and a growing installation of organic solar cells are the major factors driving the market growth.

The market size of organic PV solar cells is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023-2035.

Less efficient, smaller lifespan, shortage of materials, and lack of workers are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Brite Solar, Novaled GmbH, New Energy Technologies, Inc., Eni S.p.A., NanoFlex Power Corporation, Solarmer Energy, Inc., Optodot Corporation, infinityPV, Heliatek, Cybrid Technologies Inc., and others.

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.

The market is segmented by application, end user, and by region.

The industrial segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Organic PV Solar Cells Market Report Scope
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