The global organic PV solar cells market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the various advantages of organic solar cells over the silicon cells, such as, lightweight, organically disposable, inexpensive to fabricate, flexible, and customization on the molecular level. Organic PV solar cells are made up of conductive organic polymers, and are environment friendly in nature, which is estimated to boost their demand in the market. Moreover, rising government initiatives to promote the use of solar energy is estimated to drive the market growth. According to the statistics by the International Energy Agency (IEA), solar PV power generation has increased by 22% in 2019, which equals to over 720 TWh energy. The adoption of solar energy is estimated to further improve, as organic photovoltaic cells are cheaper, hence more affordable. This is estimated to improve their adoption over the traditional solar cells.
The market is segmented by end-user into residential, industrial, commercial and others, out of which, the commercial segment is anticipated to hold the largest share in the global organic PV solar cells market during the forecast period on account of rapid commercialization of solar power plants, and affordability of organic solar cells, which can save significant cost at the commercial level. Moreover, increasing investment in renewable energy sources by government and major private companies is also estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
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.
On the basis of geographical analysis, the global organic PV solar cells market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region currently holds noteworthy market share over the forecast period on the back of the large number of solar power plants present in countries, such as, China, India, and Japan. The solar power production in China increased over 550%, in Japan increased by 143%, in India by 750%, and in Singapore by 525% in the past 5 years. The growing adoption of solar energy, and advantages offered by organic solar cells over silicon solar cells are further estimated to boost the growth of the regional market.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major market players, and high acceptance of new technologies in the region. Moreover, growing government investment in renewable energy sources, and favorable government policies, such as, federal tax incentives on installation of solar panels, are also estimated to boost the market growth.
The global organic PV solar cells market is further classified on the basis of region as follows:
Our in-depth analysis of the global organic PV solar cells market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The various advantages offered by organic PV over silicon cells to boost the market growth.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030.
The slow adoption of organic PV solar cells is estimated to hamper the market growth.
The market in Asia Pacific is estimated to garner the largest market share owing to the large number of commercial solar farms, and high adoption of organic cells in the region.
The major players in the market are 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 commercial segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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