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Organic Solar Cell Market Pegged for Robust Expansion by 2031
5/20/2022
Increasing Popularity of Eco-friendly Photovoltaic Technology Globally
The organic photovoltaic industry is witnessing commercial gains as demand for eco-friendly photovoltaic technology is on the rise. Organic solar cells are advantageous over their conventional counterparts, as they can be transformed into different shapes and colors. This makes them the preferred choice for applications that focus on design and flexibility over efficiency. Furthermore, subsidies and tax benefits provided by various governments for the use of renewable energy are augmenting the growth of the organic solar cells market.
Rapid urbanization, industrialization, and increasing population across the globe demand for sufficient electricity supply. Governments of various countries are focusing on the production of energy through renewable energy resources. Market players are exploring opportunities to cater the rising demand for organic solar cells from consumers across the globe. Technological advancements in photovoltaic and rising solar plants in developing economies boost the global organic solar cells market.
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COVID-19 Impact on Global Organic Solar Cells Market
The global organic solar cells market is harshly affected by coronavirus pandemic, impacting various businesses and manufacturing activities. Disruption in value chain resulted in huge losses for manufacturers operating in the global organic solar cells market, thus hampering the overall production of solar cells. Unavailability of workers, strict restrictions due to global lockdown, and shortage of materials have slowed the overall market growth. However, market players are increasing their efforts to recover from losses caused due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the market. Increasing initiatives by market players to improve the product portfolio is driving the organic solar cells market. The global organic solar cells market is significantly driven by factors such as rising infrastructure development activities across the globe, increasing population, demand for electricity, and growing adoption of renewable energy sources.
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Growing Applications of Building Integrated Photovoltaic Cells to Drive Global Market
The global market for organic solar cells find applications in mobiles, defense or military-based applications, building integrated photovoltaic, and conventional solar applications. Building integrated photovoltaic presently leads the application segment of the organic solar cells market. Mobile applications of organic solar cells include portable devices such as laptops, solar bags, tablets, and mobiles, among others. They are also installed in vehicles to provide power to smaller electrical systems such as music systems. The defense applications of organic solar cells involve their use over the surface of small military equipment.
Large chemical manufacturing companies use expertise for the development of base material that is used in the manufacture of organic solar cells. While small manufacturing companies are completely focusing on the development of organic solar cells, they depend on other companies and research organizations for the supply of raw materials. These companies have collaborated with other companies and research organizations to obtain technological expertise and raw materials at reduced costs.
Europe Offers Several Growth Opportunities to Organic Solar Cells Market Players
Europe is the leading regional market for organic solar cells, as it is home to some of the top manufacturers of organic solar cells. For instance, companies operating in the Europe organic solar cells market are performing exceptionally well in the development or organic solar cells. Additionally, tax subsidies and tax benefits provided in European countries for both manufacturers and consumers of solar power devices are benefitting the expansion of this regional market. In Asia Pacific, on the other hand, the organic solar cell market is growing due to the presence of several key manufacturers of organic solar cells in Japan.
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