Organic Solar Cells Market - Forecasts from 2024 to 2029

Organic Solar Cells Market - Forecasts from 2024 to 2029

The organic solar cells market is evaluated at US$103.441 million for the year 2022 growing at a CAGR of 16.67% reaching the market size of US$304.453 million by the year 2029.

Organic solar cells (OSCs) are categorized as third-generation solar cells containing organic polymer. OSCs are one of the emerging photovoltaic (PV) technologies and are used in electronics for charge transmission and light absorption. In terms of design and adaptability, organic solar cells outperform conventional solar cells, which is projected to spur industry expansion. The rising population and industrialization have significantly increased the energy demand. According to IEA, the global electricity demand will grow at 2.1% every year up to 2040, twice the rate of primary energy demand. This raises electricity's share in total final energy consumption from 19% in 2018 to 24% in 2040. Solar PV generation increased by a record of 156 TWh in 2020 to reach 821 TWh in 2021. International policies like the Net Zero Emissions by 2050 Scenario show an average annual generation growth of 24% between 2020 and 2030.

Further, significant steps taken globally for climate change are shifting toward renewable and greener energy sources. Especially in the middle of the oil crisis, the countries are in constant search of alternative sources of energy to keep the energy demands. Moreover, tremendous infrastructural investment in Smart grids by regions like the USA, Canada, European Union, and China amongst others. Smart Grids will provide a basic infrastructure to connect renewable energy from solar and wind to households. This infrastructural investment is anticipated to snowball the organic solar cells market.

MARKET DRIVERS:

Rising demand for cleaner energy and favorable government initiatives

To meet the ever-rising energy demand of the 21st century, more and more green and renewable energies are utilized. Amongst all, Solar energy is one of the most reliable renewable sources. Rapid increasing population, industrialization, and changing technology are demanding a significant amount of energy. According to IEA, solar PVs account for 60% of renewable energy alone. Utility-scale solar PV is the least expensive choice for expanding power supply in the vast majority of nations worldwide, particularly in light of growing natural gas and coal prices. The deployment of commercial and residential PV projects is significantly being accelerated by policy measures in China, the European Union, and India.

Governments all over the world are creating and putting into practice a number of laws and programs to address the problems brought on by climate change by converting to low-energy structures, which is predicted to boost the market's demand for organic solar cells. For instance, the Energy Performance of Buildings Directive (EPBD) of the European Union mandates that by the end of 2020, all new buildings in all of its member states must be almost entirely energy-free. In India several new solar energy projects are upcoming. For instance, SJVN Ltd., a Maharashtra-owned corporation has bagged a 200 MW solar project worth Rs. 1,200 crores. Such encouraging moves by the governing authorities is anticipated to encourage nations to move toward low-energy structures, which will in turn fuel the market expansion for organic solar cells during the projection period.

Lower production cost is anticipated to fuel the market.

Organic solar cells have a reduced production cost considering they are more affordable, scalable, and cost-competitive, which has a substantial influence on the market for organic solar cells. Organic solar cells are competitive with conventional solar technology and are becoming a more appealing and economically feasible alternative in the renewable energy market as production prices fall. Owing to its cost, solar energy is now more accessible to a wider spectrum of consumers and enterprises, increasing its viability. Furthermore, large-scale deployment of organic solar cells is made possible by the scalability made possible by lower production costs, which helps to fulfill the growing need for sustainable energy solutions. Reduced prices also encourage research and innovation, which leads to improvements in manufacturing techniques and materials. As a result, organic solar cells become more versatile and may be incorporated into a wider range of applications, including flexible solar panels and wearable electronics.

The North American organic solar cells market is anticipated to grow significantly.

Geographically, the organic solar cell market has been classified into America, the Middle East and Africa, and the Asia Pacific region. The demand for solar panels in the Americas region is being fuelled owing to the increasing awareness about the use of renewable sources of energy for industrial as well as commercial sectors. Moreover, the region is home to emerging technologies which has led to an increased pace of adoption of advanced solar technology and recycled panels. In the United States and Canada, government regulations aimed at allaying environmental concerns have led to a significant shift towards the usage of renewable sources of energy. Furthermore, rising environmental consciousness has supported the use of organic cells which has boosted the market growth for organic solar cells.

Moreover, the US is one of the dominating renewable energy producers in the world. According to a report by the Center for Climate and Energy Solutions, renewable energy is the fastest-growing source of energy in the United States. According to the report, solar generation is expected to climb up from 11% of the total U.S. renewable generation in 2017 to about 48% by 2050, making it the fastest-growing electricity source.

Key Developments:

In November 2021, a new iteration of Optiqo's QlvrBox, optimized to gather interior illumination through the use of organic solar cells, was made available for purchase globally due to a partnership between Epishine and Optiqo. Improved sustainability, monitoring, and quality control of cleaning and facilities management services are made possible by this version of the QlvrBox.

Segmentation:

By Application
Conventional Solar Applications
Mobile Applications
Military-Based Applications
Building Integrated Photovoltaics (BIPV)
By Geography
North America
United States of America
Others
Europe, Middle East, and Africa
Germany
France
Others
Asia Pacific
China
Japan
Others