Organic PV Solar Cells Market Size, Regional Outlook, Application Growth Potential, COVID-19 Impact Analysis, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI3488
Organic PV Solar Cells Market size is expected to grow many fold over 2021-2027 with the increasing deployment of renewable energy sources in developing regions. Rigorous government policies will prompt companies to promote the use of renewables for power generation, especially for solar and wind energy. Organic PV solar cells are a third-generation PV technology that can provide electricity at a lower cost than first-and second-generation solar technologies.
OPV cells have emerged as a promising PV technology with encouraging performance lifetime and improved cell efficiency. Besides, soluble organic molecules provide roll-to-roll processing techniques and can deliver good performance under indoor lighting conditioning.
Based on application, the global organic PV solar cells market volume from the building-integrated photovoltaics (BIPV) segment will witness an upward trajectory during the forecast period 2021-2027. The building-integrated PV technology may find OPV solar cells attractive owing to the prevalence of absorbers in various colors and their ability to make efficient transparent devices. BIPVs provide thermal insulation, protect buildings from noise and climatic conditions. BIPV applications are being applied in new building construction and renovation projects. Further, the use of smart grids will augment the use of photovoltaics and open the possibility in the BIPV application.
The defense application segment is likely to be one of the fastest-growing segments in organic PV solar cells market owing to the demand for lightweight and flexible PV. Growth potentials for organic photovoltaics will partly depend upon the demand from the military domain following the trend for cells to camouflage in various color schemes. Moreover, soldiers can also carry lightweight PV for charging electronic equipment at remote bases or in the field.
In terms of region, the Europe organic PV solar cells market will garner a significant share by 2027 owing to large investments in R&D. BIPV components are expected to provide a diversified range of products that can be manufactured and customized. Robust initiatives from organizations such as the EU Energy Performance of Buildings Directive have panned well for the industry outlook. The Energy Efficiency Directive set a bold EU energy efficiency target of 32.5% to be achieved in the EU by 2030. Additionally, the deployment of nearly zero-energy buildings (NZEB) and cost-optimal minimum energy performance needs will also boost the penetration of OPV solar cells across the region.
Major companies in the global organic PV solar cells market are Sumitomo Chemical Co. Ltd., Mitsubishi Chemical Corporation, New Energy Technologies, Heliatek GmBH, Disa Solar, BELECTRIC OPV GmBH and Solarmer Energy Inc., among several others. Most of these companies consistently seek improvements and innovations in the sector. Heliatek GmBH, for instance, has developed a partially transparent SPV cell that can absorb around 60% of the sunlight it receives. They are investing in innovative solar solutions for a range of applications and are in a process of revving up series production for mass producing organic solar films.
Organic PV solar cells market players coping with the COVID-19 pandemic
With travel restrictions and more remote work amidst the coronavirus pandemic, the shutdown of plants in China affected the penetration of portable devices, including solar bags and tablets. Meanwhile, the application of OPV solar cells in remote locations like remote health clinics, desalination plants, offshore oil platforms, lighthouses will augur well for the global organic PV solar cells industry outlook.
The pandemic has further signified the importance of electricity in Latin America, the Middle East and Africa and the Asia Pacific. The need for organic PV solar cells to meet the electricity demand for emergency phones, remote guard posts, water irrigation pumps and emergency phones will be noticeable during the 2021-2027 forecast period.
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