Dye-Sensitized Solar Cells Market size was valued at USD 114.8 million in 2023 and is expected to exceed USD 524.69 million by 2036, registering over 12.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of dye-sensitized solar cells is assessed at USD 126.19 million. The growth of the market can be attributed to the rising investments towards renewable resources owing to the increasing energy demand and depletion of conventional energy resources. According to the International Energy Agency, the share of renewables in power generation in the Sustainable Development Scenario was 27 percent in 2019, up from 25 percent and 24 percent in 2018 and 2017 respectively. Along with these, surge in technological innovations associated with solar cells, and escalating demand for solar energy as a result of growing carbon emissions are also expected to drive market growth in the upcoming years. Furthermore, dye-sensitized solar cell technology offers several benefits over conventional energy sources such as high-performance ratio, ability to provide electricity at low light conditions, and cost-effectiveness. This in turn is projected to raise the demand for the product significantly in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
12.4% |
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Base Year Market Size (2023) |
USD 114.8 million |
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Forecast Year Market Size (2036) |
USD 524.69 million |
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Regional Scope |
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The market is segmented by application into portable charging, BIPV/BAPV, embedded electronics, outdoor advertising, and automotive, out of which, the portable charging segment is anticipated to hold the largest share in the global dye-sensitized solar cells market. This can be accounted to the growing demand for dye-sensitized cells in portable charging owing to their ability to offer optimal wattage in mobile devices. Apart from these, the building applied photovoltaics (BAPV)/building-integrated photovoltaics (BIPV) segment is predicted to witness the highest growth in the future ascribing to the increasing demand for energy from residential areas for rooftop panels and water heating. Additionally, on the basis of type of dye, the natural segment is assessed to occupy the largest share during the forecast period, which can be credited to the fact that natural dyes cut down the high cost of metal complex sensitizer notably.
Our in-depth analysis of the global market includes the following segments:
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By Type of Dye |
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By Application |
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On the basis of geographical analysis, the global dye-sensitized solar cells market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe industry is poised to account for largest revenue share by 2036, impelled by initiatives by European Commission to reduce dependence on non-renewable energy sources, and high rate of installation of dye-sensitized solar cells in BIPV. In addition, rise in use of portable electronics is also expected to boost the growth of the market in the region in the coming years. Moreover, the market in North America is also anticipated to grab notable share during the forecast period owing to the increasing demand for energy, and trend of sustainable power development in the region. As per the U.S. Energy Information Administration, 35.74 quadrillion Btu of electric power was consumed in 2020, whereas total energy consumption was around 93 quadrillion Btu that year.
May 2021- Exeger secured a deal worth USD 38 million to build a manufacturing facility in Sweden with the help of ABB. The factory is aimed to ramp up the production of dye-sensitized solar cells.
July 2020- Fujikura released a lineup of thin dye-sensitized solar cell module panel and started the sales of those panels.
Author Credits: Dhruv Bhatia
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