Dye-Sensitized Solar Cells Market Size

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.