Organic PV Solar Cells Market size was valued at USD 105.11 Million in 2023 and is anticipated to cross USD 684.21 Million by the end of 2036, expanding at more than 15.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of organic pv solar cells is estimated at USD 119.77 Million. The market's expansion can be attributed to rising demand for organic PV solar cells around the world, as well as increased awareness of the benefits. Organic photovoltaic cells have several advantages such as lower cost, lightweight, biodegradable, customizable, and adaptable to consumer needs, which are expected to drive market growth in the coming years. As per the data of the International Energy Agency, solar PV power generation in 2021 increased by 22% growth from 2020 with a record of 179 TWh globally.
The increasing demand for solar energy consumption among people across the world is estimated to propel market growth. Also, the government initiatives to encourage the use of solar cells for power generation to benefit the nation are expected to have a positive impact on market growth. The market growth is also attributed to the increasing utilization of electricity across the world with a growing population around the globe. The demand for electricity across the world is estimated to rise by 2% per annum by the end of 2050. The rising demand for eco-friendly power generation and environmental concerns to prevent the use of silicon-based materials in solar cells are driving market growth during the forecast period.
Growth Drivers
The Increasing Demand for Building-Integrated Photovoltaics (BIPV) Products in Construction – The applications of building-integrated photovoltaics products in construction materials and buildings are estimated to drive market growth. The increasing application of solar cells in construction technology offers protection to buildings from climate and noise. The use of BIPV technology is estimated to decrease the need for brackets and rails. The value of BIPV around the globe as of 2020 was estimated to be over USD 12 billion and was projected to raise to more than USD 85 billion by the end of 2030.
Increasing Application of Street Lamps, Household Roofs, and Buildings – More than 2.5% of the electricity generated across the U.S. in the year 2022 was from solar panels. The number of solar panels installed in America in the year 2022 was sufficient to provide electricity for over 20 million homes.
Increasing Use of Renewable Sources for Electricity across the World – The amount of electricity produced from renewable sources such as solar power in 2021 was estimated to account for over 12% of total renewable energy.
Growing Installation of Organic Solar Cells in the Defense Equipment – More than 1 million solar panels are installed in the military bases of the air force, navy, and army in Florida. The excess energy generated from the three bases was distributed to the surrounding homes which are more than 16,000 as of 2020 reports.
Growing Concern Regarding Greenhouse Gas Emissions – It was estimated that more than 30% of greenhouse gas emissions across the globe are released from fossil fuel combustion for electricity in the year 2019.
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
15.5% |
|
Base Year Market Size (2023) |
USD 105.11 Million |
|
Forecast Year Market Size (2036) |
USD 684.21 Million |
|
Regional Scope |
|
Application (Solar Electricity, Heating)
The global organic PV solar cells market is segmented and analyzed for demand and supply by application into solar electricity, heating, and others. Out of the three types, the solar electricity segment is estimated to gain the largest market share of about 38% in the year 2036. The growth of the segment can be attributed to the increasing use of solar panels for electricity generation across the world. The market segment growth is attributed to the increasing environmental concern about the greenhouse gases released from the conventional heat and electricity generation process. The growing pollution caused by silicon materials used in traditional solar panels and less efficiency in absorption is estimated to propel market growth in the coming years. The percentage of solar energy or sunlight absorbed by silicon solar panels is only 65% as per the estimations in 2020. The increasing installation of solar power plants across the world to increase the efficiency and expenditure of electricity is estimated to hike the market growth.
End-user (Residential, Industrial, Commercial)
The global organic PV solar cells market is also segmented and analyzed for demand and supply by end-user into residential, industrial, commercial, and others. Amongst these three segments, the industrial segment is expected to garner a significant share of around 29% in the year 2036. The market segment growth is attributed to the increasing use of industrial buildings situated in off-grid and remote areas to provide continuous electricity supply. The increasing number of construction buildings for commercial use such as organizations, hotels, and institutions are estimated to hike the market segment growth. The growing utilization of solar panels for light-up signs or message boards to reduce electricity consumption is anticipated to drive market segment growth. The installation of solar panels on the rooftop of buildings for water heating, and air ventilation instead of using electricity is also driving the market segment growth. The little maintenance cost and high quality of commercial solar panels are projected to fuel the growth of the market segment in the coming years. Also, the lifespan of commercial solar panels compared to industrial and residential solar panels is very high which is 15-20 years is also expected to have a positive impact on the market segment growth.
Our in-depth analysis of the global market includes the following segments:
|
By Application |
|
|
By End-User |
|
North American Market Forecast
The market share of organic PV solar cells in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 37% by the end of 2036. The growth of the market can be attributed majorly to the increasing technology adoption among people that need huge amounts of electricity. The growing investment in research and development of renewable energy generation is estimated to drive market growth. Increasing the capacity of existing solar power panels to meet the rising demand is estimated to hike the market growth. The escalating application in the biomedical devices sector to save electricity consumption in the region is driving market growth in the coming years. The growing number of households with solar panels for heaters, electronic appliances, and power generators are estimated to drive the market growth. More than 3.8% of U.S. homes installed solar panels as of 2022 estimations. Increasing applications in wearables such as biometric sensors and smartwatches are estimated to propel the market growth during the forecast period in this region.
Europe Market Forecast
The European organic PV solar cells market is estimated to be the second largest, registering a share of about 24% by the end of 2036. The growth of the market can be attributed majorly to the increasing investment in research and development in the technology of organic photovoltaic solar cells. The increasing applications of electronics and electronic devices to save electricity are estimated to drive market growth in the region. The BIPV technology applications in Europe are also estimated to have a positive impact on market growth. The tax subsidies and benefits given in Europe for consumers and manufacturing owners are also estimated to drive market growth in the coming years. Increasing applications in households to reduce the effects of greenhouse gas emissions are estimated to propel market growth.
APAC Market Statistics
Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing demand for organic solar cells in the region. The rising presence of prominent key players in China and Japan is fueling the market growth. Also, the growing number of government initiatives in the region supporting renewable resources for the generation of power is estimated to fuel the market growth in the coming years. Moreover, the increasing number of industries in the region with a rising population is expected to propel the growth of the market. The increasing adoption of digital technologies across the region with rising living standards is estimated to increase the need for high electricity and thereby boost market growth. Increasing solar panel construction in the open fields to increase the power generation from solar energy to save electricity expenditure is estimated to have a positive impact on the market growth.
Through Eni New Energy US Inc., the subsidiary of Plentitude acquired the 81 MW Kellam photovoltaic plant which is sold by Hanwha Qcells USA Corp. The operation’s main goal was to neutralize carbon and supply 100% decarbonized energy by 2040.
Brite Solar signed an agreement with ByaWa r.e. regarding the supply of transparent solar panels for utilization in their project Agri-PV.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?