Organic PV Solar Cells Market Share

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.