Organic PV Solar Cells Market Size

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.