Organic PV Solar Cells Market Trends
Growth Drivers
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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.
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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.
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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.
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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.
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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
- Less Efficient and Smaller Lifespan – Despite the good internal efficiency the absorption capacity for photovoltaic cells is less and the lack of resistance against the reactions such as oxidation, reduction, recrystallization, and temperature changes are estimated to degrade the performance of the solar panels. These are the factors estimated to hamper the market growth in the coming years.
- Lack of Workers, and Shortage of Materials
- Disruption in Value Chain Resulting in Loss for Manufacturers
Organic PV Solar Cells Market: Key Insights
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
15.4% |
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Base Year Market Size (2024) |
USD 121.3 million |
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Forecast Year Market Size (2037) |
USD 780.79 million |
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Regional Scope |
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