Organic PV Solar Cells Market Trends

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

• 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