Polymer Solar Cell Market size is estimated at USD 164.6 million in 2024 and is anticipated to exceed USD 2.1 billion by the end of 2037, growing at over 21.8% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of polymer solar cell is evaluated at USD 200.4 million.
The polymer solar cell market is expanding primarily due to the increasing energy demand and the shift toward renewables. The massive use of conventional fossil fuels has led to severe resource depletion and contamination of the environment. Solar energy is unique since it is unrestricted by region and is ecologically friendly, boosting the polymer solar cell market. According to the International Energy Agency (IEA), the amount of energy obtained from renewable sources such as solar, wind, hydro, geothermal, and ocean waves increased by over 8% in 2022. This suggests that their share of the global energy supply increased by almost 0.4% to 5.5%. By 2028, 42% of global power will be from renewable sources, including solar and wind power.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
21.8% |
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Base Year Market Size (2024) |
USD 164.6 million |
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Forecast Year Market Size (2037) |
USD 2.1 billion |
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Regional Scope |
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Junction Type (Single Layer, Bilayer, Bulk Heterojunction, Multi-junction)
The single layer segment is poised to capture 37% polymer solar cell market share by 2037 owing to its simplicity and affordability. Comparing single-layer polymer solar cells to more intricate designs such as bilayer, bulk heterojunction, and multi-junction cells, the former is simpler to produce and requires fewer ingredients and processing processes. Due to their increased scalability and reduced production costs, single-layer cells are now more widely available for use.
Also, recently, a power conversion efficiency (PCE) of more than 18% has been achieved by single-junction OSCs (which use a single layer as an active layer) that use narrow-band-gap small-molecule acceptors (SMAs) and wide-band-gap polymer donors (PDs) as their bulk heterojunction (BHJ) photoactive layers.
Application (BIPV (Building Integrated Photovoltaic), Consumer Electronics, Automotive, Defense and Emergency)
The BIPV segment is expected to garner a notable size during the forecast period. The segment growth can be attributed to the polymer solar cells' flexibility and lightweight design making them perfect for incorporation into building materials including roofs, windows, and facades. This allows buildings to become energy-generating structures without sacrificing aesthetics. Polymer solar cells are now more durable and efficient because of advances in material science, which makes them more appealing for use in architectural applications. Furthermore, the environmental benefits of BIPV, including lower carbon footprints and energy savings, are consistent with the growing need for sustainable and green building practices.
Our in-depth analysis of the polymer solar cell market includes the following segments:
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Junction Type |
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Application |
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Technique |
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APAC Market Statistics
The polymer solar cell market in Asia Pacific is anticipated to hold the largest share of 37.1% by the end of 2037. The market expansion is due to its strong manufacturing base, technological improvements, and favorable government regulations. Countries such as China, Japan, and South Korea have established themselves as significant participants by investing heavily in R&D, which has accelerated innovation in polymer solar cell technology.
China has emerged as a significant hub for the production and commercialization of solar panels, owing to its low-cost manufacturing capabilities and broad supply network. According to a report released by the Oxford Institute of Energy Studies, China has long led the world in solar manufacturing. In 2020, China produced 67% of the world's solar PV modules and accounts for a sizable portion of worldwide PV cell and polysilicon output. Furthermore, the nation’s tremendous push for innovation and sustainability in the solar energy sector has strengthened its position as a market leader.
The growing population in India has increased the energy demand which is stimulating the demand for renewable sources such as solar energy. According to the United Nations Organization, the population of India reached 1.43 billion in April 2023, matching and eventually surpassing that of mainland China.
In South Korea, the growing demand for wearable solar electronics and electricity is escalating the growth of the polymer solar cell market. Stretchable solar cells that can withstand strain have drawn a lot of attention as a potential energy source since the demand for wearable electronics is growing rapidly. For instance, in January 2024, the world's best stretchable organic solar cell was unveiled by the KAIST research team from the Department of Chemical and Biomolecular Engineering (CBE). The team also revealed the creation of a new conductive polymer material that achieved high electrical performance and elasticity.
North America Market Analysis
North America will encounter huge growth for the polymer solar cell market during the forecast period and will hold the second position owing to the rise in renewable energy projects throughout the region. Also, the number of renewable energy projects such as solar farms and installations has significantly increased.
The polymer solar cell market is expanding in the U.S. due to the need for sustainable energy solutions, the increasing knowledge of how traditional energy sources affect the environment, and government incentives encouraging the use of renewable energy. According to the U.S. Environmental Protection Agency, the Inflation Reduction Act, which was passed by Congress in 2022, established federal incentives for energy communities. These incentives include bonus tax credits for the installation of solar and wind power on brownfields, coal communities, and mining sites.
There is a growing demand in Canada for affordable, clean energy, and many manufacturers are prepared to increase their investments in solar cell technology. Since polymer solar cells don't generate hazardous waste, they offer a renewable energy source that is also environmentally beneficial.
The polymer solar cell market is a huge industry with established companies, cutting-edge startups, and technology suppliers.
Author Credits: Dhruv Bhatia
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