Registering a 13.2% CAGR during the forecast period (2018–2023), the global dye-sensitized solar cells market is projected to grow to $60,589.4 thousand by 2023, significantly rising from $28,451.4 thousand in 2017. The factors driving the market are the rising usage of solar power, surging demand for building-integrated photovoltaics(BIPVs), and supportive government policies and regulation to increase the adoption of solar modules.Dye sensitized solar cells are made of electrodes, a dye, and an electrolyte; they perform dual functions — generating power via incident light and improving the aesthetics of the installations.
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Based on application, the dye-sensitized solar cells market is classified into automotive-integrated photovoltaics (AIPVs), emergency power in military, wireless keyboards, solar chargers, outdoor advertising, embedded electronics, building-applied photovoltaics (BAPVs), BIPVs, and others. In terms of value, the classification of BIPVs dominated the market with a share of over 20.0% in 2017. This was attributed to the appreciable properties of solar cells, such as easy installation, low-weight, and a high performance-to-weight ratio. These cells are majorly installed on louvres, rooftops, ceilings, and glazed facades.
The categories of the dye-sensitized solar cells market based on region are Middle East & Africa, Latin America, Asia-Pacific (APAC), Europe, and North America.In 2017, the largest market value share of more than 35.0% was held by Europe.This was ascribed to the supportive policies of the governments in the region for the installation of solar panels in the construction sector.In the forecast period, the fastest growth would be witnessed by the APAC region exhibiting a 14.0% CAGR. This can be attributed to the low cost of these cells in the region.
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The dye-sensitized solar cells market is observing the trend of extensive research & development (R&D) activities for the development of advanced cells. The cell morphology and nature of components used in it, are major factors that influence the performance dynamics and pricing of the solar cells. Therefore, the research is being conducted with major focus on the modification, commercial application, and structure of these cells. Some recent studies have been on the development of versatile sensitizers with high light-capturing capabilities and nano-semiconductor photanodes.
The dye-sensitized solar cells market is growing due to the rising concerns about the environment and growing energy crisis. This has resulted in a dire need for the adoption of renewable energy for meeting energy needs. Renewable energy sources are capable of producing equally-efficient energy at par with conventional sources, that too in a sustainable manner. The International Renewable Energy Agency said that in 2017, the global power production capacity via PVs increased by 94 gigawatts.Therefore, with the rising R&D activities in this domain, the cost of these cells may decrease further, thereby fueling their demand.
The adoption of renewable energy, such as solar is increasing across the globe, even in emerging economies; this can present major growth opportunities for the dye-sensitized solar cells market. Countries, such as India and China have been working toward increasing their PV capacities at a higher rate than the global average.In 2017, the solar energy expansion was dominated by Asia, as it added 72 gigawatts of solar energy to itsenergy portfolio. Many countries across the world are now focusing on developing infrastructure to make use of energy generated from renewable sources.
Hence, the market for dye-sensitized solar cells is set to flourish in the forecast period due to the increasing focus on solar energy amidst growing energy crisis.