Global Organic Solar Cell Market - 2021-2028
The global organic solar cell (OPV) was worth US$ XX million in 2020 and is expected to show a significant growth of US$ XX million by 2028. The CAGR of the global organic solar cell (OPV) market is estimated to reach XX% over the forecast period between 2021 and 2028.
Organic solar cells are advanced photovoltaic cells manufactured from organic molecules to convert light energy into electrical energy. Most of the organic solar cells are manufactured utilizing cheaper solution-processable at high throughput. As a result, the overall production cost is minimal compared to other types of photovoltaic cells.
Further, since organic molecules are flexible and have tunable bandgaps, an exhaustive amount of light could be absorbed by a nominal amount of material. When combined with the fact that organic solar cells have negligible weight compared to silicon-based photovoltaic cells and are eco-friendly, it could be concluded that organic solar cells are the newest vogue in the photovoltaic industry.
The accrescent global energy demands is a major factor that could boost the global organic solar cell (OPV) market. Further, the rising environmental concerns and large-scale adoption of renewable energy sources the world over as a replacement for fossil fuels also tend to be a major driver for the global organic solar cell (OPV) market.
Surge in global energy demands
Since modernity is extensively dependent on technologies that consume a humongous amount of energy, a surge has been witnessed in the overall global energy requirement. As a result, the scope of new and renewable forms of energy in the modern era is expanding extensively. Since organic solar cells could generate a significant amount of energy, the growth in global energy demands tends to drive the organic solar cell (OPV)market.
According to the International Energy Agency, the global energy demand is expected to grow by a significant 4.6% in 2021, which is 0.5% more demand than in 2019. Further, the energy demand of emerging economies is expected to establish around a 3.4% rise in comparison to the 2019 levels.
In short, as organic solar cells are one of the most efficient and clean sources of energy, a global surge in energy demands could inevitably crank up the overall demand experienced in the global organic solar cell (OPV) market.
Climate change and rise in environmental concerns
Ever since the effects of global climate change were found not to be a myth, the demand for cleaner energy sources as replacements to carbon-based fuels exploded in the market. As solar energy is a clean and efficient alternative to carbon fuels, the overall demand for efficient systems in solar energy such as organic solar cells is expected to achieve extreme market growth in terms of demand and manufacture.
As per International Energy Agency reports, the global electricity demand witnessed a 4.5% or over 1 000 TWh increase in 2021. The data also points out that energy consumption has increased by almost five times compared to the demand in 2020. A further market analysis also reveals that the field of solar energy in the U.S. has witnessed a 42% growth in the past year, producing more than 100 gigawatts of energy annually. The data points towards an extensive demand growth for the global organic cell (OPV) market as organic photovoltaic cells is one of the best solar energy generation options available in the modern era.
To recapitulate, as the environmental concerns and need for alternate fuel sources surges in the market, the market potentials of the global organic solar cell (OPV) market appear to be gleaming with opportunities and growth.
The lower stability and mechanical strength
Though organic photovoltaic cells are cheap and easy to manufacture, organic solar cells' stability and mechanical strength are much less than inorganic solar cells such as silicon-based solar cells. As per statistical data, the efficiency of organic photovoltaic cells tends to be around 11%, while the same for inorganic photovoltaic cells tends to be above 20%. Since the efficiency of a solar panel is an important market parameter, the difference in overall efficiency between organic and inorganic photovoltaic cells due to lower stability and mechanical strength tends to influence and constrict the overall market growth of the global organic cell (OPV) market.
COVID-19 Impact Analysis
The impact of COVID-19 on the global organic cell (OPV) market is multivariant, comprising several economic and social parameters. Since the lockdown initiated by the pandemic minimized overall people’s movement across the world, global pollution experienced a major size down. As a result, the demand for clean energy reduced, which caused several investors to withdraw their investment from the global organic cells or even the renewable energy market as a whole.
Additionally, other impacts of COVID-19 such as the closing of manufacturing plants, unavailability of workers required to manufacture organic cells and the disruptions in supply chains of raw materials and finished products have negatively affected the overall growth of the organic cell (OPV) market. As per the International Energy Agency statistics, the market shares of renewable energy in the global electricity supply were reduced from 28% to 26% between 2019 to 2020. Renewable power capacity was reduced by 13% due to COVID-19.
In conclusion, the pandemic had an overall negative impact on the global organic cell market for various economic and social reasons. As a result, it could be easily concluded that the pandemic was a major market restraint for the global organic cell market.
The global organic solar cell (OPV) market is primarily segmented based on type, material application, end-user and region.
The high power transportation and conversion efficiencies are two of the main parameters that offer market growth to the bilayer membrane heterojunction segment.
A bilayer heterojunction is mostly formed by combining various layers of organic compounds at the junction. As a result, the energy gap between the two layers is reduced, resulting in increased power transportation and conversion efficiency.
Since the bilayer membrane heterojunction segment can generate a sufficiently higher amount of energy than other types of organic cells, such as the Schottky type, the respective segment tends to dominate the type-based segmentation of the global organic solar cell market.
The Asia-Pacific region tends to dominate the global organic solar cell (OPV) market due to the large scale energy requirement of the region and its comparatively limited access to carbon fuels
The Asia-Pacific region dominates the global organic solar cell (OPV) market in the forecast period primarily due to three reasons
Firstly, due to the comparatively high population densities in the Asia-Pacific region, the overall energy requirement of the region is humongous compared to other regions.
Secondly, the availability of fossil fuels such as petrol or diesel is less in Asia-Pacific than other regions. As a result, the need for the Asia-Pacific region to find alternative fuel sources is higher than other regions.
Finally, the climatic conditions of Asia-Pacific are extremely suitable for solar power generation.
In conclusion, due to various geographical and social norms mentioned above, specific to the Asia-Pacific region, the respective region dominates the global organic solar cell (OPV) market.
The landscape of the global organic solar cell (OPV) market is highly competitive with the presence of numerous local and global brands. Some of the biggest names in the market include Heliatek GmbH, ARMOR, infinityPV, Novaled GmbH, Sunew, NanoFlex Power Corporation, Moresco Corporation, Alfa Aesar, Ningbo Polycrown Solar Tech Co., Ltd and TOSHIBA CORPORATION. The market leaders of the Organic Solar Cell (OPV) market are instilling several strategies to ensure market growth. These strategies include mergers, acquisitions, product launches and collaborations and partnerships.
Overview: Epishine is a Swedish manufacturer known in the global organic solar cell (OPV) market for its resource-efficient, affordable and scalable, solar cells. The company was founded in 2016 and is headquartered in Linköping. The company currently employs around 30 employees.
Product Portfolio: The Company has a product portfolio of the organic solar cell (OPV) that includes:
Indoor light energy harvesting: The product is a flexible light energy harvesting system that could be used alone or with capacitors. The product is ideal for applications, such as powering wireless indoor low-power applications, among others. The products generally find application offices, supermarkets and homes due to their flexible, compact and lightweight nature.
For instance, in August 2021, Epishine, a Swedish manufacturer of printed organic solar cells, joined hands with Farnell, an Avnet Company and global distributor of electronic components, products and solutions, for the distribution of Epishine’s new printed organic solar cells, which are capable of harvesting energy from indoor, as well as low energy lighting conditions. The company intends to utilize Farnell’s global distribution network for the wider reach of its product to achieve maximum market penetration.
Why Purchase the Report?
To visualize the Organic Solar Cell (OPV) market segmentation by type, material, application and end-user and understand the key commercial market factors and players.
To understand the commercial opportunities in the Organic Solar Cell (OPV) Market by analyzing trends deals.
Excel data sheet with thousands of data points of Organic Solar Cell (OPV) market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The global Organic Solar Cell (OPV) market report would provide approximately 68 market data tables, 68 figures and 180 pages.
Target Audience 2022
Organic Solar Cell Service Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
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