Organic Solar Cell Market

Organic Solar Cells Market Outlook 2031

• The global organic solar cells market was valued at US$ 97.4 Mn in 2020
• It is estimated to expand at a CAGR of 21.2% from 2021 to 2031
• The global organic solar cells market is expected to reach the value of US$ 807.39 Mn by the end of 2031

Analysts’ Viewpoint on Organic Solar Cells Market Scenario

Organic solar cells use organic or carbon-compound-based materials instead of silicon, which is used in conventional solar cells. Advancements in molecular engineering and nanotechnology boost the production of organic solar cells. The rising popularity of organic solar cells is due to their excellent benefits. This factor is projected to contribute to the market expansion in the upcoming years. However, smaller lifespan and low efficiency of organic solar cells are two major factors restraining the growth of this market. In addition, the nascent phase of the photovoltaic industry involves high capital investment for research and development of new products. However, research organizations and companies are striving to develop organic solar cells that have the same attributes as conventional solar cells, in terms of efficiency. This is expected to translate into growth opportunities for the market.

Increasing Popularity of Eco-friendly Photovoltaic Technology Globally

The organic photovoltaic industry is witnessing commercial gains as demand for eco-friendly photovoltaic technology is on the rise. Organic solar cells are advantageous over their conventional counterparts, as they can be transformed into different shapes and colors. This makes them the preferred choice for applications that focus on design and flexibility over efficiency. Furthermore, subsidies and tax benefits provided by various governments for the use of renewable energy are augmenting the growth of the organic solar cells market.

Rapid urbanization, industrialization, and increasing population across the globe demand for sufficient electricity supply. Governments of various countries are focusing on the production of energy through renewable energy resources. Market players are exploring opportunities to cater the rising demand for organic solar cells from consumers across the globe. Technological advancements in photovoltaic and rising solar plants in developing economies boost the global organic solar cells market.

COVID-19 Impact on Global Organic Solar Cells Market

The global organic solar cells market is harshly affected by coronavirus pandemic, impacting various businesses and manufacturing activities. Disruption in value chain resulted in huge losses for manufacturers operating in the global organic solar cells market, thus hampering the overall production of solar cells. Unavailability of workers, strict restrictions due to global lockdown, and shortage of materials have slowed the overall market growth. However, market players are increasing their efforts to recover from losses caused due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the market. Increasing initiatives by market players to improve the product portfolio is driving the organic solar cells market. The global organic solar cells market is significantly driven by factors such as rising infrastructure development activities across the globe, increasing population, demand for electricity, and growing adoption of renewable energy sources.

Growing Applications of Building Integrated Photovoltaic Cells to Drive Global Market

The global market for organic solar cells find applications in mobiles, defense or military-based applications, building integrated photovoltaic, and conventional solar applications. Building integrated photovoltaic presently leads the application segment of the organic solar cells market. Mobile applications of organic solar cells include portable devices such as laptops, solar bags, tablets, and mobiles, among others. They are also installed in vehicles to provide power to smaller electrical systems such as music systems. The defense applications of organic solar cells involve their use over the surface of small military equipment.

Large chemical manufacturing companies use expertise for the development of base material that is used in the manufacture of organic solar cells. While small manufacturing companies are completely focusing on the development of organic solar cells, they depend on other companies and research organizations for the supply of raw materials. These companies have collaborated with other companies and research organizations to obtain technological expertise and raw materials at reduced costs.

Europe Offers Several Growth Opportunities to Organic Solar Cells Market Players

Europe is the leading regional market for organic solar cells, as it is home to some of the top manufacturers of organic solar cells. For instance, companies operating in the Europe organic solar cells market are performing exceptionally well in the development or organic solar cells. Additionally, tax subsidies and tax benefits provided in European countries for both manufacturers and consumers of solar power devices are benefitting the expansion of this regional market. In Asia Pacific, on the other hand, the organic solar cell market is growing due to the presence of several key manufacturers of organic solar cells in Japan.

Organic Solar Cells Market: Overview

• The organic photovoltaic industry is witnessing commercial gains, as demand for eco-friendly photovoltaic technology is on the rise. Organic solar cells are advantageous over their conventional counterparts, as they can be transformed into different shapes and colors. This makes them the preferred choice for applications that focus on design and flexibility over efficiency.
• Furthermore, subsidies and tax benefits provided by various governments for the use of renewable energy is augmenting the growth of the organic solar cells market. On the other hand, smaller lifespan and low efficiency of organic solar cells are two major factors restraining the growth of the market.
• In addition, the nascent phase of the photovoltaic industry entails high capital investment for research and development of new products

Building Integrated Photovoltaics Application Segment to Register High Demand

• In terms of application, the global market for organic solar cells has been segmented into mobile applications, defense or military-based applications, building integrated photovoltaics, and conventional solar applications. Of these, building integrated photovoltaics presently accounts for the leading share of the global organic solar cells market. Mobile applications of organic solar cells include portable devices such as laptops, solar bags, tablets, and mobiles. They are also installed in vehicles to provide power to smaller electrical systems such as music systems.
• Defense applications of organic solar cells involve their use over the surface of small military equipment. Building integrated photovoltaics provide thermal insulation, and protect buildings from noise and climatic conditions. Building integrated photovoltaics applications are being applied in new building construction and renovation projects.
• Furthermore, the use of smart grids will augment the use of photovoltaics and open the possibility of usage in the building integrated photovoltaics applications
• The organic solar cells market has been divided into two types of companies. The first type comprises large chemical manufacturing companies such as BASF SE and Sumitomo Chemical Co, Ltd. that use their chemical manufacturing expertise for the development of base material that is employed in the manufacture of organic solar cells. The second type is small manufacturing companies such as Solarmer Energy Inc. and Heliatek GmbH that are completely focusing on the development of organic solar cells. However, they depend on other companies and research organizations for the supply of raw materials. These companies have collaborated with other companies and research organizations to obtain technological expertise and raw materials at reduced costs.

Europe to Lead Global Market Due to Presence of Key Manufacturers

• In terms of region, the organic solar cells market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of these, Europe is the leading regional market for organic solar cells, as it is home to some of the top manufacturers of organic solar cells. For instance, companies such as BASF SE and Heliatek GmbH present in Germany are performing exceptionally well in the development or organic solar cells.
• Additionally, tax subsidies and tax benefits provided by governments of countries in Europe for manufacturers and consumers of solar power devices are driving the regional market
• In Asia Pacific, the organic solar cells market is growing owing the presence of several key manufacturers of organic solar cells in Japan

Organic Solar Cells Market: Competition Landscape

• Key participants involved in the manufacture of organic solar cells include
  • Heliatek GmbH
  • BELECTRIC OPV GmbH
  • Disa Solar
  • Mitsubishi Chemical Corporation
  • Solarmer Energy Inc.
  • Sumitomo Chemical Co. Ltd.
  • New Energy Technologies Inc.

Organic Solar Cells Market Snapshot

Organic Solar Cells Market – Segmentation

TMR’s research study includes the detailed analysis of companies dealing in global organic solar cells market in terms of application and region. Various levels of market segmentation for which estimate and forecast have been provided are as follows: