Polymer Solar Cells Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Polymer Solar Cells Market grew at a CAGR of 14.8% between 2017-2021 and is estimated to be US$ 149.8Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 16.7% and is expected to reach a valuation of US$ 701.8Mn by 2032 end.
Due to the high manufacturing costs and intricate production process of polymer solar cells, there has been an increase in the demand for various alternative technologies. Comparing polymer solar cells to crystalline silicon solar PV cells, several benefits are available. Polymer solar PV cells are lightweight, disposable, and simple to make.
They enable tremendous levels of molecular customisation and little environmental impact. Compared to crystalline silicon PV cells, polymer solar cells are used in a lot more applications. Due to the flexibility of polymer solar PV cells, they can be used in windows, walls, flexible electronics, clothing, and other wearables.
THE RISING MARKET OF SOLAR PANELS AND THE COST EFFICIENCY OF SOLAR PANELS ARE DRIVING THE MARKET
The market for polymer solar cells is being driven by the expanding solar panel market and solar panels’ lower cost of electricity generation as compared to other energy sources. The need for polymer solar cells is expanding due in part to their increased efficiency and shorter production times compared to other electricity generation technologies. Additionally, the demand for eco-friendly products is growing, supporting the polymer solar cell market.
DISADVANTAGES OF THIS TECHNOLOGY
Contrary to photovoltaics based on inorganic silicon semiconductors, this technology has some drawbacks, such as its degradation in low light and darkness. Compared to their silicon counterparts, polymer solar cells have challenges with stability and efficiency. These elements may slow the market’s expansion for polymer solar cells.
Market Segments Covered in Report
By Junction Type:
By Region and Country:
Why does the demand for polymer solar cells in the BIPV segment increase substantially in the coming years?
According to application, the BIPV category is anticipated to develop at the fastest rate, registering a CAGR of 23.3% throughout the evaluation period. Since 2012, this market sector has dominated the global market, and by the end of 2032, it is predicted to continue to do so thanks to a high market value of roughly US$ 143 Mn.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market for Polymer Solar Cells is highly competitive, with the top players continuously adding to and modernizing their product lines. Additionally, to gain a competitive edge in the market, they have implemented various organic and inorganic growth strategies, including alliances, collaborations, price reductions, acquisitions, and the construction of new facilities.
The key developments in the Global Polymer Solar Cells Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Junction Type, Application, Technique, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 16.7%.
The rising market of solar panels and the cost efficiency of solar panels are driving the market
Major global Polymer Solar Cells Market players are Tata Power Solar Systems Limited, Trina Solar Limited, SolarWorld AG, Suniva Inc, JinkoSolar Holding Co. Ltd, Pionis Energy Technologies LLC, Alps Technology Inc, Borg Inc, Itek Energy
Disadvantages of this technology
Asia Pacific Region is expected to account for the largest market revenue share in the Global Polymer Solar Cells market.
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