The
global organic solar cells market, also commonly referred to
organic-based photovoltaics, is a highly developing and rapidly
growing market. In only a matter of a year, the market has made an
impressive shift from the realm of fundamental research at university
levels into industry-level production.
Use
of photovoltaic cells for harvesting energy directly from sunlight is
considered one of the most promising ways of addressing mounting
global energy needs. Solar cells constitute one of the cleanest ways
of harvesting energy, since they use a source of freely available
renewable energy and causes minimal detrimental effect on the
environment by not adding to the level of atmospheric emissions at
all.
Provided
that solar cells can be made economically competitive against
traditional energy sources such as fossil fuels, the large-scale
manufacturing of solar cells will offer a reliable source of
sustainable energy that could account for a substantial portion of
our energy needs. Usage of organic materials such as various novel
polymers for fabricating solar cells is a good way of reducing the
manufacturing – and thus final – costs of solar cells. The use of
organic substances for manufacturing solar cells makes the
manufacturing process potentially easier than conventional
manufacturing processes using silicon or other such materials.
Organic solar cells also have one more important advantage over the
conventional solar cells – they can be easily molded into different
shapes and colored in various ways, making them preferable when the
application focuses more on design and flexibility and less on
efficacy.
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The
only restricting factors for organic solar cells are their lower
efficiency and smaller life compared to conventional solar cells.
However, with technological advancements taking place at a rapid
pace, the industry will also find a plausible solution to these
problems soon, pushing the market more firmly in the future. In fact,
some companies such as Solarmer Energy, Inc. and Heliatek GmbH have
also constantly invested in research activities for improving the
efficiency of organic solar cells over the past decade.
The
many benefits of organic solar cells have caused the global market to
rapidly adopt these cells in a variety of application areas,
especially in fields such as building-integrated solar cells and
mobile applications such as powering portable devices in vehicles.
One would consider the use of organic solar cells in these areas a
rather introductory application for a technology with huge growth
potential and benefits; however, these areas are also the ones that
can open doors for widespread appeal quite easily. Though
cost-sensitive, domestic users are also the most abundant end users
of any technology related with power generation.
Global
Organic Solar Cell Market - A Million Dollar Marketplace
Analysts
state that the global market for organic solar cells had an estimated
net worth of US$25.518 million in 2013. Registering growth at a CAGR
of nearly 21.2% between 2014 and 2020, the market is expected to
reach an estimated value of US$97.412 million by 2020.
Demand
for organic solar cells is currently the highest from the building
integrated organic photovoltaic (BIPV) section. This market segment
is also expected to flourish at a good pace over the future years, at
an estimated 24.4% CAGR between 2014 and 2020.
On
a regional basis, the European market leads the global market,
accounting for a nearly 35% share of the global organic solar cells
market. The North American market acquires second place by accounting
for a nearly 28% share in the overall market. By the end of 2020, the
North American market is expected to reach to US$35.779 million.
Some
of the key participants of the market include New Energy
Technologies, Inc., Heliatek GmbH, Mitsubishi Chemical Corporation,
Disa Solar, Solarmer Energy, Inc., Sumitomo Chemical Co., and
BELECTRIC OPV GmbH, Ltd. of these, Heliatek GmbH acquired the leading
position in the market in 2012 owing to the company’s
collaborations with leading vendors and technological advancements
across the value chain.
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