Plastic Solar Cell Market to Generate $386.3 Mn, Globally, by 2026 at 88.0% CAGR, Says Allied Market Research
Rise in demand for plastic solar cells in the electronics industry and increase in government initiatives and support for renewable source of energy have boosted the growth of the global plastic solar cell market
PORTLAND, Ore., July 21, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Plastic Solar Cell Market by Type (PN Junction Structure (P-N Heterojunction), Dye-Sensitized Nanocrystalline Solar Cells), Application (Disposable Solar Panel, Hydrogen Powered Car, Wireless Devices, and Others) End User (Automotive, Consumer Electronics, Power & Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global plastic solar cell industry was pegged at $2.4 million in 2018, and is projected to reach $386.3 million by 2026, growing at a CAGR of 88.0% from 2019 to 2026.
Major determinants of the market growth
Rise in demand for plastic solar cells in the electronics industry, surge in demand for energy in remote areas, and increase in government initiatives and support for renewable source of energy have boosted the growth of the global plastic solar cell market. However, conversion efficiency of PV system technology hampers the market growth. On the contrary, R&D in solar cells technologies and advent of new technologies in manufacturing process of plastic solar cells are expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- Due to continuous lockdown in several countries and depressed demand for solar cells, small and medium companies in the market are unable to absorb the losses and are likely to go bankrupt.
- As the majority of raw material is imported from China, the uncertain political situation would be challenging for the market players.
The dye-sensitized nanocrystalline solar cells segment to manifest highest CAGR through 2026
By type, the dye-sensitized nanocrystalline solar cells segment is expected to register the highest CAGR of 92.4% during the forecast period, owing to rising demand for LED applications, voltages, temperature sensors, circuit rectifiers and varactors for voltage-controlled oscillators. However, PN junction structure (P-N heterojunction) segment held the largest share in 2018, accounting for more than three-fifths of the global plastic solar cell market, due to need for shifting to renewable energy because of rapid consumption and depletion of fossil fuels.
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The disposable solar panel segment dominated the market
By application, the disposable solar panel segment held the largest share in 2018, contributing to more than half of the global plastic solar cell market. This is owing to increase in demand for rooftop installation of solar panels because of growth in urbanization coupled with macroeconomic factors such as government incentives and tariffs and cheap alternative source of power. However, the hydrogen-powered car segment is anticipated to register the fastest CAGR of 97.7% during the forecast period, due to surge in demand for automation in vehicles, high competition in the automotive industry, surge in demand for electric cars to control pollution, and increase in trend of driverless cars.
LAMEA, followed by Asia-Pacific and North America, to witness highest CAGR by 2026
By region, the market across LAMEA would manifest highest CAGR of 90.5% during the forecast period, owing to increase in urbanization and population explosion and low cost of the product, especially in countries such as China and India. However, the global plastic solar cell market across Europe contributed the highest share in 2018, holding more than two-fifths of the market, due to rise in demand for distributed systems in the European market.
Major market players
- Abengoa Solar S.A.
- Applied Materials.
- Acciona Energia S.A.
- eSolar Inc.
- Bright Source Energy Inc.
- Konarka Technologies.
- Gintech Energy Corp.
- Canadian Solar Inc.
- Sunpower Corporation
- Tata Power Solar
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