The dye-sensitized solar cells market in China is expected to witness the fastest growth, globally. The market is expected to witness a CAGR of 16.1%
NEW YORK, Nov. 26, 2019 /PRNewswire/ --
Dye-Sensitized Solar Cells Market by Application (Portable Charging, Building-Integrated Photovoltaics [BIPVs], Building-Applied Photovoltaics [BAPVs], Embedded Electronics, Outdoor Advertising, Solar Chargers, Wireless Keyboards, Emergency Power in Military, Automotive-Integrated Photovoltaics [AIPVs]), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico, Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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Dye-sensitized solar cells market is projected to reach $60,589.4 thousand by 2023, the market growth is driven by increasing integration of dye-sensitized solar cells with building-integrated photovoltaics (BIPVs) and building-applied photovoltaics (BAPVs) in commercial and residential installations.
Based on application, the dye-sensitized solar cells market is categorized into portable charging, BIPVs, BAPVs, embedded electronics, outdoor advertising, solar chargers, wireless keyboards, emergency power in military, automotive-integrated photovoltaics (AIPVs), and others (light intensity meters and consumer appliances). In 2017, BIPVs accounted for the largest share in terms of value, constituting a market share of more than 20.0% in the global market. This is attributable to growing application of BIPVs in pre-existing and forthcoming installations, globally. Thus, increasing the demand for dye-sensitized solar cells in BIPVs in construction industry.
Globally, the APAC dye-sensitized solar cells market is expected to witness the fastest growth, constituting a CAGR of 14.0%, in terms of value, during the forecast period. The increasing regulatory pressure is expected to endorse regional economies such as China, India, Thailand, and Vietnam to augment their energy generation via renewable sources such as solar energy. As a result, the region is expected to witness major capacity additions of photovoltaic (PV) modules for generation of electricity.
The properties of dye-sensitized solar cells such as flexible in nature, high durability, low susceptibility to changes in performance with weather abnormalities, low-cost, ease of fabrication process, and high performance-to-weight ratio are expected to conceptualize the adoption of these cells in the PV modules. Additionally, government policies and initiatives entailing reduction of GHG emissions and of carbon footprint, and development of smart cities are likely to encourage adoption rates of BIPVs in commercial and residential installations, thereby, increasing demand for dye-sensitized solar cells.
The dye-sensitized solar cells market in China is expected to witness the fastest growth, globally. The market is expected to witness a CAGR of 16.1% in terms of value during the forecast period. The country is a major construction hub and is expected to witness large-scale construction of smart buildings. Additionally, the country has been a pioneer in innovation for dye-sensitized solar cells and has high adoption of PV modules.
The country has the highest solar power capacities in the world. It added 72.0 gigawatts of solar power capacity to its energy portfolio in 2017. The development of construction projects envisaging application of BIPVs is likely to encourage the deployment of dye-sensitized solar cells in building facades, ceilings, louvres, and rooftops, and thereby driving market growth in the country.
Some of the major players operating in the global dye-sensitized solar cells market are 3GSolar Photovoltaics Ltd., Greatcell Solar Ltd., Fujikura Europe Ltd., Exeger Operations AB, Konica Minolta Inc., Merck KGaA, Peccell Technologies Inc., Solaronix SA, G24 Power Ltd., and H.Glass. Companies such as Fujikura Europe Ltd., Exeger Operations AB, Konica Minolta Inc., and Merck KGaA are some of the multinational corporations which operate in the market. Furthermore, these companies are exploring opportunities for mass commercialization of these cells.
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