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:
- Single Layer
- Bulk Heterojunction
- BIPV (Building Integrated Photovoltaic)
- Consumer Electronics
- Defense and Emergency
- Printing Technique
- Coating Technique
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
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.
- Due to the rising number of renewable energy projects, the expansion of the wearable solar electronics market, and the region’s rising demand for electricity, Asia Pacific currently accounts for a significant portion of the global market for solar cells, with a market share of 43.7%.
- Many renewable energy projects and the quick expansion of the power sector in the region have made North America the leading manufacturer of polymer solar PV cells.
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:
- In July 2019, a solar cell with a record-high level of radiation stability was demonstrated by researchers at Russia’s Skoltech Institute of Science and Technology. To research how space radiation affects organic solar cells, a Russian scientist has launched one into low-earth orbit.
- In May 2018, in The Journal of Physical Chemistry Letters (ACS), a group of researchers from Osaka University described how they had automated the search for suitable solar materials to create novel polymers for organic photovoltaics (solar cells).
A list of some of the key suppliers present in the market 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
Report Coverage and Highlights
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
|Historical data available for
||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
||Available upon Request
|Pricing and purchase options
||Available upon Request
- Report Includes
Market Size Data
- Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
- Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
- Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
- Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
- Incremental dollar opportunity generated in the forecast period would be indicated
- Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted
- Macroeconomic factors that impact the market developments
- Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
- Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
- Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
- Trade analysis and analysis of key supply and demand hubs
- Identification of hotbed opportunities existing in the market
- Porter’s and PEST analysis to understand the business environment of the geography
- Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth
- Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
- Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
- Cost teardown analysis and key factors impacting pricing
Value Chain Analysis
- Country-wise list of raw material suppliers
- Raw material price trends and buyers’ sentiment
- Overview of Intelligent Sourcing Technique
- Raw material procurement requirements
- Vendor selection criteria
- Country-wise list of product manufacturers
- Country-wise list of distributors/traders
- Country-wise list of end-users
- End-Users/Customers consumption mapping
- Key End-Users/Customers client list
- Country-wise list of other key channel partners
- Average profitability margins
- Regional value chain dynamics
- Market shares and production capacities of key players
- Tier structure analysis of market
- Comprehensive competition dashboard representing the top 10-15 players in the market
- Individual company profiles of top 15 to 20 manufacturers
- Business Overview
- Product Portfolio
- Key Financials
- Recent Developments
- SWOT Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
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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.