Global demand for energy is expected to rise rapidly in coming years. Demand for fossil fuels is declining across the globe, as these fuels lead to concentration of carbon dioxide in the atmosphere. Thus, development of sustainable, renewable, and environmentally-friendly energy sources is one of the major challenges facing the world. Photovoltaic (PV) is one of the trending renewable energy technologies around the globe. It helps converts solar energy into electricity through the usage of solar cells. Solar cells are made of crystalline silicon and other rare earth elements such as germanium, arsenic, gallium, and cadmium. Demand for PV integrated devices and solar panels is rising at the rate of approximately 40% per year. This trend is anticipated to increase further in the next few years. Governments across the regions are offering special grants and conducting implementation programs to encourage the usage of the PV technology.
Polymer solar cell are physically flexible in nature and they are made from solar cells having repeating structural configuration of large PV array. Polymer solar cell produces electrical energy from solar energy through the photovoltaic effect. Polymer solar cell is also known as organic solar cell, which is a thin film solar cell that works on the photo-induced electron transfer mechanism. Various types of polymer solar cells such as dye-sensitized solar cell, double layered polymer cells, and bulk heterojunction cells are available in the market. Highly purified and refined crystalline silicon is used in the manufacturing of highly efficient polymer solar cells which make it an expensive process and raises the overall cost of the panels. The material used for the manufacture of polymer solar PV cells is expensive. It is the same material that is used in the manufacture of computer chips and integrated circuits.
Demand to generate other alternate technologies has been increasing due to the high manufacturing cost and complex production process of polymer solar cells. Polymer solar cells offer various advantages vis-à-vis crystalline silicon solar PV cells. Polymer solar PV cells are disposable, light in weight, and easy to fabricate. They have low environmental impact and offers high level of customization at the molecular level. Polymer solar PV cells are also employed in a large number of applications compared to crystalline silicon PV cells. Polymer solar PV cells are flexible; thus, these can be applied in windows, walls, flexible electronics, clothes, and other wearables.
Factors such as cost efficiency, rise in demand for solar panels, and increase in need of clean and sustainable energy in electricity generation are driving the global polymer solar PV cells market. High efficiency of polymer solar PV cells and their instantaneous electricity generating properties are further boosting the market across the globe. Increase in awareness about the usage of clean energy sources in energy generation is also propelling the polymer solar cells market. Polymer solar PV cells also have some disadvantages. For instance, these cells degrade during the dark and in high illumination. Thus, these cells cannot be used for a long duration. Furthermore, there are issues with thermal stability and efficiency of polymer solar cells. These factors are hampering the polymer solar PV cells market.
Based on region, the polymer solar PV cells market can be segmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. North America is the biggest player in the manufacture of polymer solar PV cells owing to the large number of renewable energy projects and rapid expansion in the power sector in the region. Asia Pacific also holds a key share of the solar cells market owing to the rise in number of renewable energy projects, growth in the wearable solar electronics industry, and increase in demand for electricity throughout the region. Expansion in electronics and automobiles industries in Europe and Asia Pacific is the major factor boosting the global polymer solar PV cells markets in these regions. Middle East & Africa is a new market for global polymer solar PV cells. However, the market in the region is anticipated to expand significantly during the forecast period. Latin America has also intensified the renewable energy generation programs. Investments are being made in the energy and power sectors in the region. Thus, Latin America is a promising region for the polymer solar PV cells market.
Key players operating in the global polymer solar cells market include Trina Solar Limited, Tata Power Solar Systems Limited, Solar World AG, Jinko Solar Holding Co. Ltd, Alps Technology Inc, Suniva Inc, Pionis Energy Technologies LLC, Borg Inc., and Itek Energy.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the marketRecommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.