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Dye-sensitized solar cells market is projected to reach $60,589.4 thousand by 2023 | Top Key Players:- G24 Power, H.GLASS, 3GSolar Photovoltaics, Greatcell Solar, Fujikura Europe Ltd, Exeger, KONICA MINOLTA, INC., Merck KGaA, Darmstadt, Germany
A dye-sensitized solar cell is a low-cost thin-film solar cell composed of electrodes (cathode and anode), an electrolyte, and a dye. Dye-sensitized solar cells can perform dual functions: power generation via incident light and aesthetic improvement of buildings and installation surfaces.
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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.
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APAC is expected to be the fastest dye-sensitized solar cells market
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.
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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.
China is expected to be the fastest-growing market during the forecast period
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.
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