Dye-Sensitized Solar Cells Market Insights, Leading Players, Growth and Business Opportunities | P&S Intelligence

The total installed capacity of solar plants around the world has increased massively from 40,287 Megawatts (MW) in 2010 to 707,494 MW in 2020, as per the International Renewable Energy Agency (IRENA). Considering the depleting reserves of fossil fuels and the air pollution caused on utilizing them, governments are offering incentives and other benefits to entities and individuals producing energy from renewable sources. Moreover, the excess renewable energy can be fed to the grid in exchange for payment as per the prevailing electricity rates.

Due to such initiatives, the dye-sensitized solar cells market value is set to increase to $60,589.4 thousand by 2023 from $28,451.4 thousand in 2017, at a 13.2% CAGR between 2018 and 2023, says P&S Intelligence. Also known as DSSCs, they are a newly developed class of thin-film photovoltaic (PV) cells that are said to produce electricity via a process similar to photosynthesis. The key reasons DSSCs are being extensively experimented upon and readied for the future are their low cost, ease of manufacturing using environment-friendly materials, and potential for a wide application area.

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The major applications of such PV cells currently are portable charging, building-applied PV (BAPV), building-integrated PV (BIPV), embedded electronics, solar chargers, outdoor advertising, wireless keyboards, automotive-integrated PV (AIPV), and emergency power in the military. Among these, DSSCs currently find the widest application in BIPVs, which include PV cells integrated into the essential architectural elements, such as rooftops, glazed facades, louvers, and ceilings. This not only helps produce clean energy but also gives buildings an aesthetic, modern, and sleek look.

AIPVs could be another significant application of such products in the future. With the global focus already shifting to electric vehicles (EVs), DSSCs with enhanced efficiency could find a wide application here. The biggest challenge in worldwide EV adoption is the gross lack of charging stations; as per the International Energy Agency (IEA), over 7.2 million electric cars were already operational in 2019, while the number of public fast and slow chargers was merely 1.3 million in 2020. Integrating DSSCs in EV windshields could allow cars to generate a significant portion of their electricity themselves, thus reducing the concerns associated with the lack of charging stations.

However, there are still a number of challenges in the wide acceptance of these solar cells. First, the electrolyte currently used in them is highly temperature-sensitive; it freezes in the cold and expands in the heat, which raises questions on the long-term durability of these products. Second, the ruthenium (II) dye, platinum catalyst, and conducting glass used in DSSCs are costly. However, the biggest challenge is energy efficiency, which is only 12% for them, compared to the 20–30% of traditional silicon-based PV cells.

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The fastest dye-sensitized solar cells market growth is expected in Asia-Pacific (APAC) in the near future, where governments are taking concrete initiatives to increase the share of renewables in their energy mix. Being extremely polluted, China and India are where these initiatives are being implemented rapidly. As per the IRENA, China already has the world’s largest solar power installed capacity, of 254,354.80 MW in 2020. Moreover, Japan and India rank third and fifth, respectively, on the list, which reflects a vast potential for DSSCs in the future.

Hence, with improvements in the PV technology, in the wake of the burgeoning air pollution levels and depletion of fossil fuel reserves, the adoption of DSSCs is likely to boom in the coming years.

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This release was published on openPR.