Press release
Dye Sensitized Solar Cells Market is Projected to Register at a Healthy CAGR of 8.6% by 2026
Dye Sensitized Solar Cells Market
The Dye Sensitized Solar Cells (DSSC) market is on the rise, with a Compound Annual Growth Rate (CAGR) of 8.6% expected over by 2026. Dye-sensitized solar cells (DSSCs) are a type of photovoltaic cell, which uses dye molecules to capture light energy and then transfer it to the semiconductor material.
Current p-n junction photovoltaic systems can be replaced by dye-sensitized solar cells, which have superior technical and financial properties. Due to their advantages over conventional silicon-based solar cells, such as being thinner, more flexible, less expensive, and better able to adapt to changing lighting conditions, dye-sensitized solar cells are becoming more and more popular. Investments are shifting more and more toward renewable energy sources as a result of rising energy demand and depleting conventional energy sources.
The solar energy industries are anticipated to concentrate on the production and installation of dye-sensitized solar cell modules as silicon photovoltaic technology reaches its stage of maturity. The market for dye-sensitized solar cells is anticipated to grow significantly over the forecast period due to their improved techno-economical characteristics, supported by the need to revolutionise energy generation from non-conventional resources.
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Market Dynamics
Declining manufacturing and installation cost is one of the key growth drivers for dye sensitized solar cells market. Due to their good physical and optical properties such as simplicity in fabrication, transparency and color, and workability in low-light conditions (non-direct sunlight and gray skies), dye sensitized solar cells are becoming popular among end-users.
As far as energy conversion efficiency is concerned, dye sensitized solar cells have high efficacy which makes their commercialization significantly opportunistic over the coming years.
Although a lot of research has been done to make dye sensitized solar cells economically viable, yet, the cost of raw materials for producing dye sensitized solar cells, such as ruthenium, platinum, etc. remains a key challenge for dye sensitized solar cell manufacturers.
The electrolyte solvents used in dye sensitized solar cells are highly volatile as well as harmful to human beings and require to be carefully sealed. Market players and researchers are focused to develop products which can be proven efficient and eco-friendly alternatives to such electrolytes.
Market Segmentation
One of the many ways by which global dye sensitized solar cells market can be segmented is based on their application. On the basis of application, the market segments as the following:
• Electronics (secondary lithium battery, biosensors, electro-chromic displays, portable chargers, awnings pop smart labels, etc.)
• Building and Construction (building integrated photovoltaic, building applied photovoltaic, etc.)
• Automotive (smart cars incorporated with parking guidance systems, automotive integrated photovoltaic, etc.)
• Military
• Others
Region-wise Outlook
Driven by various governments and environmental initiatives, Europe and North America are expected to be key markets for dye sensitized solar cells over the coming years. The European Commission's 2020 objective to reduce dependence on fossil fuels and endorse clean and green energy technologies is projected to have a positive effect on the market growth.
Ratification of Paris Agreement on Climate Change by major countries across the globe is also expected to push the demand for dye sensitized solar cells in the short and long run. In developing countries such as India, where energy demand potential is high as well as increasing, Government's special budget allocation to develop solar energy power plants is further expected to create demand for dye sensitized solar cells.
In U.S. also, contribution of renewable energy in country's overall energy demand is rising, providing a promising future for product's market growth. With trend of sustainable power development spreading its arena across the globe, demand for dye sensitized solar cells is expected to experience significant growth potential from all across the globe over the coming decade.
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Key Players
Some of the key players identified across the value chain of dye sensitized solar cells market include Dyesol Ltd., Solaronix, G24 Innovation Ltd., Solaris Nanosciences Corporation, CSIRO, EXEGER Sweden AB, 3G Solar Photovoltaics Ltd., G24 Power Ltd., Merck KGaA, and Konica Minolta Sensing Europe B.V.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and Industry.
The report covers exhaustive analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Report Highlights:
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
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