Dye-Sensitized Solar Cell market is expected to reach 287.32 million USD by 2029 : Cognitive Market Research

The Global Dye-Sensitized Solar Cell market size was valued at USD 110.5 million in 2021 and is expected to reach USD 287.32 million, at a compound annual growth rate (CAGR) of 12.23% from 2020 to 2029.
Dye-sensitized solar cells (DSSCs) are thin-film solar cells that have been under research for more than two decades due to their low cost, simple preparation methodology, low toxicity, and ease of production. Although significantly less expensive, it has an efficiency that is comparable to amorphous silicon solar cells. The incident sunlight is absorbed by the dye sensitizer, which then uses the light energy to trigger a vectorial electron transfer reaction. Environmental awareness associated with the emission of pollutants, and the transitional shift from conventional to renewable, are some of the key driving factors for the Photovoltaic Solar Panel market. According to the IEA, global CO2 emissions from transport in 2019 were approximately 8.2 GT, which is close to one-quarter of total global CO2 emissions. Emissions have been rising steadily by around 2% per year since 2000, but increased by less than 0.5% in 2019, mainly due to efficiency improvements, electrification, and greater use of biofuels. In addition, according to, International Renewable Energy Agency (IRENA), the estimated CO2 emission in the year 2050 will be 9.7Gt/yr, and substantial additional investment in low-carbon technologies will be required compared to current and planned policies.

Recent technical advancements reducing production costs, government initiatives & schemes, and Rise in economic growth and energy security may offer significant opportunities for Dye-sensitized solar cells. However, the high cost of conventional sensitizers and issues with sealing & toxicity electrolytes can hinder the growth of the Dye-sensitized solar cells market.

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Regional Analysis of Dye-Sensitized Solar Cells (DSSCs) Market:
• Europe dominates the dye-sensitized solar cell (DSSC) market, owing to the rising investment in renewable energy, the high rate of implementation in BIPV, and the usage of the latest technologies within the region. According to European Commission, Solar is the source of energy that is growing at the highest pace in Europe. In 2020, the EU solar market grew by 18 GW and 5.2% of the EU's total electricity production came from solar energy, the cost of solar power has decreased by 82% over the last decade. North America is expected to witness significant growth during the forecast period because of the surge in investments in the development of DSSC in the region.

Top players involved in the Dye-Sensitized Solar Cells (DSSCs) market:
• 3GSolar
• Exeger Operations AB
• Ricoh
• Fujikura Europe Ltd.
• G24 Power Ltd.
• Konica Minolta Sensing Europe B.V.
• Oxford PV
• Peccell Technologies Inc.
• Sony Corporation
• Dyenamo AB
• Sharp Corporation
• Dyesol Limited
• Peccell Technologies Inc.
• Everlight Chemical
• Nissha Co. Ltd.
• Others

Current Trends of Manufacturers:
• Ricoh announced the launch of a new generation of RICOH EH DSSC Series, a solid-state dye-sensitized solar cell (DSSC) module (May 2021)
- Ricoh announced the launch of a new generation of RICOH EH DSSC Series, a solid-state dye-sensitized solar cell (DSSC) module that achieves high-power generation performance even under weak lighting conditions. The maximum power output of the new module has increased from the outgoing model by about 20%. The newest modules can operate in low-temperature situations as low as -30°C, making them ideal for a number of applications, such as sensors for merchandising freezers and lit chilled warehouses.

• Exeger ramped up dye-sensitized solar cell production in Sweden (May 2021)
- Exeger, a Swedish company that creates dye-sensitized solar cells for incorporation into products like headphones and tablet computers, has revealed that it has secured $20 million in debt financing from Swedbank and the Swedish Export Credit Corporation, as well as an additional $18 million through the issuance of shares to Swedish investment company Ilija Batljan Invest AB.

• Dyenamo launches self-assembled monolayer hole conductor for organic solar cells (May 2021)
- As a continuation of the collaboration with Kaunas University of Technology, the company launched the patented Self-Assembled Monolayer (SAM) hole conductor Br-2PACz, which was used to obtain an impressive 18.4 % efficiency for organic solar cell (OPV), DOI: 10.1002/cssc.202100707. This is Dyenamo's first product that has been specifically developed for OPVs.

Segment Analysis:
• Synthetic Dye Sensitizers are dominating the Global Dye-Sensitized Solar Cells (DSSCs) Market
- Based on the Dye-sensitized solar cells (DSSCs) type, the market is segmented into Natural Dye Sensitizers and Synthetic Dye Sensitizers. The most common of synthetic dyes used are ruthenium-based metal complexes like N719 and black dye, which are stable and effective dyes used for Dye-Sensitized Solar cells. They are susceptible to absorbing the broad spectrum of light and can achieve high conversion efficiency. On the other hand, natural dye sensitizers are extracted from natural materials like vegetables and trees but they are less efficient and possess fewer binding properties. The natural dyes are alternatively a photosensitizer with environmentally friendly.

• Natural Dye Sensitizers
• Synthetic Dye Sensitizers

• Building-Integrated Photovoltaics [BIPVs] segment held the largest market share, accounting for about 26.89% in 2021.
- Building-Integrated Photovoltaics [BIPVs] held the largest market share in 2021. The rising construction industry in urban areas is one of the major driving factors, for the applications of DSSC in BIPVs. Due to the structural design and different color dyes, the cell features colors and transparency, DSSCs can be used on architecture, interior applications, electronic devices, and portable power systems. DSSCs have many advantages over their counterparts and are consequently used in low-density applications and portable gadgets.

Related Report:
• Solar Power Products Market - https://www.cognitivemarketresearch.com/solar-power-products-market-report
• Solar PV Market - https://www.cognitivemarketresearch.com/solar-pv-market-report
• Solar Battery Market - https://www.cognitivemarketresearch.com/solar-battery-market-report
• Renewable Energy Market - https://www.cognitivemarketresearch.com/renewable-energy-market-report

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