North America to dominate the Market Owing to its Growing Adoption in the Energy Sector

Market overview:

The polymer photovoltaic cell market size was valued at USD 698.2 million in 2021 and is anticipated to reach USD 1533.4 million by 2028, at a CAGR of 25.6%. A fundamental need and demand that is rising globally, is electrical energy. Also, the need for a renewable energy source has increased, and investors have increasingly been drawn to solar energy since it is both renewable and supported by the government's ambitious green energy goals.

The market for polymer photovoltaic cells has expanded due to the creation of solar powerhouses and increased solar energy generation in nations such as China, Germany, and the United States over the past ten years. The main drivers are aiming to incorporate renewable energy as a source of alternative energy and lower global greenhouse gas (GHG) emission rates, which have resulted in greater solar energy deployment as a result of supportive government measures.

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Increasing Demand For Renewable Energy to Drive Market Growth:
The increasing demand for renewable energy on a global scale is the main market driver. Many countries are now utilizing clean energy sources. Due to the availability of tax breaks and government incentives for the installation of polymer solar cells, solar energy is the most commonly used source of energy. Polymer solar cells can be used with solar photovoltaics that are integrated into buildings owing to their flexibility.

Major Market Players to Work on Their Product Portfolio Expansion to Improve Their Market Dominance:
A plethora of well-known companies is present in the highly fragmented global polymer photovoltaic industry. Major firms have employed strategies such as product portfolio expansion, mergers and acquisitions, partnerships, geographic expansion, and collaborations to improve their market dominance.

Key Market Players:

· Tata Power Photovoltaic Systems Limited
· Trina Photovoltaic
· SOLARWORLD Africa (Pty) Ltd.
· Evonik
· SABIC
· Suniva Inc
· Jinko Photovoltaic
· Alps Technology Inc
· NanoFlex Power Corporation
· American Reliance, Inc.
· ARMOR
· Eni S.p.A.
· Others

• December 2021: In order to further diversify the component offering of the space launch corporation, Rocket Lab is focused on acquiring the blooming solar panel manufacturer.

• For REC Solar Holdings, Reliance New Energy Solar paid China National Bluestar Group $771 million in October 2021. (REC Group).
North America to Dominate the Market Due to its Rising Significance in Energy and Electricity Sector

SEGMENTATION:

By End-Use:
• Residential
• Commercial
• Industrial
•Building Integrated Photovoltaic
•Automotive
•Consumer Electronics
•Aerospace & Defense
•Others

Industrial Segment to Lead the Market Due to Several Benefits it Offers:
On the basis of the end-user segment, the global polymer photovoltaic cell market is segmented into commercial, and residential, industrial. The industrial segment is further divided into automotive, consumer electronics, aerospace & defense, and building integrated photovoltaic. In terms of revenue, the building-integrated photovoltaic segment has dominated the market share in 2021 and is expected to continue its dominance over the projection period.

The building integrated photovoltaic segment is anticipated to expand due to its various benefits, including the availability of efficient, light-weight, transparent devices that are multipurpose and can be fitted to a range of surfaces (such as roofs, windows, and walls as an integrated solution). The segment has expanded as a result of additional benefits such as the ability for real-time temperature or lighting management, cost-effective solutions, and reductions in construction and labor time.

The growing demand for solar panels and their lower cost of energy production when compared to alternative energy sources are driving the market for polymer solar cells. Another element bolstering the growth of the polymer solar cell market is the fact that these energy-generating technologies have higher efficiencies and require less time to generate electricity than other energy-generating technologies. As customer demand for eco-friendly products develops, so does the market for polymer solar cells.
Recent Industry Developments:

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By Region:
North America- U.S., Mexico, Canada
Europe- UK, France, Germany, Italy
Asia-Pacific- China, Japan, India
Latin America- Brazil, Argentina, Colombia
The Middle East and Africa- United Arab Emirates, Saudi Arabia

The global polymer solar cell market has been divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. In terms of revenue, North America dominates the global market for polymer solar cells as a result of its significance in the energy and electricity sectors.

Asia Pacific comes in second in terms of market share of the global polymer solar cells market, along with the expanding electronics and electrical sectors. China was the world's top solar energy producer in 2020 after installing 306 GW of photovoltaic (PV) capacity. Government subsidies for domestic solar energy projects in China have been significant, which has allowed the country's solar energy capacity to steadily rise.

TABLE OF CONTENTS:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Polymer Photovoltaic Cell Market
Chapter 5. Global Polymer Photovoltaic Cell Market Overview, By Junction Type, 2015 - 2028(USD Million)
Chapter 6. Global Polymer Photovoltaic Cell Market Overview, By Technique, 2015 - 2028(USD Million)
Chapter 7. Global Polymer Photovoltaic Cell Market Overview, By End-Use, 2015 - 2028(USD Million)
...TOC Continued

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This release was published on openPR.