Organic Solar Cell Market: In-depth Research Report segmented based on Type and End-User Industry 2020

A new Transparency Market Research report states that the global organic solar cell market stood at US$25.5 mn in 2013 and is predicted to reach US$97.4 mn by 2020. It is expected to rise at a remarkable CAGR of 21.20% between 2014 and 2020. The title of the report is “Organic Solar Cell Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.Organic solar cells present a way for converting solar energy into electric energy and are advantageous in comparison with conventional solar cells owing to the fact that they can be converted into various colors and shapes very easily.

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This makes them a preferred choice in applications demanding flexibility and design over efficiency. Furthermore, tax benefits and subsidies provided by various governments in favor of renewable power generation augments the growth of the market for organic solar cells. On the other hand, the reduced lifespan and decreased efficiency of organic solar cells are the two prime factors restraining the growth of the market for organic solar cells.

On the basis of application, the organic solar cell market is segmented into mobile applications, including vehicles and portable devices, building integrated photovoltaic, defense or military-based applications, and conventional solar applications. At present, organic solar cells are majorly used in building integrated photovoltaic applications. The portable devices in mobile applications include laptops, tablets and mobiles, and solar bags, among others. In defense applications, organic solar cells are utilized as skins on military equipment. They are also used in vehicles for powering smaller electrical systems, such as stereos, within vehicles.

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On the basis of chemical manufacturing companies, the organic solar cell market is segmented into two types of companies. The big chemical manufacturing companies are the first type and includes BASF SE and Sumitomo Chemical Co., Ltd. These companies utilize their expertise in chemical manufacturing for making the organic polymer utilized in the manufacturing of organic solar cells. The second type of companies are the small manufacturing companies, including Solarmer Energy, Inc. and Heliatek GmbH. These companies rely on other companies and research laboratories for supplying raw materials.

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On the basis of geography, the organic solar cell market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, Europe led the market, as the market is dominated by companies in Germany, the U.K., and France. These companies benefit from the expeditiously rising solar power market in Europe. Additionally, the high number of subsidies and tax benefits provided by European governments to the manufacturers and consumers of solar power devices is also augmenting the demand for organic solar cells in this region. On the other hand, the Asia Pacific organic solar cell market is dominated by the presence of large companies in Japan.BELECTRIC OPV GmbH, New Energy Technologies, Inc., Mitsubishi Chemical Corporation, and Disa Solar, among others, are the prominent companies in the global organic solar cell market.

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This release was published on openPR.