A plastic solar cell is a device that converts the light energy into electrical energy. Usually light from the sun is used to generate electricity plastic solar cells are built from semiconductors named mono-crystalline or poly-crystalline materials that are needed for higher efficiency. The light energy from the sun is absorbed within the solar cells which excites the electrons and generates electricity. The rise in demand for alternative energy sources has increased the applications of plastic solar cells in various applications such as residential, commercial, and industrial sectors.
Plastic solar cell system is used to harness the energy emitted from the sun. It is an efficient renewable energy and mitigates environmental risks that arise from greenhouse gas emissions. Plastic solar cell is a type of photovoltaic that uses organic electronics, a branch of electronics that deals with conductive organic polymers or small organic molecules for light absorption and charge transport to produce electricity from sunlight by the photovoltaic effect.
According to a new report published by Allied Market Research, titled, "Plastic Solar Cell Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026", The global plastic solar cell market size was valued at $2.40 million in 2018, and is projected to reach $386.34 million by 2026, growing at a CAGR of 88.0% from 2019 to 2026.
The key plastic solar cell market leaders profiled in the report include Abengoa Solar S.A., Acciona Energia S.A., Applied Materials., Bright Source Energy Inc., eSolar Inc., Gintech Energy Corp., Konarka Technologies., Sunpower Corporation, Canadian Solar Inc., and Tata Power Solar. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their plastic solar cell market share.
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The significant factors impacting the plastic solar cell market trends include increase in government initiatives and support toward renewable source of energy, surge in demand for energy in remote areas, rise in demand for plastic solar cells in an electronic industry, and conversion efficiency of PV system technology.
Asia-Pacific is expected to be the substantial growing regional segment for the solar panel market within the forecast period. The increase in population along with urbanization especially in countries such as China and India, is expected to increase the demand for energy and construction activities in the region.
On the basis of type, the PN Junction Structure segment generated the highest revenue in 2018. PN junction structure is used in all LED lighting applications. The rise in need for advanced lighting technology in residential, commercial, and industrial sector is expected to increase the PN Junction structured plastic solar cell demand.
Key Findings of the Study:
- By type, the PN Junction Structure (P-N Heterojunction) holds highest the plastic solar cell market cell in 2018.
- By application, the Disposable solar panel segment generated the highest revenue in the market in 2018
- By end user, the energy & power segment generated the highest revenue in the market in 2018.
- By region, Europe generated the highest revenue in the market in 2018.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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