Dye sensitized solar cells offer a reliable alternative option to current p–n junction photovoltaic devices with better technical and economic characteristics. Dye sensitized solar cells are gaining traction over traditional solar cells produced by silicon materials, for they are thinner, flexible, less expensive and more adjusting to varying lighting conditions. Due to growing energy demand and depleting conventional energy resources, investment thrust towards renewable resources is building up. With silicon photovoltaic reaching its stage of maturity, the solar power industries are expected to focus on the manufacture and installation of dye sensitized solar cell modules. Owing to their enhanced techno-economical characteristics, supported by need to revolutionize energy generation from non-conventional resources, market for dye sensitized solar cells is expected to increase at a significant growth rate over the forecast period (2016–2026).
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.
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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.
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.)
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.
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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.
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.
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