Organic Solar Cell Market Analysis, Growth Rate, Overview, Market Segmentation and Forecast By 2020
Global Organic Solar Cells Market: Snapshot
The organic photovoltaic industry is witnessing commercial gains as demand for eco-friendly photovoltaic technology is on the rise. Organic solar cells are advantageous over their conventional counterparts as they can be transformed into different shapes and colors. This makes them the preferred choice for applications that focus on design and flexibility over efficiency. Furthermore, subsidies and tax benefits provided by various governments for the use of renewable energy is augmenting the growth of organic solar cells market. On the other hand, smaller lifespan and low efficiency of organic solar cells are two major factors restraining the growth of this market. In addition, the nascent phase of the photovoltaic industry involves high capital investment for the research and development of new products.
However, research organizations and companies are striving to develop organic solar cells that have the same attributes as conventional solar cells in terms of efficiency. This is expected to translate into growth opportunities for this market.
The global market for organic solar cells was valued at US$25.5 mn in 2013 and is estimated to reach a valuation of US$97.4 mn by the end of 2020 expanding at a phenomenal CAGR of 21.20% between 2014 and 2020.
Building Integrated Photovoltaic Segment to Register High Demand
In terms of application, the global market for organic solar cells is segmented into mobile applications, defense or military-based applications, building integrated photovoltaic, and conventional solar applications. Of these, building integrated photovoltaic presently accounts as the leading application segment in the organic solar cells market. The mobile applications of organic solar cells include portable devices such as laptops, solar bags, tablets, and mobiles among others. They are also installed in vehicles to provide power to smaller electrical systems such as music systems. The defense applications of organic solar cells involve their use over the surface of small military equipment.
By chemical manufacturing companies, the organic solar cell market is divided into two types of companies. The first type comprises large chemical manufacturing companies such as BASF SE and Sumitomo Chemical Co, Ltd. that use their chemical manufacturing expertise for the development of base material that is used in the manufacture of organic solar cells. The second type is small manufacturing companies such as Solarmer Energy Inc. and Heliatek GmbH that are completely focusing on the development of organic solar cells, however, they depend on other companies and research organizations for the supply of raw materials. These companies have collaborated with other companies and research organizations to obtain technological expertise and raw materials at reduced costs.
Presence of Key Manufacturers Accounts for Europe’s Lead Position
In terms of geography, the organic solar cell market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, Europe is the leading regional market for organic solar cells as it is home to some of the top manufacturers of organic solar cells. For instance, companies such as BASF SE and Heliatek GmbH present in Germany are performing exceptionally well in the development or organic solar cells. Additionally, tax subsidies and tax benefits provided by European governments for both manufacturers and consumers of solar power devices are benefitting the growth of this regional market.
In Asia Pacific, on the other hand, the organic solar cell market is growing to the presence of several key manufacturers of organic solar cells in Japan.
Some of the key market participants involved in the manufacture of organic solar cells include Heliatek GmbH, BELECTRIC OPV GmbH, Disa Solar, Mitsubishi Chemical Corporation, Solarmer Energy Inc., Sumitomo Chemical Co. Ltd., and New Energy Technologies Inc.