Global Dye-Sensitized Solar Cells Market Key Insights
During the forecast period of 2023-2035, the global Dye-Sensitized Solar Cells Market is expected to reach an estimated value of ~USD 350 million by 2035, by expanding at a CAGR of ~14%. The market further generated revenue of ~USD 115 million in the year 2022. Major key factors propelling the growth of the dye-sensitized solar cells market worldwide are the growing installation of solar panels and the higher contribution of solar energy in producing electricity.
Market Definition of Dye-Sensitized Solar Cells
Dye-sensitized solar cells are an advanced form of solar cells. These cells have a property of a semiconductor and are devised between an electrolyte and a photo-sensitized anode. These cells fall under the category of film solar cells and are highly economical. The dye-sensitized solar cells along with photovoltaic cells are known as the third generation of solar technology. Moreover, these cells are gaining popularity over normal solar cells, owing to their low cost, higher flexibility, thinner structure, and higher sensitivity to different light conditions.
Global Dye-Sensitized Solar Cells Market: Growth Drivers
The growth of the global dye-sensitized solar cells market can majorly be attributed to the expanding capacity of renewable energy worldwide. In 2020, the usage of renewable energy increased by 3%, on the account of declining demand for other fuels. Moreover, it is anticipated that between 2021 and 2026, there is likely to be a 50% increase in renewable capacity compared to the period between 2015 and 2020. On the other hand, the market growth can also be attributed to the government efforts to boost solar panels installation. For instance, the American government announced plans to increase solar panel production capacity by 15 gigawatts over the current level of 7.5 gigawatts. Thanks to this project, over 3.3 million homes will be powered by solar energy, which will probably triple the production of solar power.
The global dye-sensitized solar cells market is also estimated to grow majorly on account of the following:
· Demand for Renewable Energy Sources
· Growing Rate of Carbon Emission
· Higher Deployment of Solar Panels
· Rising Contribution of Solar Plants in Producing Electricity
· Technical Advancement in Solar Panels
Global Dye-Sensitized Solar Cells Market: Restraining Factor
The raw material used for the production of dye-sensitized solar cells, such as platinum, ruthenium, and others are expensive. Moreover, the electrolyte solvent used in these cells is harmful to human health. Besides this, dye-sensitized solar cells are also temperature-sensitive, which impacts their efficiency. Hence, these factors are expected to be the major hindrance for the growth of the global dye-sensitized solar cells market during the forecast period.
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Global Dye-Sensitized Solar Cells Market Segmentation
· By Type of Dye (Natural, and Synthetic)
· By Application (Portable Charging, BIPV/BAPV, Embedded Electronics, Outdoor Advertising, and Automotive)
The portable charging segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the increasing efficiency of solar panels to produce electricity and their use in charging portable batteries in absence of electricity. Up to 95% of solar energy may be transformed into electricity using them. Moreover, 12v of the battery can be charged in 8 hours by 100w of solar panel.
· By Region
The Europe dye-sensitized solar cells market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market growth in Europe is expected on the back of the rising capacity of solar panels. In Europe, solar growth is expected to increase from around 165 GW to 330 GW in the year 2025. Moreover, it is likely to be quadrupled by 2030. Furthermore, higher generation of electricity through solar panels is likely to boost the market size in the region. According to the World Economic Forum, 10 EU nations now get at least 10% of their power from solar energy. The EU's top three solar consumers are the Netherlands, Germany, and Spain, which generate 22.7%, 19.3%, and 16.7% of their electricity from solar energy, respectively.
The market research report on global dye-sensitized solar cells also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Dye-Sensitized Solar Cells Market
Some of the key players of the global dye-sensitized solar cells market are Solaronix SA, Sharp Corporation, Peccell Technologies, Inc., Dyenamo AB, Dyesol Limited, Nissha Co., Ltd., Exeger Operations AB, Fujikura Ltd., 3GSolar, Ltd., The Ricoh Company, Ltd., and others.
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