Dye-Sensitized Solar Cells Market Overview
The global dye-sensitized solar cells market was valued at $28,451.4 thousand in 2017 and is projected to reach $60,589.4 thousand by 2023, witnessing a CAGR of 13.2% during the forecast period.
A dye-sensitized solar cell is a low-cost thin-film solar cell composed of electrodes (cathode and anode), an electrolyte, and a dye. Dye-sensitized solar cells can perform dual functions: power generation via incident light and aesthetic improvement of buildings and installation surfaces.
GLOBAL DYE-SENSITIZED SOLAR CELLS MARKET, BY APPLICATION, SQUARE METER (2013-2023)
The dye-sensitized solar cells market is bifurcated on basis of application into portable charging, BIPVs, BAPVs, embedded electronics, outdoor advertising, solar chargers, wireless keyboards, emergency power in military, AIPVS, and others (light intensity meters and consumer appliances).
BIPVs category dominated the dye-sensitized solar cells market, contributing a share of more than 20.0%, in terms of value, in 2017. This can be attributed to the properties of dye-sensitized solar cells such as low-weight, easy installation, and a high performance-to-weight ratio. These enable easy installation and retrofitting of these cells in building envelopes like rooftops, louvres, glazed facades, and ceilings. The low-cost fabrication of dry-sensitized solar cells and no requirement of structural support material for modules such as beams envisages economic advantage in the building construction, due to possibility of price substitution of a building element from the price of panels. These factors are likely to drive the market in future.
Globally, Europe held the largest market share, in terms of value, in the dye-sensitized solar cells market, in 2017. The region held a share of over 35.0% in terms of value, in 2017. Additionally, the market will exhibit the fastest growth in the APAC region, advancing at a CAGR of 14.0% during the forecast period. This growth is likely to be exhibited due to increased adoption rates of these cells in portable chargers, BIPVs and BAPVs, this in turn, is likely to advance the market in the region.
Dye-Sensitized Solar Cells Market Dynamics
Research and innovation in the dye-sensitized solar cells market help in mass commercialization of these cells. The performance and cost dynamics of these cells are linked with their cell structure and nature of components. Thus, ongoing research on these cells is majorly been focused on modification or overhaul of their structure, development of new raw materials, and commercial application of research findings. Furthermore, research and development (R&D) has focused on substitution of raw materials with cheaper and indigenously sourced derivatives, and increase the application base of these cells. This is likely to improve adoption rates of these cells, thereby propelling the market growth.
The major factors driving the growth of the dye-sensitized solar cells market are increasing use of solar power, growing market demand for BIPVs, and government regulations and policies supporting the adoption of solar modules.
The worldwide demand for clean and sustainable power is increasingly finding footholds in the energy dynamics due to growing concern for energy security, carbon emissions, and rising global weather abnormalities. This is earmarked by a shift in energy portfolios from dependence on fossil fuels to renewable sources of power, majorly solar energy. Dye-sensitized solar cells can play a major role in steering the demand for solar energy in the future with increased application in building envelopes, such as façades, rooftops, tiles, and ceilings.
Globally, the market for BIPVs is witnessing notable growth. This growth is expected to be further propelled by the decreasing cost of solar panels, improving efficiency of solar modules, and government policies and initiatives aimed at aligning energy portfolios with solar energy for sustainable power generation. Integration of these cells with BIPVs can further assist to scale down cost and improve adoption rates.
The introduction of government policies, such as and feed-in tariff, tax credits, and subsidies have enabled solar power generated electricity reach price parity with power generation using traditional energy sources, such as fossil fuels. Additional measures such as competitive bidding is supporting the adoption of solar panels and scaling up deployment of PVs across the world. These policies are also expected to drive the demand for these cells, thereby supporting the growth of dye-sensitized solar cells market at the global level.
Low power production efficiency of dye-sensitized solar cells can be viewed as the key factor restraining the dye-sensitized solar cells market growth. Silicon-based cells have a higher cost, but they are more efficient and have a power production efficiency of 12–15%, which is a slightly higher than the efficiency of these cells (which is around 11%).
Dye-Sensitized Solar Cells Market Competitive Landscape
Some of the major players operating in the global dye-sensitized solar cells market are 3GSolar Photovoltaics Ltd., Greatcell Solar Ltd., Fujikura Europe Ltd., Exeger Operations AB, Konica Minolta Inc., Merck KGaA, Peccell Technologies Inc., Solaronix SA, G24 Power Ltd., and H.Glass.