The global dye-sensitized solar cells market is forecasted to grow at a robust pace during the forecast period (2016 – 2022) due to the increasing consumer awareness toward adverse environmental impact associated with fossil fuel-based power plants, rising adoption of renewable energy sources and technological advancements resulting in lower cost of production. The increasing focus on reducing carbon emission levels and growing demand for building integrated photovoltaic system (BIPV) would contribute to the growth of dye-sensitized solar cells (DSSC), during the forecast period. The European Union (EU) has been working on reducing carbon emission levels by subsidizing and stimulating the use of renewable energy sources. The EU government has planned to achieve 20% renewable energy by 2020 and mandated zero energy buildings. The initiative is likely to spur the demand for dye-sensitized solar cells, during the forecast period. Additionally, the good price-to-performance ratio of these solar cells is expected to positively impact the growth of dye-sensitized solar cells market, worldwide.
In terms of application, the global dye-sensitized solar cells market has been categorized into portable charging, Building Integrated Photovoltaics (BIPV), Building Applied Photovoltaics (BAPV), embedded electronics, outdoor advertising and Automotive Integrated Photovoltaics (AIPV). Portable charging is expected to be the largest application segment in the global dye-sensitized solar cells market, in terms of value, on account of its ability to provide optimum wattage. Additionally, increasing demand in the end-use segments such as electronics, outdoor advertising, automotive, bus shelters, and steel roofing is expected to further bolster the overall dye-sensitized solar cells market growth.
BIPV and BAPV are expected to witness significant growth, during the forecast period, on account of increasing electricity demand in residential areas for water heating and roof-top panels. Additionally, AIPV segment is likely to witness average growth, during the forecast period, from Europe and North America, owing to rising demand for smart cars integrated with parking guidance systems and increasing consumer demand for interior lighting and ambiance in vehicles.
Major companies operating in the market have shifted their focus to research and development activities to develop solar cells that have improved efficiency levels and performance. The development of perovskite solar cells in the recent years has witnessed significant potential in the global dye-sensitized solar cells market. These solar cells are termed as next generation counterparts of dye-sensitized solar cells. Various R&D activities are being carried out to further enhance the limits of perovskite solar cells performance and increasing their efficiency by 20%.
Europe led the global dye-sensitized solar cells market, in terms of value, in 2015, on account of increasing government focus on reducing reliance on fossil fuels and promoting clean energy projects, rising technological innovations and high penetration rate of DSSC in portable electronic and BIPV applications. Asia-Pacific is expected to witness the fastest growth in the global dye-sensitized solar cells market over the forecast period, which can be attributed to the growing demand for consumer electronics and increasing disposable income in emerging economies, such as China, Taiwan and India. Additionally, the gradual shift from conventional AA/AAA zinc-carbon batteries in small appliances to dye-sensitized solar cells and thin solar cell modules is the major factor driving the penetration level in the region of Asia-Pacific.
The key players operating in the global dye-sensitized solar cells market are 3GSolar Photovoltaics, Dyesol, Exeger Sweden AB, Fujikura Ltd., G24i Power Ltd., Konica Minolta Sensing Europe B.V., Merck KGaA, Oxford Photovoltaics and Peccell Technologies, Inc.