Organic Solar Cell Market to Reach USD 101.29 Million in 2027; High Demand for Electricity to Aid Growth, states Fortune Business Insights(TM)
Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) — The global organic solar cell market is set to gain impetus from the rapid infrastructure development and increasing population growth. It would propel the demand for electricity worldwide. This information is given by Fortune Business Insights™ in a new report, titled, “ Organic Solar Cells Market Size, Share and COVID-19 Impact Analysis, By Application (Building Integrated Photovoltaic {BIPV}, Portable Electronics, Defense Application, Conventional Solar, and Others), and Regional Forecast, 2020-2027 .” The report further states that the market size was USD 55.63 million in 2019. It is projected to grow from USD 44.9 million in 2020 to USD 101.29 million in 2027 at a CAGR of 12.30% between 2020-2027.
Delay in Solar Projects to Hamper Growth amid COVID-19 Pandemic Globally
The COVID-19 pandemic has taken a huge toll on the global economy. Owing to the prolonged social distancing and lockdown measure, various industries are facing labor shortages, disturbances in supply chains, delay in projects, and halt of manufacturing activities. In India, for instance, numerous solar projects are currently being postponed or delayed as most of the components are imported from China. The pandemic has also caused order backlogs.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
please visit: https://www.fortunebusinessinsights.com/industry-reports/organic-solar-cell-market-101555
What Does This Report Contain?
The report provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it delivers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of prominent companies.
Drivers & Restraints-
Urgent Need to Protect Buildings from Harsh Climatic Conditions will Spur Growth
The emergence of building-integrated photovoltaics (BIPV) products is set to accelerate the organic solar cell market growth in the upcoming years. These products provide several enhanced functionalities to a building, unlike conventional construction materials. It can effectively convert buildings into energy producers from energy consumers. But, to achieve this, the BIPV technology has to be blended with the modern construction technology. Besides, it is capable of protecting buildings from noises and harsh climatic conditions. However, the lack of awareness about new technologies in the field of organic solar cells may obstruct growth in the forthcoming years.
Segment-
BIPV Segment to Lead Backed by Presence of Favorable Government Policies
Based on application, the building-integrated photovoltaic (BIPV) segment earned 37.7% in terms of the organic solar cell market share in 2019. It was in the leading position because of the implementation of favorable policies by government bodies to encourage the deployment of enhanced renewable energy-powered cells. At the same time, this technology delivers an aesthetic appeal to the building.
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Regional Insights-
Europe to Remain at the Forefront Owing to Increasing Investments to Develop New Technologies
Geographically, Europe generated 17.49 million in terms of revenue in 2019. It is anticipated to dominate throughout the forecast period stoked by the rising investments in the development of organic solar cell technology. It is mainly set to occur in the U.K., France, and Germany.
On the other hand, Asia Pacific is likely to show significant growth fueled by the rising investments in Japan and China. In India and China, government agencies are supporting the usage of renewable resources for generating power.
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Competitive Landscape-
Key Players Focus on Partnerships & R&D Activities to Create Novel Products
The global market is consolidated because of the presence of a limited number of manufacturers. They are mainly focusing on collaborations and partnerships to participate in new projects. Some of the academic institutes are conducting extensive research to develop innovative organic solar cells. Below are the two latest industry developments:
- January 2020 : Researchers of Aarhus University, Denmark developed a microscopic organic PV technology. It can be utilized to create neural stimulating scaffolds in the human body that will control lights. It can also help to provide a non-invasive therapeutic treatment method.
- October 2018 : Heliatek installed around 185 m² of organic photovoltaic films in the warehouse of Duisburger Hafen AG. It is considered to be the largest facade installation of organic solar cells to date.
A list of all the renowned manufacturers operating in the global market :
- Heliatek (Germany)
- ARMOR (France)
- infinityPV ApS (Denmark)
- Solarmer Energy, Inc. (U.S.)
- NanoFlex Power Corporation (U.S.)
- Optodot (U.S.)
- Eni (Italy)
- New Energy Technologies Inc. (U.S.)
- Novaled GmbH (Germany)
- Brite Solar (Greece)
Quick Buy – Organic Solar Cell Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101555
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Organic Solar Cell Market Analysis (USD Million), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Building Integrated Photovoltaic (BIPV)
- Portable Electronics
- Defense Application
- Conventional Solar
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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