Dye-sensitized solar cells (DSSC) market is anticipated to witness significant growth over the forecast period as a result of the rising demand for solar energy. Increasing consumer awareness regarding environmental effects related to conventional sources of energy along with depletion of resources is expected to spur the market growth. Technological advancements has resulted in lower cost of production which is expected to further boost the demand for dye-sensitized solar cells over the next seven years. The dye-sensitized solar cells market is concentrating on portable and indoor applications and is expected to venture into major applications including automotive, electronics, outdoor advertising, steel roofing and bus shelters. Rising environmental concerns on account of global warming and carbon emissions of non-renewable sources of energy is anticipated to fuel the dye-sensitized solar cells market over the projected period. Mounting demand for building integrated photovoltaic system (BIPV) is anticipated to contribute significantly towards market growth owing to mounting demand for portable electric charger. However, presence of liquid electrolyte which doesn’t respond well to changing weather conditions is expected to act as a restraint for market growth. Moreover, variation in oil and gas prices is further expected to restrict the market growth over the forecast period.
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Europe is expected to witness substantial market growth over the next seven years on account of increasing numerous R&D projects carried out in the region. Moreover, energy policies and initiatives from various countries including Spain, Germany and Italy for reducing the dependence on import of fossil fuel is expected to surge the demand over the forecast period. North America is anticipated to have a moderate growth owing to the presence of conventional resources in this region along with the shale gas boom. However, initiatives taken by the U.S. government on renewable energy is expected to contribute towards the market growth. Asia Pacific is anticipated to show substantial growth mainly owing to China, where solar panels are manufactured in large quantities.
Global key players in dye-sensitized solar cells market include Dyesol Ltd., 3GSolar Photovoltaics Ltd., CSIRO, Jintex Corporation, Exeger Sweden AB, G24 Power Ltd., Fujikura Ltd., Konica Minolta Sensing Americas, Inc., Peccell Technologies, Inc., Merck KGaA, Solaris Nanosciences Corporation, Samsung SDI Co., Ltd., Solaronix SA and Solarprint Ltd. G24 Power Ltd. focuses in commercialization of DSSC with the product name “GCell” and having capacity of over 500,000 meters of DSSC modules per year.
Information Source: Grand View Research