The International Energy Agency (IEA) estimates that the addition in the installed capacity of photovoltaic (PV) solar cells in 2021 will increase by nearly 10% from 2020. This surge can be attributed to the strong rebound in utility-scale plants situated outside China. Further, the IEA forecasts that PV additions will rise further, to almost 120 Gigawatts (GW), by 2022, owing to the large-scale PV deployment in the European region and the U.S., on account of the constant policy support.
The increasing installation of PV modules will help the dye-sensitized solar cells market accelerate at a healthy CAGR of 13.2% during the forecast period. According to P&S Intelligence, the market revenue will grow from $28,451.4 thousand in 2017 to $60,589.4 thousand by 2023. PV module manufacturers are using dye-sensitized solar cells due to their exceptional flexibility, high durability, and low cost. Additionally, their easy fabrication process and high performance-to-weight ratio make them ideal for PV modules.
Moreover, the surging concern for energy security owing to the rapid depletion of fossil fuel reserves and mounting electricity demand will propel the adoption of these cells in the forthcoming years. Countries around the world are focusing on expanding their energy portfolio by reducing fossil fuel consumption and increasing their reliance on renewable resources, especially solar energy. Additionally, to meet the burgeoning energy demand, people are deploying dye-sensitized solar cells in building envelopes, such as ceilings, facades, tiles, and rooftops.
The application segment of the dye-sensitized solar cells market is classified into embedded electronics, portable charging, automotive-integrated photovoltaics (AIPVs), building-integrated photovoltaics (BIPVs), outdoor advertising, building-applied photovoltaics (BAPVs), wireless keyboards, solar chargers, emergency power in military, and others, such as consumer appliances and light intensity meters. In 2017, the BIPV category accounted for the largest market share due to the easy installation process, low weight, and excellent performance-to-weight ratio of dye-sensitized solar cells, which enable their smooth installation and retrofitting in ceilings, rooftops, glazed facades, and louvers.
In recent years, dye-sensitized solar cell manufacturers, such as 3GSolar Photovoltaics Ltd., Peccell Technologies Inc., H.Glass, Greatcell Solar Ltd., Solaronix SA, Fujikura Europe Ltd., G24 Power Ltd., Exeger Operations AB, Merck KGaA, and Konica Minolta Inc., have engaged in research and innovation for the mass commercialization of these products. The ongoing research and development (R&D) activities focus on modifying or overhauling the structure of these cells for better performance and cost dynamics. These initiatives also focus on the commercial application of the research findings and the development of new raw materials.
Geographically, Europe accounted for the largest share in the dye-sensitized solar cells market in 2017. Whereas, the Asia-Pacific market is expected to demonstrate the fastest growth during the forecast period due to the surging use of these cells in portable chargers, BIPVs, and BAPVs. Moreover, the increasing implementation of policies on power generation through renewable energy sources in Thailand, China, Vietnam, and India will contribute to the market growth in the region.
Therefore, the increasing installation of PV modules due to the rising concern for energy security is projected to fuel the deployment of dye-sensitized solar cells in the upcoming years.