Technological Advancements in the Solar PV Technology are Stimulating the Market Expansion
The global increase in electrical energy consumption has resulted in a significant reliance on power generators that deliver electricity to customers. However, the negative environmental impact of burning fossil fuels to generate power has prompted the need to reduce greenhouse gas emissions (GHG). As a result, cleaner forms of renewable energy generation, such as solar and wind technology, have emerged. According to International Energy Agency, Solar PV power generation ascended by a record 179 TWh in 2021, representing a 22% increase over 2020. Solar PV accounted for 3.6% of global power generation, and it is still the third-largest renewable energy technology following hydropower and wind.
Owing to the capacity of solar PV technology to provide cleaner, stable, expandable and cost-effective electricity for years to come, scientists and governments are focused on building and implementing solar PV technology. Apart from novel materials, innovative techniques of gathering maximum solar energy are also emerging. For example, in December 2022, scientists at Massachusetts Institute of Technology discovered a scalable manufacturing technique for producing ultrathin, lightweight solar cells that are capable of rapidly and readily converting any surface into a power source. These long-lasting, flexible solar cells are far thinner than a human hair and are attached to a sturdy, lightweight fabric, making them simple to mount on a permanent surface. They are capable of providing energy on the go as a wearable power fabric or be carried and quickly deployed in remote regions for emergency requirements.
Owing to the capacity of solar PV technology to provide cleaner, stable, expandable and cost-effective electricity for years to come, scientists and governments are focused on building and implementing solar PV technology. Apart from novel materials, innovative techniques of gathering maximum solar energy are also emerging. For example, in December 2022, scientists at Massachusetts Institute of Technology discovered a scalable manufacturing technique for producing ultrathin, lightweight solar cells that are capable of rapidly and readily converting any surface into a power source. These long-lasting, flexible solar cells are far thinner than a human hair and are attached to a sturdy, lightweight fabric, making them simple to mount on a permanent surface. They are capable of providing energy on the go as a wearable power fabric or be carried and quickly deployed in remote regions for emergency requirements.
Rising Demand for Sustainable Energy is Fuelling the Polymer Solar Cells Market Growth
The polymer solar cell business is being driven by the rising market for solar panels and the cost effectiveness of solar panels in power generation when compared to other sources of energy. Consistent rise in technical breakthroughs throughout the world has resulted in an increase in demand for environment-friendly and sustainable energy sources. The photovoltaic sector, which uses solar radiation to generate electricity, is one of the most popular renewable energy technologies. One of the primary reasons for the increasing popularity of polymer cells over other types of solar cells is their low cost and ease of fabrication. Polymer photovoltaic cells can be used to power windows and walls, as well as flexible electronics and other wearable devices. Furthermore, the eco-friendliness of polymer solar cells makes it a popular choice among key end-user sectors. The major players in the polymer solar cell market are increasing their R&D investments with an intention to develop better and more efficient polymer photovoltaic cells in order to address the rising need for sustainable energy in the market.
Recent Trends in the Polymer Solar Cells Industry:
- Flexible and lightweight designs for versatile applications.
- Emphasis on sustainable and recyclable materials in production.
- Increased focus on stability and lifespan improvement.
- Advancements in transparent and semi-transparent solar cells.
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Novel Technologies and Collaborations Provide Traction to the Polymer Solar Cells Market Growth
Major market participants are focusing their efforts on research and development in order to manufacture products which exceed client expectations. They also explore various market strategies such as technological advancements, mergers and acquisitions to get a competitive advantage in the global market. In July 2019, scientists from Russia's Skoltech Institute of Science and Technology created a solar cell with exceptional radiation resilience. The researchers claimed that the cells, which are based on an organic polymer component, might be a great contender for powering spacecraft in lower earth orbit.
Later, in January 2020, True Metal Solutions (TMS), a building cladding fabricator and installer, and NanoFlex Power Corporation (NFP), a leading developer of organic photovoltaic technology and high efficiency photovoltaic power generation, agreed upon signing a Joint Development Agreement to integrate organic photovoltaic (OPV) thin film material with cladding for building façades. Recently, in November 2022, SABIC, the global chemical industry leader, introduced a breakthrough polycarbonate (PC)-based copolymer resin that is well-suited for photovoltaic (PV) connector bodies and fulfils tighter performance and regulatory criteria for upcoming 1.5Kv solar systems. The IEC classifies the new LNPTM EXL9334P copolymer resin which has the highest comparative tracking index (CTI) level (UL PLC0), as Material Group 1 (IEC MG 1). It additionally offers low-temperature ductility, good dimension stability, strong heat resistance, durability, weather resistance, and flame retardance.
Later, in January 2020, True Metal Solutions (TMS), a building cladding fabricator and installer, and NanoFlex Power Corporation (NFP), a leading developer of organic photovoltaic technology and high efficiency photovoltaic power generation, agreed upon signing a Joint Development Agreement to integrate organic photovoltaic (OPV) thin film material with cladding for building façades. Recently, in November 2022, SABIC, the global chemical industry leader, introduced a breakthrough polycarbonate (PC)-based copolymer resin that is well-suited for photovoltaic (PV) connector bodies and fulfils tighter performance and regulatory criteria for upcoming 1.5Kv solar systems. The IEC classifies the new LNPTM EXL9334P copolymer resin which has the highest comparative tracking index (CTI) level (UL PLC0), as Material Group 1 (IEC MG 1). It additionally offers low-temperature ductility, good dimension stability, strong heat resistance, durability, weather resistance, and flame retardance.
Technical Limitations of Polymer Solar Cells are Likely to Hamper the Market Development
Apart from the various advantages offered by the polymer solar cells, there are some constraints associated with them which are anticipated to hinder the market expansion. For example, the polymer solar cells have to deal with deterioration during darkness and light, as compared to silicon inorganic semiconductor-based photovoltaics. Additionally, there are concerns about the stability and efficiency of polymer solar cells when compared to their silicon counterparts. Furthermore, challenges such as high reliance on fossil fuels, fluctuations in oil and gas pricing, lower power conversion efficiency when compared to silicon solar cells, low stability and strength, and the availability of alternative solar cells could hinder the global polymer solar cells market growth.
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Rising Number of Renewable Energy Projects and Expansion of Electronics & Automobile Sector is Impacting the Market Growth
North America is anticipated to experience a significant growth in the polymer solar cells market during the forecast period. This growth can be attributed to the vast number of renewable energy projects and significant development in the power industry in the region. Additionally, owing to the increased number of renewable energy projects, expansion in the wearable solar electronics sector, and increased demand for power across the region, Asia Pacific is also anticipated to hold a significant share of the solar cells market. Furthermore, the expansion of the electronics and automobile sectors in Europe and Asia Pacific is a significant driver driving the global polymer solar PV cells markets in these regions. The Middle East and Africa are emerging markets for global polymer solar PV cells. The market in this region is expected to grow considerably throughout the forecast period. Besides this, Latin America has also increased its renewable energy generating programmes. Investments are being made in the energy and electricity industries of the region. As a result, Latin America is a potential location for the polymer solar PV cell market.
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The report provides a detailed overview of the polymer solar cells market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for polymer solar cells market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the polymer solar cells market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the polymer solar cells market. Some key country and region included in the polymer solar cells market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Polymer Solar Cells Market Research Report Covers In-depth Analysis on:
- Polymer solar cells market detailed segments and segment-wise market breakdown
- Polymer solar cells market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in polymer solar cells industry)
- Current, historical and forthcoming 10 years market valuation in terms of polymer solar cells market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Polymer solar cells market demand analysis
- Polymer solar cells market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in polymer solar cells market
- Regulatory landscape by key regions and key countries
- Polymer solar cells market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on polymer solar cells market forecast by countries
- Mergers and acquisitions in polymer solar cells market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers of growth in the polymer solar cells market?
The growth in the polymer solar cells market is primarily driven by increasing demand for renewable energy sources, advancements in organic photovoltaic technologies and rising government incentives promoting green energy initiatives.
What are the major challenges faced by the polymer solar cells market?
Major challenges include the relatively low efficiency of polymer solar cells compared to traditional silicon-based cells, limited lifespan and the need for continuous technological advancements to improve performance and stability.
How is technological innovation influencing the polymer solar cells market?
Technological innovations are significantly impacting the polymer solar cells market by enhancing cell efficiency, stability and flexibility, thereby making them more competitive with traditional photovoltaic technologies.
How are environmental concerns influencing the polymer solar cells market?
Environmental concerns are positively influencing the polymer solar cells market as these cells offer a greener alternative to traditional energy sources, reducing carbon footprint and aligning with global sustainability goals.
