Dye-sensitized Solar Cells (DSSC) Market Trends & Future Scope to 2025

1^st March 2019 - Global Dye-sensitized solar cells (DSSC) market is segmented on the basis of application and geography. Dye-sensitized solar cells (DSSC) are reliable alternative option to current p-n junction photovoltaic devices with enhanced technical and economic characteristics. Dye-sensitized solar cells witness a trajectory path in the forecast period owing to traditional solar cells produced by silicon materials as they are thinner, flexible, less expensive and more adjusting to varying lighting conditions.

Due to the rising demand for energy and depleting conventional energy resources, investment is inclined towards renewable resources. The solar industries manufacture and installation of dye sensitized product is anticipated to reach its stage of maturity and hence due to the growth in techno-economical characteristics reinforced by the need to generate energy from non-conventional resources, dye-sensitized solar cells (DSSC) market is anticipated to grow during the forecast period.

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Reduction in costs of production and installation is one of the key growth drivers for dye-sensitized solar cells market. Owing to their better physical and optical properties such as simplicity in fabrication, transparency and color, workability in low-light conditions (non-direct sunlight and gray skies), dye sensitized solar cells are becoming prominent among the end-users.

With regards to energy conversion efficiency, dye-sensitized solar cells possess high efficacy which makes their commercialization significantly opportunistic over the coming years. Even though the preparation of dyesensitized solar cells being economically viable, the cost of raw materials for producing dye sensitized solar cells such as ruthenium, platinum, etc. remains a key challenge for dye sensitized solar cell manufacturers.

The electrolyte solvents used in dye-sensitized solar cells are highly volatile as well as harmful to human beings and require to be carefully sealed. The dye-sensitized solar cells (DSSC)market players are focused in development of products which can be proven efficient and eco-friendly alternatives to such electrolytes.

On the basis of application, the dye-sensitized solar cells (DSSC) market is segmented into electronics (secondary lithium battery, biosensors, electro-chromic displays, portable chargers, awnings pop smart labels etc.), building and construction (building integrated photovoltaic, building applied photovoltaic etc.), automotive (smart cars incorporated with parking guidance systems, automotive integrated photovoltaic etc.), military and so on.

On the basis of geography, the dye-sensitized solar cells (DSSC) market is segmented into Europe, Latin America, Asia Pacific, North America and Middle East & Africa. Europe and North America are expected to be key markets for dye-sensitized solar cells in the coming years. Ratification of Paris Agreement on Climate Change by major countries across the globe is also expected to push the demand for dye-sensitized solar cells in the short and long run.

In developing countries such as India, where energy demand potential is high as well as increasing, Government’s special budget allocation to develop solar energy power plants is further expected to create demand for dye-sensitized solar cells. In U.S. also, contribution of renewable energy in country’s overall energy demand is rising, providing a promising future for product’s market growth. With trend of sustainable power development spreading its arena across the globe, demand for dye-sensitized solar cells is expected to experience significant growth potential from all across the globe in the coming years.

The global key players of dye-sensitized solar cells (DSSC) market are 3GSolar Photovoltaics Ltd, Dyesol Limited, Exeger Sweden AB, Fujikura Ltd., G24 Power Ltd., Solaris Nanosciences Corporation, Konica Minolta Sensing, Europe B.V., Solaronix SA, Ricoh Company Ltd., and National Institute for Materials Science (NIMS), and Merck KGaA.

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