Key Market Insights
"Increasing polymer solar cell projects will spur the market revenue growth"
The global polymer solar cells market accounted for US$ 82.4 Mn in 2021 and is anticipated to grow to US$ 383.8 Mn growing at a CAGR of 21.2% during the forecast period from 2023 to 2030.
The global polymer solar cells market is projected to grow robustly owing to the rapidly growing electronics industry globally. A combination of factors including the development the electrical and electronics industry, rapidly increasing demand for renewable sources of energy, increasing the building and construction sector globally, and support from governments among others are proliferating the demand of the global polymer solar cells market. Apart from this, the increasing trend to move towards clean and green energy coupled with expanding the automobile and construction industry are enhancing the market growth of the industry. Additionally, enhancement in manufacturing techniques of polymer solar cells to reduce cost and enhance performance, focusing on the development of new material to make photovoltaics a better alternative to traditional fuels are having a positive influence on the polymer solar cells market growth.
Additionally, rising investments in research and development to develop a clean and sustainable source of energy is further boosting the market growth. The polymer solar cells offer a variety of benefits including disposable, lightweight, easy to fabricate, and cost-efficient among others. However, these cells degrade during dark, have issues with thermal stability, and cannot be used for longer durations which are factors hindering the market growth.
Junction Type Analysis
"Bulk Heterojunction segment to dominate the market throughout the forecast period"
On the basis of the junction type, the polymer solar cells market is further classified into a single layer, bilayer, bulk heterojunction, multi-junction, and others. The bulk heterojunction segment dominated the polymer solar cells market and contributed to a revenue share of more than 25% of the global market. This can be attributed to the benefits offered by it including low weight, semitransparency, and easy integration with other products among others.
In contrast, the multi-junction segment is projected to expand with the highest growth rate throughout the years to come. This can be associated with the advantages provided by them including absorbing different wavelengths, high efficiency, and lower bandgap among others.
Application Analysis
"BIPV segment expected to dominate the market during the forecast period"
On the basis of application, the global polymer solar cells market is bifurcated into BIPV (building integrated photovoltaic), consumer electronics, automotive, defense & emergency, and others. The BIPV segment dominated the global polymer solar cells market and growing with the highest rate. The segment is expected to continue this trend during the forecast period and contributed XX% of revenue share. This can be attributed to favorable rules ®ulations to enhance renewable installations and increasing adoption of renewable energy sources among others
On the other hand, the BIPV segment is followed by the consumer electronics segment and is expected to grow significantly during the years to come.
Regional Analysis
"Asia Pacific region dominated the global polymer solar cells market"
Asia Pacific region led the polymer solar cells market and represents US$ XX Bn in terms of market share and is anticipated to register a CAGR of XX% during the forecast period. This can be attributed to the rapidly evolving building and construction sector in developing nations such as China, and India among others. The rising per capita income coupled with rapid urbanization are factors propelling the polymer solar cells market growth in the region.
On the other hand, the North America region is anticipated to grow with a significant rate owing to the presence of a large number of manufacturers in the region and an increasing number of renewable energy projects in the region. The US holds the major share in the region accounting for approximately 80% of market share.
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Polymer Solar Cells market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Junction Type
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Application
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
