Increasing Popularity of Eco-friendly Photovoltaic Technology Drives the Demand for Organic Solar Cell (OPV) Market

Organic solar cells are used in mobile devices, defence or military applications, building integrated photovoltaic and conventional solar applications in the global market. Building integrated photovoltaics is currently the market leader in the application segment of organic solar cells. Organic solar cell mobile applications include portable devices such as laptops, solar bags, tablets, and mobile phones. They are also used in automobiles to power smaller electrical systems such as music systems. Organic solar cells are used over the surface of small military equipment in defence applications. These are some of the applications which drive the growth of the market.

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Data Bridge Market Research analyses that the Organic Solar Cell (OPV) is expected to grow at a CAGR of 19.10% in the forecast period of 2022 to 2029 and is expected to reach USD 116.91 million in 2021 from USD 473.31 million in 2029.

Key Findings of the Study

Rising demand of organic solar cells are expected to drive the market

Global population growth, rapid industrialization and urbanization all increase the demand for an adequate supply of electricity. Many governments prioritize the use of renewable energy sources in the energy production. Market participants are looking for ways to meet the rising demand for organic solar cells from consumers. The market for organic solar cells is increasing because of solar power facilities and photovoltaic technology advances in the developing countries.

Report Scope and Market Segmentation

Segment Analysis:

Global organic solar cell (OPV) market is segmented into five notable segments which are based on type, material type, application, physical size and end-user.

• On the basis of type, the global organic solar cell (OPV) market is segmented into bilayer membrane heterojunction, schottky type and others.

Bilayer membrane heterojunction is expected to dominate the global organic solar cell (OPV) market

Bilayer membrane heterojunction is expected to dominate the global organic solar cell (OPV) market with a 54.97% market share as in bilayer solar cells, many advances have been achieved through the use of various material combinations and the bilayer devices can exhibit good charge transport and power conversion efficiencies (PCEs).

• On the basis of material, the global organic solar cell (OPV) market is segmented into small molecules and polymers.

Polymers are expected to dominate the global organic solar cell (OPV) market

Polymers are expected to dominate the global organic solar cell (OPV) market with a 66.16% market share as polymer solar cells are lightweight, potentially disposable, and inexpensive to fabricate. They are flexible and customizable on the molecular level and potentially have a less adverse environmental impact. Polymer solar cells also can exhibit transparency, suggesting applications in windows, walls, flexible electronics, and others.

• On the basis of application, the global organic solar cell (OPV) market is segmented into consumer electronics, BIPV & architecture, wearable devices, military & devices, automotive, and others. BIPV & architecture is expected to dominate the global organic solar cell (OPV) market with a 47.04% market share as organic solar cells offer high versatility. Thus, installers and designers suggest using them in building integrated photovoltaic systems (BIPV), installing them while building in roofs or windows, reducing installation costs.
• On the basis of physical size, the global organic solar cell (OPV) market is segmented into less than 140*100 mm square and more than 140*100 mm square. More than 140*100 mm square is expected to dominate the global organic solar cell (OPV) market with a 69.65% market share as the organic cells are generally being used in building architecture that requires large size OPV. Moreover, organic solar cells can be produced in large quantities due to their easy processability and low cost and can be manufactured into thin films by a roll-to-roll process. Therefore, organic solar cells have the advantage that flexible, large-sized electronic elements can be produced.
• On the basis of end-user, the global organic solar cell (OPV) market is segmented into commercial, industrial, residential, and others.

The commercial is expected to dominate the global organic solar cell (OPV) market

The commercial is expected to dominate the global organic solar cell (OPV) market with a 46.85% market share as several commercial industries apply such pioneering technology to remarkable and innovative devices. For instance, the German Pavilion presented an outstanding example of a self-sufficient energy installation through the integration of OPVs in the architecture of the building. Solar cells were placed on the pavilion's membrane roofs to harvest energy during the day and then illuminate the pavilion at night.

Major Players

Data Bridge Market Research recognizes the following companies as the major organic solar cell (OPV) market players in organic solar cell (OPV) market are Heliatek GmbH (Germany), ARMOR (Germany), infinityPV ApS (Denmark), Novaled GmbH. (Germany), SUNEW (Brazil), NanoFlex Power Corporation. (U.S.), MORESCO Corporation (Japan), Alfa Aesar (U.S.), Ningbo Polycrown Solar Tech Co, Ltd (China), SHIFENG TECHNOLOGY CO., LTD. (Taiwan), Solaris Chem Inc. (Canada), Epishine (Sweden), TOSHIBA CORPORATION (Japan), Tokyo Chemical Industry Co., Ltd. (Japan), and ENI S.p.A. (Italy) among many others

Market Development

• In 2020, Heliatek GmbH announced the OPV product installation for its first project in Japan collaboration with Looop Inc. and Ritsumeikan University. In Shiga Prefecture (near Kyto), the company installed its HeliaSol (prototype) solar films at a bus stop on the University's Biwako-Kusatsu Campus. This project is in line with Japan's efforts to use clean and renewable energy and increased the company's international market presence.
• In February 2021, Epishine announced the launch of its new Light Cell, a thin and flexible solar cell. This new product can be combined into consumer electronics, sensors and other low-power devices to reduce or eliminate the need for batteries. Moreover, the company also established a production process that is accessible and can handle large volumes.

Regional Analysis

Geographically, the countries covered in the organic solar cell (OPV) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

Europe is the dominant region in organic solar cell (OPV) market the forecast period 2022 - 2029

Europe is dominating due to the presence of various main producers of organic solar cells in the region. For instance, In Germany companies such as BASF SE and Heliatek GmbH excel at producing organic solar cells.

Asia-Pacific is estimated to be the fastest growing region in organic solar cell (OPV) market in the forecast period 2022 - 2029

Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the tax breaks by government and subsidies to purchasers and producers of solar power equipment which stimulates the regional market.

COVID-19 Impact Analysis

The coronavirus pandemic has a significant negative effect on the global market for organic solar cells, affecting a variety of industries and manufacturing processes. The entire production of solar cells was hampered by the value chain disruption, which cost firms in the worldwide organic solar cell market enormous sums of money. The worldwide recession and a lack of workers have all hindered the expansion of the market. Players in the market are stepping up their attempts to make up for losses brought on by the COVID-19 epidemic, though, and they're also looking for new ways to get over market obstacles. The market for organic solar cells is being driven by a rise in market participants' initiatives to expand their product offerings.

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