According to the Solar Energy Industries Association (SEIA), the U.S. solar industry displayed a record-breaking trajectory in Q2 2015 with a total of 1,393 MW of installed solar capacity. This made it the best Q2 performance in history. The rapidly rising demand for solar energy is driving the overall solar industry. Another key factor driving the global solar industry is the intensive research and development occurring to improve the energy output and efficiency of solar power generation. The rapidly expanding solar industry will drive the global organic solar cells market in the coming years.
Organic solar cells are an outcome of intensive research and development projects. Traditionally, silicon solar cells have been used to make photovoltaic (PV) panels. However, organic solar cells offer a better alternative to silicon solar cells, as they are cheaper, more flexible, and synthesized using organic materials. These properties of organic solar cells are making these solar cells popular in the global solar industry and driving the global organic solar cells market.
Rising Application in BIPV Segment to Encourage Global Organic Solar Cell Market’s Growth
The global organic solar cell market is also driven by the easy customization associated with organic solar cells due to their transparency, flexibility, and coloring. In addition to this, the smaller payback period leading to faster energy recovery relative to inorganic solar cells will further propel the global organic solar cell market.
By application, the global organic solar cell market is divided into defense- or military-based applications, conventional solar applications, mobile applications (portable devices and vehicles), and building integrated photovoltaics (BIPV). Currently, organic solar cells find their use majorly in the building integrated photovoltaics segment. The BIPV segment is driven by the growing number of residential and non-residential buildings. Furthermore, the easy incorporation of organic materials into BIPV has propelled the demand for organic solar cells in the BIPV segment.
Organic solar cells are also increasingly being used in other application segments. They are used in portable devices such as tablets, laptops, mobiles, and solar bags. In the defense segment, organic solar cells are used as skins on military equipment. In the vehicles segment, they are used for powering smaller electronic systems present in vehicles, such as stereos.
Europe to Dominate Global Organic Solar Cells Market
Geography-wise, the global organic solar cells market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Presently, Europe leads the global organic solar cells market due to the presence of key companies in France, Germany, and the U.K. These firms benefit from the strong growth of the solar power industry in Europe. In addition to this, the high number of subsidies and tax benefits offered by several governments in Europe to the manufacturers and consumers of solar power is also boosting the demand for organic solar cells in Europe. The Asia Pacific segment will also witness significant growth in the global organic solar cells market due to the presence of large companies in Japan.
Browse the full Global Organic Solar Cells Market report at http://www.mrrse.com/organic-solar-cells
Companies in the global organic solar cells market will benefit from the scope of improvement in terms of efficiency, cost of production, and lifespan of organic solar cells. The key companies operating in the global organic solar cells market are Mitsubishi Chemical, Solarmer Energy, Disa Solar, Sumitomo Chemical, New Energy Technologies, and Heliatek.