Organic electronics have achieved rapid acceptance, especially in the electronic display industry, due to their ultra-thin and flexible design. Additionally, availability of organics at low cost also fuels the demand for the same from the global market. The same organic technology can be applied to solar photovoltaic as well, which experts believe will revolutionize the way solar cells are fabricated. The technology is also anticipated to redefine how and where solar power is used. Demand for eco-friendly photovoltaic technology has dramatically increased in the last few years, impelling a paradigm shift in the organic solar cell industry, from the research phase to commercialization of the photovoltaic technology.
Browse the full Global Organic Solar Cell Market Report: http://www.mrrse.com/organic-solar-cells
In its latest market report, Transparency Market Research has pegged the value of the global organic solar cell market at US$25.5 mn in 2013, and the market is expected to reach US$97.4 mn by 2020. It the figures hold true, the market will exhibit an impressive CAGR of 21.20% between 2014 and 2020.
Flexible Designs and Cost Efficiency of Organic Solar Cells Aid Market’s Growth
Organic solar cells are touted by the industry as the latest and the most efficient technology to transform solar power into electricity. Due to their flexible designs, it is possible to produce organic photovoltaic cells in different shapes and colors, which subsequently makes them a preferred choice for applications that focus more on flexibility and efficiency. Despite having several intrinsic advantages, the smaller lifespan and low efficiency of organic cells are major bottlenecks hampering the development of the organic solar cells market. However, companies and research institutes are proactively investing in the research and development of organic photovoltaic cells, which the market will benefit from in the near future.
Over the last few years, researchers have been striving to enhance the level of efficiency of organic solar cells to bring them at par with conventional photovoltaic cells. Companies such as Solarmer Energy, Inc. and Heliatek GmbH have been successful in achieving impressive results in terms of technological development. Since the global organic solar cell market is still in its nascent stage, substantial capital investment is required to fuel its pace of growth.
Browse the full Press Release of Global Organic Solar Cell Market: http://www.mrrse.com/organic-solar-cells-market
Companies Seek Collaboration to Access Raw Materials and Technology
The companies operating within the organic cell manufacturing industry can be categorized into two types. The first category constitutes large chemical manufacturing companies such as BASF SE and Sumitomo Chemical Co., Ltd. These companies mostly capitalize on their chemical manufacturing expertise to develop organic polymers used in organic photovoltaic cell manufacturing. These companies have demonstrated more keenness towards forward integration between the supplier and manufacturing sides. The second category includes companies such as Solarmer Energy and Heliatek GmbH that focus completely on the development of organic cells. However, these companies depend more on research labs and other companies for the supply of the necessary raw materials. These companies therefore enter into and maintain collaboration with research institutes and other companies that enable them to gain access to both raw materials and technology at a lower cost. Such collaborations are set to be a prominent part of the organic solar cell market’s growth in the coming years.