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"The Demand For Polymer Solar Cells Was Estimated At USD ~51 Million In 2019. It Is Projected To Witness A CAGR Of 20.5% During The Forecast Period (2020-2028)."
The global polymer solar cells market is projected to grow robustly owing to rapidly growing electronics industry globally. A combination of factors including developing electrical and electronics industry, rapidly increasing demand for renewable sources of energy, increasing 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, increasing trend to move towards clean and green energy coupled with expanding automobile and construction industry are enhancing the market growth of the industry. Additionally, enhancement in manufacturing techniques of polymer cells to reduce cost and enhance performance, focusing on 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 clean and sustainable source of energy is further boosting the market growth. The polymer solar cells offers 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.
By Junction Type, Multi-Junction Segment Is Expected To Witness Highest Growth In The Polymer Solar Cells Market Across The Globe. It Is Expected To Hold XX% Of The Total Market.
On the basis of junction type, the polymer solar cells market is further classified into single layer, bilayer, bulk heterojunction, multi-junction, and others. Bulk heterojunction segment dominated the polymer solar cells market and contributed for a revenue share of more than 25% of the global market. It can be attributed to the benefits offered by it including low weight, semitransparency, and easy integration with other products among others.
In contrast, multi-junction segment is projected to expand with 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.
By Application, BIPV Segment Is Projected To Dominate The Polymer Solar Cells Market
On the basis of application, the global polymer solar cells market is bifurcated into BIPV (building integrated photovoltaic), consumer electronics, automotive, defence & emergency, and others. The BIPV segment dominated the global polymer solar cells market and growing with the highest rate. This 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 consumer electronics segment and is expected to grow significantly during the years to come.
Asia Pacific Region To Dominate The Overall Polymer Solar Cells Market In Terms Of Revenue Share.
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 rapidly evolving building and construction sector in the developing nations such as China, and India among others. The rising per capita income coupled with rapid urbanization are factors [propeeling the polymer solar cells market growth in the region.
On the other hand, North America region is anticipated to grow with a significant rate owing to exixtance of large number of manufacturers in the regional market and 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.
The major players in the polymer solar cells market include Trina Solar Limited, SolarWindow , Tata Power Solar Systems Limited, Solar World AG, Alps Technology Inc, Suniva Inc, Armor Group, Pionis Energy Technologies LLC, Borg Inc., Heliatek GmbH, InfinityPV ApS, BELECTRIC OPV GmbH (OPVIUS GmbH),Jinko Solar Holding Co. Ltd, SUNEW, Solarmer Energy, Inc., Solvay S.A., Eight19 Ltd.,Technologies, Inc., Raynergy Tek Incorporation, and Itek Energy among others are few of the key players in the global polymer solar cells market.
Segmentation of Global Polymer Solar Cells Market:
Polymer Solar Cells Market by Junction Type:
- Single Layer
- Bulk Heterojunction
Polymer Solar Cells Market by Application:
- BIPV (Building Integrated Photovoltaic)
- Consumer Electronics
- Defence & Emergency
Polymer Solar Cells Market by Technique:
- Printing Technique
- Coating Technique
Polymer Solar Cells Market by Region:
- North America
- South America
- Middle East & Africa