Global Organic Solar Cell Market is Expected to Reach $97.4 Million in 2020

According to a new market report published by Transparency Market Research “Organic Solar Cell Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” global organic solar cell market was worth USD 25,518.6 thousand in 2013 and is expected to reach USD 97,412.1 thousand in 2020, growing at a CAGR of 21.2% from 2014 to 2020.

Wide applications for organic solar cells coupled with superior flexibility and coloring ability as compared to inorganic solar cells chiefly due to better customizing ability are the two key factors attributing to the growth of organic solar cell market. The organic solar cells are utilized substantially in the areas wherein design and flexibility are prioritized over the solar cell efficiencies. The joint efforts from various companies and research institutes have aided the cause by improving the efficiency and durability of the organic solar cells.

Demand for organic PV is accelerated by growing application in building integrated organic photovoltaic (BIPV) that employs organic materials solar cells to convert the solar energy into electric energy. Besides, BIPV applications the organic solar cells are also used in areas where small amount energy is required for the functioning of the devices. BIPV application segment is likely to grow at a CAGR of 24.4% from 2014 to 2020 in terms of volume owing to growing awareness of solar PV technologies and several governmental incentive schemes. The market is bolstered with increased number of buildings deploying BIPV applications for energy conversion.

The global organic solar cell market was dominated by Europe in 2013, accounting for more than 35% of the overall market in 2013. The North American region followed the European region, accounting for more than 28% market share in 2013.

The presence of leading organic solar cell manufacturing companies such as Heliatek GmbH, Disa Solar and BELECTRIC OPV GmbH are major reasons for the development of organic solar cell market in Europe. The market is further driven by the government support to the companies and research institutes through funding and tax benefits.

European organic solar cell market is estimated to reach USD 35,779.5 thousands by 2020, while North American market is expected to grow at a CAGR of 28.65% from 2014 to 2020 in terms of volume. Key participants in this market include Heliatek GmbH, Solarmer Energy, Inc., BELECTRIC OPV GmbH, Sumitomo Chemical Co., Ltd., Disa Solar, New Energy Technologies, Inc. and Mitsubishi Chemical Corporation. Heliatek GmbH dominated organic solar cell market in 2012 owing to their superior technology and collaborations with leading companies across the value chain.