Global Dye-Sensitized Solar Cell Market to Grow at 12.4% CAGR Between 2020-27: Grand View Research

The global dye-sensitized solar cell market size was valued at $90.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 12.4% from 2020 to 2027. 

Growing awareness among buyers about adverse environmental impacts associated with non-renewable source-based power farms, along with growing dependence on unconventional sources of energy, is estimated to boost the market growth over the projected period. 

Technical innovations have resulted in a good price to the presentation ratio of such solar cells, which is estimated to positively influence market growth. 

DSSC technology is projected to address the three common energy requirements of the future, including economic growth, energy security, and environmental protection. 

Advantages related to dye-sensitized solar cells (DSSCs), such as cost-effectiveness, high-performance ratio, and ability to provide electricity at low light conditions, are predicted to boost demand over the projected period.

The U.S. dominated the North America market in 2019 and is expected to reach $48.2 million by 2027. 

The U.S. market for DSSC was dominated by the portable charging application segment. Besides, the rising concerns over the effects of non-renewable sources of energy are likely to fuel the demand in the country.

Growing demand for renewable sources of energy, such as solar power energy, is the main factor enhancing market growth. 

The market is also gaining demand from the recent technical advancements, which has resulted in a decrease in the production cost. Producers of DSSCs are focusing on portable or indoor applications. Hence, these cells are projected to gain scope in key application segments, including outdoor advertising, electronics, automotive, steel roofing, and bus shelters.

Growing ecological concerns owing to the growing carbon emissions are also projected to fuel demand for DSSCs over the projected timeframe.

The European countries have been continuously focusing on decreasing emissions by stimulating and subsidizing the use of renewable sources of energy. Besides, the market is likely to gain incentives from the growing demand for BIPV.

Based on application, the market is segregated as outdoor advertising, portable charging, embedded electronics, BIPV/BAPV, and automotive (AIPV). 

The portable charging application segment accounted for the largest share of 33.3% in 2019. Rising demand for dye-sensitized solar cells in portable charging owing to their capability to provide optimal wattage in such applications is estimated to boost the segment growth over the projected timeframe.

Application of dye-sensitized solar cells in building applied photovoltaics (BAPV) and building-integrated photovoltaics (BIPV) is projected to expand at the fastest CAGR of 13% during the forecast period. Increasing demand to cater to growing energy needs from residential areas, such as roof-top panels and water heating, is anticipated to drive the application segment over the forecast period.

Numerous developers are working to take the benefit of the ability of dye-sensitized solar cells to electrify many off grid-based lighting applications. 

A variation in low-power user applications is projected to arise in the global market. Initial growth, along with high commercialization of solar-powered small appliances, is projected to drive dye-sensitized solar cells demand in the application segment over the upcoming years.

Besides, initiatives taken by the European countries, such as zero energy buildings to decrease carbon footprints, are estimated to boost the demand over the upcoming years. 

Dye-sensitized solar cells demand across the AIPV application is projected to observe average growth over the projected period. Rising user demand for interior ambient lighting in vehicles is likely to boost energy needs across automobiles.

Cost-effective dye-sensitized solar cell units are used in the sectors, such as automotive, to meet energy needs across various regions. 

Increasing demand for smart automobiles, along with parking supervision arrangements, is likely to propel DSSC demand in automotive integrated photovoltaics applications. 

The growing automotive integrated photovoltaics market, mostly across North America and Europe, is expected to boost the market growth across the regions.