Pune, India, Dec. 13, 2021 (GLOBE NEWSWIRE) — According to MarketStudyReport, worldwide dye sensitized solar cell industry was worth USD 101.72 million in 2020 and is touted to grow at a CAGR of 12.4% over 2021-2027, reaching a valuation of USD 230.55 million by the end of forecast period.
It further classifies the vertical based on application scope and geographies to highlight the key areas for investment during the analysis period. A detailed qualitative and quantitative evaluation of each of these segments is provided to enable stakeholders to curate effective strategies for the upcoming years.
The study also houses an analysis of the competitive landscape on the basis of the financials, product/ service offerings, and other recent developments undertaken by prominent players in this business sphere.
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Increasing demand for renewable energy is acting as a major impetus to industry growth. According to the Centre for Climate and Energy Solutions, in 2019, over 11% of the total energy consumed for power, heating, and transport across the globe was from renewable sources.
For those unversed, dye sensitized solar cells are cost-effective solar cells that are classified as thin film solar cells. This technology is based on a semiconductor which is formed between an electrolyte and a photo sensitized anode, a photoelectrochemical cell.
Rising environmental concerns due to negative impact of carbon emissions, along with increasing demand for automotive integrated photovoltaics are slated to boost the market remuneration scope. Surging preference for interior ambient lighting in automobiles is also expected to propel product adoption in the upcoming years.
On the downside, low awareness about the product among people is likely to restrict the growth of the industry over 2021-2027.
The regional analysis of global dye sensitized solar cell market spans across Asia Pacific, Europe, North America, and Latin America. Among these, Europe presently accounts for a significant market share, owing to growing environmental awareness across the region. Meanwhile, North America market is poised to witness a remarkable growth rate over the analysis timeframe, primarily driven by surging demand for renewable energy sources.
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Prominent players in worldwide dye sensitized solar cell industry include Everlight Chemical Industrial Corp., The Commonwealth Scientific and Industrial Research Organisation (CSIRO), National Institute for Materials Sciences (NIMS), and 3GSolar Photovoltaics Ltd. among others.
These companies continuously undertake several strategies such as mergers & acquisitions, collaborations, and partnerships to gain an upper hand in the market. The report evaluates these companies with respect to their individual market shares, size, and revenue scope to provide an in-depth understanding of the competition dynamics.
Global Dye Sensitized Solar Cell Market, by Application Scope (Revenue, USD Billion, 2018-2027)
- Portable Charging
- Embedded Electronics
- Outdoor Advertising
- Automotive (AIPV)
Global Dye Sensitized Solar Cell Market, by Regional Outlook (Revenue, USD Billion, 2018-2027)