Organic photovoltaic cells are next generation solar cells. These cells support power generation at a lesser cost than that from other technologies. Organic photovoltaic (OPV) cells provide a low-energy-production photovoltaic solution. This technology can be used to produce colored and transparent photovoltaic cells due to availability of various absorbers. Rising awareness regarding global warming and the depleting levels of natural resources, the solar cells manufacturers across globe are attracted towards next generation solar cells owing to quality of materials used in the production. Growing awareness regarding renewable energy resources for power generation is expected to drive the market growth.
Increasing preference for organic photovoltaics in automotive industry
The automotive industry is advancing at a faster rate in terms of technology to decrease dependency on fossil fuels. Organic photovoltaics are thin, transparent, and flexible, and can be applied to a range of shapes and surfaces. This makes it an ideal product for incorporation into vehicles and other connected devices. In addition, organic photovoltaic-powered devices can charge the battery of the automobile, boats, or craft, or other leisure vehicles. Such vehicles can also sustain their critical battery states with the use of organic photovoltaic-powered sources.
Organic photovoltaics technology is also used in lighting applications, when combined with battery storage devices. Applications include lighting on billboards, signboards, highways, vacation cabins, parking lots, public-use facilities, lighting for trains, etc.
Lower efficiency, stability, and strength to hamper overall market growth
Some product limitations such as low efficiency, uneven flow of energy, and availability of cost effective and high efficiency power generating alternatives are some factors effecting the market growth.
Manufacturers of organic photovoltaics are getting subsidies and funding from various government investors. Such schemes and funds are encouraging companies engaged in solar power related fields to enhance or increase focus on organic photovoltaics. In addition, organic photovoltaics offer advantages such as more cost-effectiveness in terms of manufacturing cost, and as a result, has been garnering focus of some major players in the market.
- By Type
- By Region
- By Application
The global organic photovoltaic market is categorized on the basis of type, application, and region.
The technological advancements to overcome the limitations of organic photovoltaic such as lower lifespan, less efficiency, and others has created opportunities to manufacturers in the global market. Moreover, growing awareness regarding adoption of renewable energy resources is projected to create high opportunities for new as well as existing players in the market.
North America to account significant revenue share in the global market
The demand for organic photovoltaic is increasing in Asia Pacific owing to growing adoption of renewable energy resources for power generation for various applications. Increasing number of initiatives by manufacturers in the region for development of unique and new designs of organic photovoltaic films, coupled with increasing number of construction activities in public and private sectors are projected to create positive impact on the market growth.