Over the period of last few years, the awareness about use of renewable sources has gone up. Corporates are now more conscious about energy generation through non-conventional sources also in wake of stringent regulations by several federal government bodies amid rising levels of pollution. Solar energy is the most sought-after source of energy as it is available in abundance and the continuously advancing technology is helping majorly in harnessing it. This takes the growth of the OPV technology market to a new level. Organic photovoltaic technology (OPV technology) is primarily used for generating electricity by converting solar energy through organic compounds. OPV is made through combining carbon-based material along with organic electronics as a semiconductor and not silicon.
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The growth of the OPV technology market faced a temporary roadblock due to the dreadful coronavirus pandemic. The global shutdown caused a slump in the demand for installation of solar panels that run on OPV technology. Though the situation is forecasted to change for this market as things are rapidly getting back to normal.
Several factors are driving the growth of the OPV technology market and one of them is the surging demand for tandem solar cells for high short-circuit voltage and record efficiency. Also, the fact that most of the leading countries are rampantly promoting use of OPV technology to harness solar energy by launching favorable initiatives and rolling out policies. This also contributes to the growth of this market.
Meanwhile, couple of factors dent the growth of the OPV technology market. The electricity generated through this technology is less efficient in terms of power and has a smaller life span. Along with this, low awareness regarding technological developments related to organic solar cells also proves to be a restraining factor for this market’s growth. However, the technology is growing on a constant basis and is expected to gain tremendous momentum in the future years.
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Key Takeaways - Global OPV Technology Market:
- In terms of revenue, the global OPV technology market was valued at US$ 103.74 Million in 2021, growing at an estimated CAGR of 30.2% over the forecast period.
- Owing to its recurring nature, the services segment of the OPV technology market is forecasted to witness growth at the fastest rate.
- Pledges made by majority of the leading countries to lower the use of conventional sources of energy also drives the growth of this market.
- Building Integrated Photovoltaics (BIPV) segment is forecasted to generate highest CAGR for this market. Most of designers are advising installation of BIPV systems on the roofs of buildings or windows.
- The region of Asia Pacific is forecasted to witness growth at the fastest rate for the OPV technology market. The country of China is rampantly setting up plants to harness solar energy by providing huge subsidies over the purchase of devices required to do so. Countries like India, South Korea and Japan are also rapidly trying to shift towards renewable sources of energy in wake of rising pollution levels.
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A few of the major players operating in the OPV technology market are listed below:
- 1-Material – Organic Nano Electronic
- ARMOR solar power films GmbH
- Eni S.p.A.
- Holst Centre
- Merck KGaA
- Mitsubishi Corporation
- NanoFlex Power Corporation
- Novaled GmbH
- Oxford PV
- Solarmer Energy Inc
- VTT Technical Research Centre of Finland Ltd
- Other Market Participants
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Global OPV Technology Market
By Molecule Type
- Small-molecule OPV cells
- Polymer-based OPV cells
- Posters and point-of-purchase (pop) advertisements
- Apparel (clothes, sportswear, military uniforms, etc)
- Customer electronics (e-readers, mobile phones, watches, toys, wearables etc)
- Off-grid applications
- Power generation
- Building Integrated Photovoltaics (BIPV)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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