Global demand for energy is expected to rise rapidly in coming years. Demand for fossil fuels is declining across the globe, as these fuels lead to concentration of carbon dioxide in the atmosphere. Thus, development of sustainable, renewable, and environmentally-friendly energy sources is one of the major challenges facing the world. Photovoltaic (PV) is one of the trending renewable energy technologies around the globe. It helps converts solar energy into electricity through the usage of solar cells. Solar cells are made of crystalline silicon and other rare earth elements such as germanium, arsenic, gallium, and cadmium. Demand for PV integrated devices and solar panels is rising at the rate of approximately 40% per year. This trend is anticipated to increase further in the next few years. Governments across the regions are offering special grants and conducting implementation programs to encourage the usage of the PV technology.
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Polymer solar cell are physically flexible in nature and they are made from solar cells having repeating structural configuration of large PV array. Polymer solar cell produces electrical energy from solar energy through the photovoltaic effect. Polymer solar cell is also known as organic solar cell, which is a thin film solar cell that works on the photo-induced electron transfer mechanism. Various types of polymer solar cells such as dye-sensitized solar cell, double layered polymer cells, and bulk heterojunction cells are available in the market. Highly purified and refined crystalline silicon is used in the manufacturing of highly efficient polymer solar cells which make it an expensive process and raises the overall cost of the panels. The material used for the manufacture of polymer solar PV cells is expensive. It is the same material that is used in the manufacture of computer chips and integrated circuits.
Demand to generate other alternate technologies has been increasing due to the high manufacturing cost and complex production process of polymer solar cells. Polymer solar cells offer various advantages vis-à-vis crystalline silicon solar PV cells. Polymer solar PV cells are disposable, light in weight, and easy to fabricate. They have low environmental impact and offers high level of customization at the molecular level. Polymer solar PV cells are also employed in a large number of applications compared to crystalline silicon PV cells. Polymer solar PV cells are flexible; thus, these can be applied in windows, walls, flexible electronics, clothes, and other wearables.
Factors such as cost efficiency, rise in demand for solar panels, and increase in need of clean and sustainable energy in electricity generation are driving the global polymer solar PV cells market. High efficiency of polymer solar PV cells and their instantaneous electricity generating properties are further boosting the market across the globe. Increase in awareness about the usage of clean energy sources in energy generation is also propelling the polymer solar cells market. Polymer solar PV cells also have some disadvantages. For instance, these cells degrade during the dark and in high illumination. Thus, these cells cannot be used for a long duration. Furthermore, there are issues with thermal stability and efficiency of polymer solar cells. These factors are hampering the polymer solar PV cells market.
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Based on region, the polymer solar PV cells market can be segmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. North America is the biggest player in the manufacture of polymer solar PV cells owing to the large number of renewable energy projects and rapid expansion in the power sector in the region.
Asia Pacific also holds a key share of the solar cells market owing to the rise in number of renewable energy projects, growth in the wearable solar electronics industry, and increase in demand for electricity throughout the region. Expansion in electronics and automobiles industries in Europe and Asia Pacific is the major factor boosting the global polymer solar PV cells markets in these regions. Middle East & Africa is a new market for global polymer solar PV cells. However, the market in the region is anticipated to expand significantly during the forecast period. Latin America has also intensified the renewable energy generation programs. Investments are being made in the energy and power sectors in the region. Thus, Latin America is a promising region for the polymer solar PV cells market.
Key players operating in the global polymer solar cells market include Trina Solar Limited, Tata Power Solar Systems Limited, Solar World AG, Jinko Solar Holding Co. Ltd, Alps Technology Inc, Suniva Inc, Pionis Energy Technologies LLC, Borg Inc., and Itek Energy.