The global Dye Sensitized Solar Cell Market is expected
to reach USD 130.6 million by 2022, according to a new report by Grand View
Research, Inc. Growing concern regarding detrimental environmental impact
associated with fossil fuel based power generation plants is expected to remain
a key driving factor for global DSSC market. Governments across various
countries have been promoting electricity generation through renewable energy
sources. Favorable government initiatives to promote off-grid solar power
installations particularly in developed economies of Europe and North America
are also expected to have a positive influence on the market growth.
European
government has been providing incentives such as feed-in tariffs, cost
subsidies and tax relief to promote renewable energy. High cost to performance
ratio is another factor that is anticipated to positively impact DSSC market
growth. Rising R&D in this field is expected to lead commercialization of
on-grid DSSC modules. Currently, DSSC has high penetration in off-grid
applications including portable charging and building integrated photovoltaics
(BIPV). Presence of organic liquid electrolyte poses sealing and toxicity
issues and is anticipated to hinder industry commercialization.
Portable
charging emerged as the largest DSSC application with global revenue exceeding
USD 16 million in 2014. Third generation thin film PVs are increasing being
used for portable battery charging solutions including solar chargers, solar
bags and wireless keyboards owing to their ability to provide optimum wattage in
these applications.
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Further key findings from the study suggest:
- Global Dye Sensitized Solar Cell Market was worth USD 49.6 million in 2014 and is expected to reach USD 130 million by 2022, growing at a CAGR of 12.4% from 2015 to 2022
- BIPV/BAPV is anticipated to be the fastest growing application segment at an estimated CAGR of 13.0% from 2015 to 2022. DSSC ability to provide optimum power for these applications is anticipated to raise product demand over the forecast period.
- Europe was the leading consumer and accounted for over 35% of total revenue in 2014. Favorable government initiatives to promote off-grid solar power installations particularly in UK, France, Germany and Italy are anticipated to drive regional market over the forecast period. European Commission has been providing incentives in the form of feed-in tariffs, cost subsidies and tax relief to promote renewable energy implementation.
- Asia Pacific is anticipated to witness the highest growth of 13.6% from 2015 to 2022. Favorable government initiatives in countries such as India, China and Taiwan to supply electricity to remote locations have encouraged government towards deploying off-grid systems using renewable energy sources. Rapid urbanization coupled with surging product demand in portable electronic products such as smart phones, portable charging products is expected to drive DSSC penetration in the region.
- Major companies operating in global DSSC market include Konica Minolta Sensing Europe B.V., Dyesol, Fujikura Ltd., G24 Power Ltd., Exeger Sweden AB, 3GSolar Photovoltaics, and Merck KGaA.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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