Dye-sensitized solar cells (DSSC) market is expected to grow significantly over the forecast period owing to the increasing demand for renewable energy, especially solar. Increasing consumer awareness regarding environmental effects related to conventional sources of energy along with depletion of resources is expected to spur the market growth. Technological advancements has resulted in lower cost of production which is expected to further boost the demand for dye-sensitized solar cells over the next seven years. The dye-sensitized solar cells market is concentrating on portable and indoor applications and is expected to venture into major applications including automotive, electronics, outdoor advertising, steel roofing and bus shelters. Rising environmental concerns on account of global warming and carbon emissions of non-renewable sources of energy is anticipated to fuel the demand over the projected period. However, presence of liquid electrolyte which doesn’t respond well to changing weather conditions is expected to act as a restraint for market growth.
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Moreover, variation in oil and gas prices is further expected to restrict the market growth over the forecast period. Increasing demand in building integrated photovoltaic system (BIPV) is anticipated to contribute significantly towards market growth owing to growing demand for portable electric charger. Europe is expected to grow substantially owing to numerous R&D projects carried out in this region. Moreover, energy policies and initiatives from various countries including Spain, Germany and Italy for reducing the dependence on import of fossil fuel is expected to surge the demand over the forecast period. North America is anticipated to have a moderate growth owing to the presence of conventional resources in this region along with the shale gas boom. However, initiatives taken by the U.S. government on renewable energy is expected to contribute towards the market growth. Asia Pacific is anticipated to show substantial growth mainly owing to China, where solar panels are manufactured in large quantities.
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Global key players include 3GSolar Photovoltaics Ltd., Dyesol Ltd., CSIRO, Exeger Sweden AB, G24 Power Ltd., Fujikura Ltd., Jintex Corporation, Konica Minolta Sensing Americas, Inc., Peccell Technologies, Inc., Merck KgaA, Samsung SDI Co., Ltd., Solaris Nanosciences Corporation, Solaronix SA and Solarprint Ltd. G24 Power Group focuses in commercialization of DSSC with the product name “GCell” and having capacity of over 5,00,000 meters of DSSC modules per year.
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