Top Impacting Factors
Increasing R&D activities to develop more efficient and durable DSSC drives the growth of market in forecast period. Increasing demand for use of renewable source of energy to reduce the dependency on fossil fuels for electricity generation boosts the growth of market. Generally, the electricity was generated by burning fossil fuels such as coal, oils, natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the humans, hence it is important to reduce the use of fossil fuels for electricity generation.
Due to growing ecological concerns owing to rise in carbon emission governments are promoting use of sustainable sources of energy to generate electricity which includes solar energy, wind energy, and hydroelectricity, which are environment friendly and tends reduce the cost spent on electricity in longer period of time. Hence supportive government activities drive the growth of market in forecast period.
Because of their ease of fabrication, low cost, environment friendly material, ability to operate in diffused light, flexibility, and lightweight, DSSC tends to become a promising technology in the coming period. Hence DSSC can become a cheaper alternative to traditional solar cells. Thus, variety of advantages offered will boost the market growth in forecast period.
Factors such as high cost for raw material (metal oxides and other electrolytes) used to produce DSSC is the biggest challenge for market player. To tackle this challenge the market players and research teams are working to find and alternatives solution for this to reduce the cost of raw material. In addition, the electrolytes used in these solar cells are harmful to humans once exposed which can create problems for the market players hence the research team is focusing on the packing of DSSC.
Moreover, factors such as use of DSSC in various products such as portable charging appliances, embedded electronics outdoor advertising and others drives the market growth in the forecast period.
The DSSC market is segmented on the basis of application, and region. By application, it is divided into portable charging, building integrated photovoltaic (BIPV)/building applied photovoltaics (BAPV), embedded electronics, outdoor advertising, automotive (AIPV), and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By application: The DSSC market is divided intoportable charging, BIPV/BAPV, embedded electronics, outdoor advertising, automotive (AIPV), and others. The portable charging segment dominates this market by application. The application of DSSC in BIPV and BAPV is estimated to grow at fastest rate in the forecast period.
By region: The DSSC market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific DSSC market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt natural resources for energy generation.
For instance, Indian government is providing 40% subsidy for installation of solar panel in residential area and 100% tax benefits for installing solar panels in the commercial area or industrial area which drives the growth of the market in the region. In addition, the rise in population is one of the factors which indirectly boosts the growth of the market as rise in population increases demand for construction and infrastructure development which involves use of solar panel to reduce use of fossil fuels and save environment.
North America and Europe are the key markets for DSSC. U.S is focusing on enhancing the performance of photovoltaic solar system and is rapidly investing in R&D activities which is expected to boost the demand for DSSC in the regional market. European government is focusing on reducing the carbon emission and have committed to European citizens that the emission of greenhouse gases will be reduce by a significant margin by increasing adoption of renewable sources which accelerates the growth of solar energy systems in the market. Hence increase in solar energy system in this region will fuel the growth of this market.
Competitive analysis and profiles of the major players in the DSSC market, such as, 3GSolar, Dyenamo AB, Dyesol Ltd., Everlight Chemical, Fujikura Ltd., Nissha Co. Ltd., Peccell Technologies, Inc., Ricoh, Sharp Co., Solaronix SA are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of this market.
For instance, on 4th February 2020, Ricoh Company Ltd. has announced the launch of the global first solid-state DSSC modules, the ‘RICOH EH DSSC’ series. This latest innovation from Ricoh can generate electricity from indoor light and produce new, renewable energy to allow electronics to maintain a charge.
Global Dye-Sensitized Solar Cells (Dssc) Market Report Highlights
Key Market Players
Solaronix SA, Everlight Chemical, Peccell Technologies, Inc., Dyesol Limited, Nissha Co., Ltd., Dyenamo AB, Sharp Corporation, Ricoh, Fujikura Ltd., 3GSolar