According to a new report published by Allied Market Research, titled, "Plastic Solar Cell Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026", The global plastic solar cell market size was valued at $2.40 million in 2018, and is projected to reach $386.34 million by 2026, growing at a CAGR of 88.0% from 2019 to 2026.
Plastic solar cell system is used to harness the energy emitted from the sun. It is an efficient renewable energy and mitigates environmental risks that arise from greenhouse gas emissions. Plastic solar cell is a type of photovoltaic that uses organic electronics, a branch of electronics that deals with conductive organic polymers or small organic molecules for light absorption and charge transport to produce electricity from sunlight by the photovoltaic effect.
A plastic solar cell is a device that converts the light energy into electrical energy. Usually light from the sun is used to generate electricity plastic solar cells are built from semiconductors named mono-crystalline or poly-crystalline materials that are needed for higher efficiency. The light energy from the sun is absorbed within the solar cells which excites the electrons and generates electricity. The rise in demand for alternative energy sources has increased the applications of plastic solar cells in various applications such as residential, commercial, and industrial sectors.
The significant factors impacting the plastic solar cell market trends include increase in government initiatives and support toward renewable source of energy, surge in demand for energy in remote areas, rise in demand for plastic solar cells in an electronic industry, and conversion efficiency of PV system technology.
Asia-Pacific is expected to be the substantial growing regional segment for the solar panel market within the forecast period. The increase in population along with urbanization especially in countries such as China and India, is expected to increase the demand for energy and construction activities in the region.
In addition, the rise in investment in clean energy research & development in the emerging economies is expected to further increase the demand for the solar panel. China and Japan were responsible for over 50% of newly installed capacity, is expected to augment the plastic solar cell market growth within the forecast period.
On the basis of type, the PN Junction Structure segment generated the highest revenue in 2018. PN junction structure is used in all LED lighting applications. The rise in need for advanced lighting technology in residential, commercial, and industrial sector is expected to increase the PN Junction structured plastic solar cell demand.
Increase in installations of rooftop solar panels positively impacts the plastic solar cell market growth. Rise in pollution and market assisting programs such as feed in tariffs & renewable certificates fuel the demand for plastic solar cells in various applications such as disposable solar panel posters, hydrogen powered car, wireless devices, and others.
Photovoltaic cells have gained major traction owing to increase in applications in residential and nonresidential sector for electricity generation. Furthermore, increase in installation of concentrated solar power systems (CSPs) in forms of parabolic troughs and solar power towers is anticipated to fuel the growth of plastic solar cell market, owing to increase in application for electricity generation.
Key Findings of the Study:
- By type, the PN Junction Structure (P-N Heterojunction) holds highest the plastic solar cell market cell in 2018.
- By application, the Disposable solar panel segment generated the highest revenue in the market in 2018
- By end user, the energy & power segment generated the highest revenue in the market in 2018.
- By region, Europe generated the highest revenue in the market in 2018.
The key plastic solar cell market leaders profiled in the report include Abengoa Solar S.A., Acciona Energia S.A., Applied Materials., Bright Source Energy Inc., eSolar Inc., Gintech Energy Corp., Konarka Technologies., Sunpower Corporation, Canadian Solar Inc., and Tata Power Solar. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their plastic solar cell market share.