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The sustainable energy sources gaining importance in the recent period due to a massive increase in carbon emission, causing global warming. Burning of fossil fuel has adversely impacted the environment which in turn stressing the demand for immediate action. Researchers and scientists are discovering innovative technologies to enhance the performance and efficiency of the renewable energy system.
Solar energy is essentially a significant part of renewable energy sources. The abundant availability of solar energy makes it suitable in most of the application along with its superior advantages such reduce the dependence of fossil fuel, does not emit any harmful gases, and clean source of energy. Research community working rigorously to enhance the efficiency of the solar system and finding an alternative to traditional p-n junction devices.
Dye-sensitized solar cells are promising technology due to their ease of fabrication, low cost, environment-friendly material, ability to operate in diffused light, flexibility, and lightweight. Current dye-sensitized solar cells are made up of a porous layer of titanium oxide covered with a molecular dye. Its extraordinary features make it suitable for the existing rooftop solar panel. Therefore, soon, there will be substantial growth of the dye-sensitized solar cells due to the growing demand for efficient and flexible solar devices.
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Dye-sensitized solar cells market is categorized into type and application. Based on type, the market is further classified into natural dyes and synthetic dyes. Natural dye sensitizer is extracted from cabbage, onion peels, spinach and used as sensitizers for the DSSC. Since natural dyes are inefficient and possess weak binding properties with titanium dioxide, synthetic dyes such as ruthenium and osmium metal oxide are the most stable and effective dyes used for DSSC.
Building-integrated photovoltaic share a significant amount of share in DSSC’s market. In addition to this dye-sensitized solar cells are used in several applications such as portable charging, embedded electronics, and so on.
Large scale adoption of a solar power system to mitigate the rising GHG emission is the key factor boosting the dye-sensitized solar cell market. Dry sensitized solar cells have become an incredible alternative to solid-state p-n junction devices. DSSC is quite inexpensive, environment-friendly material that is essential in power windows and shingle applications in building-integrated photovoltaics (BIPV). It is also attractive for applications in electronic gadgets and mobiles. Therefore, these factors fuel the growth of the dye-sensitized solar cell market.
The availability of solar power is intermittent and weather dependent, and the installation of the solar system requires a high initial investment. Dye-sensitized solar cells are temperature sensitive which affects its performance and durability restraining the market growth of the DSSC.
The major companies for dye-sensitized solar cells are Oxford PV, OPV Tech, 3G Solar, Fujikura Europe Ltd, G24 Power, Nissha Co., Ltd., Solaronix SA, Peccell Technologies, Inc., Greatcell Solar, Merck Group, Konica Minolta Sensing Europe B.V., and Sharp Corporation.
The dye-sensitized solar cell market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Solar energy conversion by low-cost and efficient PV devices is steadily increasing its contribution to the global demand for renewable energy. United States is concentrating on enhancing the performance of the PV solar system and massively investing in a research program which expected to fuel the demand for dye-sensitized solar cells. The shifting towards renewable energy sources and technological development in the solar energy system has enabled the large scale adoption of the solar energy system. European Union has committed to cut down its carbon emission by a significant margin by pulling up renewable energy sources which in turn accelerate the growth of the solar energy system. In the upcoming year, Europe is forecasted to increase its solar energy system that will increase the growth of the dye-sensitized solar cell market. APAC is playing a crucial role in the growth of the dye-sensitized solar cell market due to rapid growth in the installation of the solar system in China and India. Solar power not only provides a clean source of energy but also helps to achieve energy security. Thus investment in renewable energy sources is expected to accelerate the demand for dye-sensitized solar cells. The lack of grid infrastructure in any part of the African countries is expected to increase the installation of off-grid solar PV panels. Many upcoming projects are in line up to promote the renewable energy which in turn increase the demand for dye-sensitized solar cell.
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