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Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is renewable energy backed with the government's ambitious green energy targets, it has become a major attraction for investors. Over the last decade, countries like China, Germany, and the USA have come up with solar powerhouses and increased the production of electricity by solar energy, which in turn has helped the Polymer Solar Cell market to grow.
Based on the installation, it can be segmented into roof mount, ground mount, floating power plant, etc. Polymer solar cell is used in every type of installation. The polymer solar cell is used in portable electronics. The polymer solar cell market can also be segmented based on application in various fields like residential, commercial, industrial, defense, space, consumer, and utilities. Polymer solar cell has residential applications for water heaters, battery, and cell phone chargers, solar vehicles, etc.
The major market driver is the increasing demand for clean energy around the world. Many Countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of polymer solar cells, solar energy is the most adopted amongst the available sources. Polymer solar cells are so flexible that can be used with building-integrated solar photovoltaics
The key market restraint is the high cost of polymer solar cells. Manufacturing of organic solar cell follows the ‘economies of scale’ model for production. For low production volume, the manufacturing cost of a polymer solar cell is high and has low efficiency.
Key Market Driver -
Demand shift towards clean energy
Key Market Restraint -
Manufacturing cost and area required for installation
Some of the major companies that are present in the polymer solar cell market are infinityPV, OPVIUS GmbH, Epishine., Merck Group, Heliatek GmbH, Shenzhen Shine Solar Co., Ltd., Zhejiang Perlight Solar Co., Ltd., Wuxi Sunket New Energy Technology Co., Ltd., NanoFlex Power Corporation, Brite Hellas S.A. Solar Technologies, COE Solar and Fraunhofer-Institut für Solare Energiesysteme ISE.
The global polymer solar cell market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The polymer solar cell is still in the research, development, and demonstration phase and will grow exponentially in the coming years. Although the manufacturing cost of an organic solar cell is low, the machinery and process are quite complex. The next commercial breakthrough in polymer solar cell technology will come in countries like the USA, India, China, Germany, etc. China stands as the largest producer of solar panels and also photovoltaic energy in the Asia Pacific region and also in the world. Germany is the largest solar energy producer in Europe, followed by Italy, the United Kingdom, Spain, and others. The USA ranks top in North America and Chile in South America, where other countries like Canada, Mexico, Brazil, Uruguay, have also increased the production of solar energy at a good rate. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent times. South Africa has been the most successful country in the production of solar energy in this region by far, followed by countries like Angola, Egypt, Senegal, etc.
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