Organic Solar Cell Market is likely to witness substantial growth owing to growing energy demands in various end user applications across the globe. Environmental benefits leading to increasing dependency on renewable resources for power generation is a key driver for the organic solar cell market. In addition, tax benefits & subsidies by governments in lieu of renewable power generation contribute to the growth of the organic solar cell market. Organic solar cells market is segmented on the basis of applications such as building integrated photovoltaic applications (BIPV), defense applications, space research, mobile applications and other conventional solar applications. BIPV held majority market share followed by mobile applications and other conventional solar applications. Defense application is likely to be the fastest growing segment due to growing use of organic solar cell skins over the surface of military equipments. Portable devices such as solar bags, laptops, mobiles and tablets are expected to contribute to growth of the global organic solar cell market during the forecast period. Organic solar cells are preferred over conventional solar cells on account of physical properties such as design and flexibility which allows organic cells to be easily converted into desired shapes and colors. However, low efficiency and shorter life span pose as major restrains for the organic solar cell market.
Europe held majority share of the organic solar cell market in 2013. This trend is likely to continue over the forecast period. Large investments in R&D for organic solar cell technology by countries including Germany, France and UK contribute to Europe’s large market share. North America held the second largest share of the organic solar cell market on account of small scale manufacturers in the region. Asia Pacific is anticipated to witness significant growth due to large investments by major companies particularly in China and Japan. India is anticipated to be a potential market owing to government regulations that support power generation by renewable resources.
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