The market is expected to grow faster than expected during the projected period due to rising consumer awareness of the negative environmental effects associated with non-renewable source-based power plants and rising reliance on unconventional sources of energy. Such solar cells now have a strong price to presentation ratio as a consequence of technological advancements, which is predicted to have a beneficial impact on market growth. Economic growth, energy security, and environmental protection are the three common energy needs of the future that DSSC technology is expected to fulfil. Demand is anticipated to increase throughout the projected period as a result of benefits associated with dye sensitised solar cells (DSSC), such as cost-effectiveness, high performance ratio, and capacity to produce energy under low light situations.
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In 2019 the U.S. dominated the market in North America, and by 2027 it is anticipated to reach USD 48.2 million. The portable charging application segment led the DSSC market in the United States. Additionally, the country’s demand is probably going to increase due to the growing concerns over the effects of non-renewable energy sources.
The key driver of market expansion is the rise in demand for renewable energy sources like solar electricity. Recent technological developments are also increasing demand in the market, which has reduced production costs. The focus of DSSC manufacturers is on applications that are portable or indoor. Therefore, it is anticipated that these cells would acquire popularity in important application areas such outdoor advertising, electronics, automotive, steel roofing, and bus shelters.
Over the anticipated timeframe, rising ecological concerns brought on by rising carbon emissions are also anticipated to increase demand for DSSCs. By encouraging and supporting the development of renewable energy sources, European nations have consistently focused on reducing their emissions. The market is also probably to benefit from incentives brought on by the rising demand for BIPV.
One of the main market growth drivers for dye-sensitive solar cells is the decline in production and installation costs. Dye sensitised solar cells are growing in popularity among end users due to their favourable physical and optical characteristics, such as their ease of manufacture, transparency, and colour, as well as their ability to function under low-light circumstances (non-direct sunlight and overcast sky).
Dye sensitised solar cells have a high performance when it comes to energy conversion, which makes commercialisation of them very advantageous in the upcoming years.
The expense of the raw materials used to produce dye-sensitive solar cells, such as ruthenium, platinum, etc., continues to be a major obstacle for dye-sensitive solar cell producers despite the extensive research that has been done to make them economically viable.
Due to their high volatility and potential for human health risks, the electrolyte solvents used in dye-sensitized solar cells must be securely sealed. Market participants and researchers are concentrating on creating items that can be utilised as effective and environmentally safe substitutes for such electrolytes.
Key players influencing the market growth are Solaronix SA, Oxford Photovoltaics, Dyesol, Konica Minolta Sensing Europe B.V., 3GSolar Photovoltaics, Fujikura Ltd., Sharp Corporation, Sony Corporation, NIMS, Exeger Sweden AB, Merck KGaA, CSIRO, G24i Power Ltd, Peccell Technologies, Inc., Solaris Nanosciences Corporation, and Ricoh Company Ltd.
The global dye sensitized solar cell (DSSC) market is segmented as follows:
- Portable Charging
- Embedded Electronics
- Outdoor Advertising
- Natural Dye Sensitizers
- Synthetic Dye Sensitizers
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa