The global polymer solar cells market is anticipated to show exponential growth during the assessment period 2017 to 2027. The global polymer solar cells market is poised to register a high CAGR of 21.5% during this period to reflect a market evaluation of a little more than USD 290 Million by the end of 2027 from an estimation of about USD 34 Million in 2016.
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By application, the BIPV segment is expected to grow at the highest growth rate to register a CAGR of 23.3% in the assessment period 2017 to 2027. This segment dominated the global market since 2012 and is estimated to dominate the market in the period 2017 to 2027 by reflecting a high market value of about USD 143 Million by the end of 2027. Following the BIPV segment, consumer electronics and automotive segments show high potential during the assessment period.
Both these segments are anticipated to grow at the same pace, however, in terms of revenue, the consumer electronics segment shows an upper hand to remain in second position after BIPV. Consumer electronics segment is estimated to show a market evaluation of a little less than USD 80 Million by the end of 2027.
By geography, the Asia Pacific excluding Japan (APEJ) region is highly lucrative region for the growth of polymer solar cells market. The consumption of polymer solar cells in this region has increased dramatically since past couple of years. In 2016, the Asia Pacific excluding Japan (APEJ) region reflected highest revenue share and this trend is poised to continue in the coming years.
According to the global polymer solar cells market research report, the APEJ region is poised at a market evaluation, as high as USD 124.5 Million by the end of 2027 and is projected to grow exponentially at 24.6% CAGR throughout the assessment period 2017 to 2027, owing to several aspects such as rise in per capita income and high consumption of electronic devices. Japan region also shows high potential, to retain its second position with respect to growth rate and market value during the period of forecast.
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Growing government initiatives and rise in the green buildings construction is pushing the consumption of polymer solar cells and hence the growth of the global polymer solar cells market. Increasing awareness of renewable sources of energy has led to rising use of renewable energy which is another contributing factor to the growth of the polymer solar cells market.
Other factors such as market expansion by various key manufacturers to exploit new opportunities, increasing focus on technological development, enhancing the efficiency of organic photovoltaic cells, rise in the electronic and electrical industry thus boosting the use of polymer solar cells, expanding automobile industry presenting huge opportunities for solar cells, expansion of the construction industry where solar panels are encouraged on new buildings and development of bulk hetero junction solar cells, are contributing to the growth of the global polymer solar cell market.
The trend of seeking clean low cost energy is on the rise and several manufacturers are willing to invest more on the solar cell technology. The polymer solar cell technology presents a sustainable source of energy which is environment friendly as it does not produce toxic waste.
However, challenges such as high dependency on fossil fuel, fluctuations in pricing of oil and gas, less power conversion efficiency as compared to silicon solar cells, low stability and strength and availability of alternative solar cells could pose hindrances in the growth of the global polymer solar cells market.
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The polymer solar cells market is expected to grow at a 21.6% CAGR from 2022 to 2032
By 2022-end, the polymer solar cells market sales are likely to reach USD 108 Million
By 2032-end, polymer solar cells market sales are likely to reach USD 763 Million
Tata Power Solar Systems Limited, Trina Solar Limited, and SolarWorld AG are some leading polymer solar cell manufacturers.
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Polymer Solar Cells Market
