Increasing Usage of Renewable Energy to Fuel Surge in Global Dye-Sensitized Solar Cells Market

The need for solar energy, on account of the soaring pollution and global warming levels and increasing carbon emissions throughout the world, due to the widespread use of fossil fuels for energy generation, is rising. Dye-sensitized solar cells, owing to their numerous features such as simple construction method and flexible characteristics, are widely used in the generation of solar energy. The other reason behind the surging demand for such devices across the world are the rising government initiatives and policies aimed at promoting the generation of solar power, to make its price reach parity with the power generated from non-renewable sources such as fossil fuels.

Dye-sensitized PV cells are used in a plethora of applications, such as portable charging systems, embedded electronics, solar chargers, outdoor advertising, emergency power-producing systems in the military, wireless keyboards, building-applied photovoltaics (BAPVs), building-integrated photovoltaics (BIPVs), and automotive-integrated photovoltaics (AIPVs). Out of these, BIPVs recorded the highest adoption of these instruments in 2017, mainly due to the numerous advantages offered by these cells, such as easier installation, lower weight, and higher performance-to-weight ratio, which enable the easy retrofitting of these cells on rooftops, glazed facades, and ceilings.

The dye-sensitized solar cells market is currently witnessing rapid research and development (R&D) activities that would help in the mass production and commercialization of these cells. The costs and performance of these cells are mainly dependent on their structure and the nature of components used in their manufacturing. In addition to this, there has been a huge rise in availability of cheap and indigenously sourced derivatives, which can be used in place of the original raw materials, on account of the continuous R&D.

The fastest growth in the adoption of these cells is expected to be observed in the Asia-Pacific (APAC) region in the coming years. This is mainly attributed to the growing utilization of these cells in BIPVs, BAPVs, and portable charging systems, in various countries in APAC. Moreover, the rising number of government policies in India, China, Vietnam, and Thailand, aimed at promoting the generation of solar energy, is predicted to further boost the adoption of dye-sensitized solar cells in the region.

The demand for energy has been increasing ever since human beings learned how to make its use for different purposes. At the present time, it can be easily said that the utilization of energy is dominating almost all the aspects of human lives. This increased consumption of energy has deemed the conventional resources of energy insufficient for meeting the surging demand. Moreover, the continuous usage of fossil fuels for generating energy has had an adverse an almost irreversible impact on the environment. Owing to this, the utilization of alternate resources, including solar energy, is increasing rapidly around the world.

DSSCs have a number of applications such as automotive-integrated photovoltaics, portable charging, emergency power in military, building-integrated photovoltaics (BIPV), wireless keyboards, building applied photovoltaics, solar chargers, embedded electronics, and outdoor advertising. The largest demand in the past was created for BIPVs, which is ascribed to the properties of DSSCs including easy installation, low-weight, and high performance-to-weight ratio. These cells can be easily installed and retrofitted in building envelopes such as ceilings, glazed facades, louvres, and rooftops. The fabrication of DSSCs is low-cost and does not require structural support materials for modules including beam envisages, thereby providing economic advantage in building construction.

In the past, the European region created the largest demand for DSSCs in the past. However, the demand for these solar cells is expected to rise considerably in Asia-Pacific (APAC), making the region the fastest-growing dye-sensitized solar cells market in the coming years. This is attributed to the increasing adoption of these cells in BAPVs, BIPVs, and portable chargers in the region. In addition to this, the growing regulatory pressure in countries including Vietnam, Thailand, China, and India is also encouraging the adoption of DSSCs in APAC.

The countries in the region are aiming at augmenting their energy generation through renewable resources, including solar energy. The need for decreasing carbon footprints and development of smart cities in the region is driving the demand for DSSCs. China is leading the regional domain in APAC, as the construction industry is growing rapidly along with the increasing adoption of PV modules in the country.

In conclusion, the growing need for alternate resources for generating energy is leading to the rising demand for DSSCs.

Hence, it can be concluded that on account of the massive rise in global pollution levels and the resultant increase in the production of solar energy, the demand for dye-sensitized PV cells will witness a huge surge in the coming years.