Dye Sensitized Solar Cell Market Size, Trends, Share, Growth | Report 2022-2030
The global dye sensitized solar cell market was surpassed at USD 97.5 million in 2021 and is expected to hit around USD 244.8 million by 2030, growing at a CAGR of 10.77% from 2022 to 2030
Report Highlights
Increasing concerns regarding the negative environmental impacts, along with fossil fuel-based electricity generation farms, are projected to drive the global market.
Government authorities in numerous countries have been encouraging to generate power through renewable sources of energy. Favorable government initiatives to promote off-grid solar power farms, mainly in the developed countries of North America and Europe, are also projected to have a positive impact on market growth.
The embedded electronics application segment was valued at USD 15.5 million in 2021. Thin-film photovoltaics are progressively being used for portable battery charging solutions, which include solar chargers, wireless keyboards, and solar bags, owing to their capability to provide optimal wattage in such applications.
Incentives are being provided by the European government, such as feed-in tariffs, tax relief, and cost subsidies, to promote renewable sources of energy. Moreover, the high cost to performance ratio is estimated to positively influence the market growth. Increasing research and development activities in this field are likely to lead to the commercialization of on-grid dye sensitized solar cell (DSSC) units. Presently, dye sensitized solar cells have high penetration in applications, such as BIPV and portable charging. Increasing concerns regarding pollution caused due to the usage of non-renewable energy sources are expected to boost market growth over the forecast period.
Asia Pacific is estimated to expand at a CAGR of 13.6% from 2020 to 2027. Favorable government initiatives in countries, such as India, Taiwan, and China, to supply power to rural places have encouraged the governing bodies to deploy off-grid systems using renewable sources of energy. Rapid expansion, along with increasing product demand in portable electronic products, including mobile phones and portable chargers, is projected to boost the penetration of dye sensitized solar cells in the region.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 97.5 million |
| Revenue Forecast by 2030 | USD 244.8 million |
| Growth rate from 2022 to 2030 | CAGR of 10.77% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Application, region |
| Companies Covered | 3GSolar; Fujikura Ltd.; Solaronix SA; Dyenamo AB; Ricoh; Sharp Corporation; Dyesol Limited; Peccell Technologies, Inc.; National Institute for Materials Science (NIMS); Commonwealth Scientific and Industrial Research Organisation (CSIRO); Everlight Chemical; Nissha Co., Ltd.; Exeger Operations AB |
Application Insights
Based on applications, the market is segregated as outdoor advertising, portable charging, embedded electronics, BIPV/BAPV, and automotive (AIPV). The portable charging application segment accounted for the largest share of 33.3% in 2021. Rising demand for dye sensitized solar cells in portable charging owing to their capability to provide optimal wattage in such applications is estimated to boost the segment growth over the projected timeframe.
Application of dye sensitized solar cells in building applied photovoltaics (BAPV) and building-integrated photovoltaics (BIPV) is projected to expand at the fastest CAGR of 13.07% during the forecast period. Increasing demand to cater to growing energy needs from residential areas, such as roof-top panels and water heating, is anticipated to drive the application segment over the forecast period.
Numerous developers are working to take the benefit of the ability of dye sensitized solar cells to electrify many off grid-based lighting applications. A variation in low-power user applications is projected to arise in the global market. Initial growth, along with high commercialization of solar-powered small appliances, is projected to drive dye sensitized solar cells demand in the application segment over the upcoming years.
Besides, initiatives taken by the European countries, such as zero energy buildings to decrease carbon footprints, are estimated to boost the demand over the upcoming years. Dye sensitized solar cells' demand across the AIPV application is projected to observe average growth over the projected period. Rising user demand for interior ambient lighting in vehicles is likely to boost energy needs across automobiles.
Cost-effective dye sensitized solar cell units are used in the sectors, such as automotive, to meet energy needs across various regions. Increasing demand for smart automobiles, along with parking supervision arrangements, is likely to propel DSSC demand in automotive integrated photovoltaics applications. The growing automotive integrated photovoltaics market, mostly across North America and Europe, is expected to boost the market growth across the regions.
Regional Insights
Europe dominated the DSSCs market in 2021 with a share of 39.27%. The European Commission aims to decrease the dependence on non-renewable sources by encouraging clean energy projects, which is expected to boost the market growth in the region. Furthermore, the high rate of implementation in BIPV, usage of the latest technologies, and increasing portable electronics applications are projected to steer the demand for DSSCs in the upcoming years.
North America emerged as the second-largest regional market in 2021. In the Middle East and Africa, continuing sizable investments in the development of DSSC will favor market growth as the product provides better performance under high temperature and low irradiance levels.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Dye Sensitized Solar Cell Market
5.1. COVID-19 Landscape: Dye Sensitized Solar Cell Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Dye Sensitized Solar Cell Market, By Application
8.1.Dye Sensitized Solar Cell Market, by Application Type, 2020-2027
8.1.1. Portable Charging
8.1.1.1.Market Revenue and Forecast (2016-2027)
8.1.2. BIPV/BAPV
8.1.2.1.Market Revenue and Forecast (2016-2027)
8.1.3. Embedded Electronics
8.1.3.1.Market Revenue and Forecast (2016-2027)
8.1.4. Outdoor Advertising
8.1.4.1.Market Revenue and Forecast (2016-2027)
8.1.5. Automotive (AIPV)
8.1.5.1.Market Revenue and Forecast (2016-2027)
8.1.6. Others
8.1.6.1.Market Revenue and Forecast (2016-2027)
Chapter 9. Global Dye Sensitized Solar Cell Market, Regional Estimates and Trend Forecast
9.1.North America
9.1.1. Market Revenue and Forecast, by Application (2016-2027)
9.1.2. U.S.
9.1.3. Rest of North America
9.1.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.Europe
9.2.1. Market Revenue and Forecast, by Application (2016-2027)
9.2.2. UK
9.2.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.3. France
9.2.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.4. Rest of Europe
9.2.4.1.Market Revenue and Forecast, by Application (2016-2027)
Chapter 10.Company Profiles
10.1.3GSolar
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.Fujikura Ltd.
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.Solaronix SA
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.Dyenamo AB
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5.Ricoh
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6.Sharp Corporation
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7.Dyesol Limited
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8.Peccell Technologies, Inc.
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9.National Institute for Materials Science (NIMS)
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10.Commonwealth Scientific and Industrial Research Organisation (CSIRO)
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers