Growing Number of Solar Power Plants, and Favourable Government Initiatives to Fuel Growth of Next-generation Organic Solar Cell Market
Growing manufacturer competition and an increase in the number of solar power projects have contributed to the growth of the next-generation organic solar cell market. According to the International Energy Agency (IEA) report, solar PV power generation in 2020 was expected to increase by a record 156 TWh, representing a 23% increase over 2019. Solar PV contributed 3.1% of global electricity generation. In addition, the global energy crisis, environmental pollution, and the greenhouse gas emission targets remain the key factors responsible for boosting the installation of solar power plants which further helps in driving the next-generation organic solar cell market growth.
At COP15, international targets for reducing greenhouse gas emissions were established, and Cool Earth 50 was proposed for the Post-Kyoto Protocol, with the goal of halving global greenhouse gas emissions by 2050. Furthermore, even though this is contingent on the Japanese government, and other countries agreeing, CO2 reductions have become an extremely important topic, with a target of a 25% reduction from 1990 greenhouse gas levels by 2020. Moreover, the stringent regulations, as well as government incentives and tax rebates for solar panel installation, are all driving the global next-generation organic solar cell market forward. Government investments also appear to be a promising source of growth for this market.
The EU Energy Performance of Buildings Directive (EPBD) requires all new buildings in every EU member country to be nearly zero-energy buildings (nZEB) by the end of 2020. Similarly, the United States, Japan, and South Korea have all established ZEB policies and goals. For instance, the state of California has set an ambitious goal of "zero net energy (ZNE) residential buildings in the state by 2020 and zero net energy (ZNE) commercial buildings by 2030." Such encouraging policies are expected to propel the growth of global next-generation organic solar cell market.
Increasing Demand in Electronic Industry to Fuel Consumer Electronic Category in Next-generation Organic Solar Cell Market Growth
The consumer electronics category is expected to grow at a significant rate due to factors such as an increase in demand for organic solar cells in the electronic industry over the projected period. The term "next-generation organic solar cell" refers to a form of organic photovoltaic that makes use of organic electronics, which is a subset of electronics that converts sunlight into electricity using thin organic semiconductor layers. Compound cell solar makes up most of the organic photovoltaics. Solar cells are used to coat the backs of devices so that they can provide power to portable electronics like PDAS, laptops, and pocket calculators. Organic solar cells also provide new possibilities for wearable computing devices.
Large Investments in Organic Solar Cell Technology to Drive Next-generation Organic Solar Cell Market in Europe
Europe is expected to dominate the worldwide organic solar cell market over the forecast period. Large investments in organic solar cell technology, research and development by the key nations like as Germany, France, and the United Kingdom would contribute to the region's large market share. The legislative environment is having a favourable impact on BIPV technology in Europe, which is in a transition stage. The European Union (EU) established the Energy Performance in Buildings Directive (EPBD) and the Renewable Energy Directive, opening the path towards near-zero energy structures.
In December 2019, the EffiLayers project, coordinated by the Fraunhofer Institute for Laser Technology in the German state of North Rhine-Westphalia, is investigating the development of thin-film organic Vs that are both flexible and printable. Manufacturers in the region will be able to develop fresh technologies because of the research. Similarly, organic solar cell manufacturers in Germany, such as Heliatek GmbH and BASF SE, are doing exceptionally well. Furthermore, government tax incentives and benefits for manufacturers and consumers of solar power equipment are expected to boost the organic solar cells market in Europe.
Asia Pacific is expected to grow significantly over the forecast period in the new-generation organic solar cell market because of increased government and utility initiatives to fulfil carbon-neutral standards, Furthermore, the Asia Pacific area has seen several large-scale solar projects, which is increasing the region's renewable energy share as solar power plants are being built in the region, China accounted for the largest share of the new-generation organic solar cell market. The region is also seeing rapid growth in renewable energy. From 2019 to 2020, China alone was responsible for 75% of the increase in annual solar cell installations, as projects contracted under China's former FIT scheme. The revised target and policy scheme in the 14th Five-Year Plan, as well as future cost reductions, are expected to significantly enhance solar cell expansion in China, with many projects being utility-scale. New auctions for commercial and industrial applications, as well as subsidies for residential systems, are projected to accelerate the growth of distributed solar cell capacity.
Global Next-generation Organic Solar Cell Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in November 2020, Heliatek GmbH announced the installation of their OPV product for their first project in Japan in collaboration with Looop Inc. and Ritsumeikan University. The company installed its HeliaSol (prototype) solar films at a bus stop on the University's Biwako-Kusatsu Campus in Shiga Prefecture (near Kyto). This project is consistent with Japan's efforts to promote clean and renewable energy. This increased the company's global market presence. On the other hand, in January 2020, Denmark's Aarhus University led a research project that resulted in the development of microscopic organic PV technology. This technology has the potential to be used to create light-based, neural-stimulating scaffolds inside the human body.
A few of the players in the next-generation organic solar cell market include Heliatek (Germany), ARMOR (France), infinityPV ApS (Denmark), New Energy Technologies Inc. (U.S.), Novaled GmbH (Germany), Solarmer Energy, Inc. (U.S.), NanoFlex Power Corporation (U.S.), Optodot (U.S.), Eni (Italy) and Brite Solar (Greece).
Global Next-generation Organic Solar Cell Market is Segmented as Below:
By Product Type
Key Elements Included In The Study: Global Next-generation Organic Solar Cell Market
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