Dye-Sensitized Solar Cells Market

Global Dye-Sensitized Solar Cells Market Size (2024 to 2032):

The Global Dye-Sensitized Solar Cells Market size is predicted to grow from US$ 50 million in 2023 and is projected to reach a valuation of US$ 276 million by 2032 from US$ 60 million in 2024, at a CAGR of 20.92% over the foreseen period 2024-2032.

Current Scenario of the Global Dye-Sensitized Solar Cells Market

Sensitized solar cells with dyes are also called dye-sensitized cells, this is the third-generation photovoltaic (solar) cell that converts all visible light into electrical energy. The dye-sensitized solar cell is easy to manufacture using traditional roll printing techniques and is semi-transparent and semi-flexible, allowing a variety of uses not applicable to rigid PV systems. The main advantages of tint solar cells are that they are more efficient than available conventional solar technology, absorbing more sunlight per area than standard silicon-based solar panels. In addition, they are an attractive replacement for current technologies in low-density applications such as rooftop solar collectors. Research and innovation in the dye solar cell market are helping the mass commercialization of these cells. The performance and cost dynamics of these cells are related to their cell structure and the nature of the components. Thus, current research on these cells is mainly focused on the modification or revision of their structure, the development of new raw materials, and the commercial application of the research results. Also, research and development (R&D) has focused on replacing raw materials with cheaper, locally sourced derivatives, and has broadened the application base of these cells. This is likely to improve the adoption rates of these cells, thus driving market growth.

MARKET DRIVERS

The main factors driving the growth of the global dye-sensitized solar cell market are the increasing use of solar energy, the growing market demand for BIPV, and government regulations and policies supporting the adoption of solar modules.

The global demand for clean and sustainable energy is increasingly anchored in energy dynamics due to growing concerns about energy security, carbon emissions, and growing global climate anomalies. This is marked by a shift in energy portfolios from dependence on fossil fuels toward renewable energy sources, primarily solar energy. Solar dye cells can play an important role in directing the demand for solar energy in the future with increased application in building envelopes such as facades, roofs, tiles, and roofs. The introduction of government policies, such as power fees, tax credits, and subsidies, has allowed solar electricity to reach price parity with the production of electricity using traditional energy sources, such as fossil fuels. Additional measures, such as tenders, support the adoption of solar panels and the intensification of the deployment of photovoltaic energy around the world. These policies are also expected to boost demand for these cells, thereby supporting the growth of the dye-sensitized solar cell market globally. Technical innovations have resulted in a good price/presentation ratio for these solar cells, which should positively influence market growth. DSSC technology is expected to meet the three common energy needs of the future, including economic growth, energy security, and environmental protection. The advantages of a dye-sensitive solar cell (DSSC), such as cost-effectiveness, high-performance ratio, and the ability to provide electricity in low light conditions, are expected to drive demand over the projected period.

MARKET RESTRAINTS

The low power generation efficiency of dye-sensitized solar cells can be considered the key factor restricting the growth of the global market. Silicon-based cells have a higher cost but are more efficient and have a power generation efficiency of 12-15%, which is slightly higher than the efficiency of these cells 11%).

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Dye-Sensitized Solar Cells Market Analysis By Application

The BIPV category dominated the market, contributing over 20% share, in terms of value, in 2023. This can be attributed to the properties of the cells. Low-weight solar colorant, easy installation, and high performance in weight ratio. These allow easy installation and modernization of these cells in building envelopes such as roofs, canopies, glass facades, and roofs.

Global Dye-Sensitized Solar Cells Market Analysis By Type

The natural sensitizing dye is extracted from cabbage, onion peels, and spinach and is used as a sensitizer for DSSC.

REGIONAL ANALYSIS

Europe and North America are likely to be crucial areas for developments in the dye-sensitized solar cells market in the foreseen years.

The European Commission's 2020 goal of reducing dependence on fossil fuels and supporting clean and green energy technologies is expected to have a positive effect on market growth. Ratification of the Paris Agreement on climate change by the world's leading countries is also expected to boost demand for dye-sensitized solar cells in the short and long term. In developing countries like India, where the potential demand for energy is high and rising, the special government budget allocation to develop solar power plants is also expected to create a demand for dye solar cells. In the United States too, the contribution of renewables to the country's overall energy demand is increasing, offering a promising future for product market growth. With the trend of sustainable energy development spreading across the globe, the demand for dye-sensitized solar cells is expected to experience significant growth potential around the world over the next decade. Globally, Europe had the largest market share, in value, of the market, in 2020. In addition, the market will exhibit the fastest growth in the APAC region, with a CAGR of 14.0% during the forecast period. This growth is likely to be manifested by increased adoption rates for these cells in portable chargers, BIPV, and BAPV, which in turn is likely to drive the market in the area.

KEY PLAYERS IN THE GLOBAL DYE-SENSITIZED SOLAR CELLS MARKET

Companies playing a prominent role in the global dye-sensitized solar cells market include 3GSolar, Fujikura Ltd., Solaronix SA, Dynamo AB, Ricoh, Sharp Corporation, Dyesol Limited, Peccell Technologies, Inc., Everlight Chemical, Nissha Co., Ltd., Exeger Operations AB, and Others.

RECENT HAPPENINGS IN THE GLOBAL DYE-SENSITIZED SOLAR CELLS MARKET

• On February 4, 2020, Ricoh Company Ltd. broadcasted the launch of the world's first Solid Dye Solar Cell (DSSC) modules, the RICOH EH DSSC Series. This latest Ricoh innovation can generate electricity from interior lighting and produce new renewable energy to allow electronics to hold a charge.

DETAILED SEGMENTATION OF THE GLOBAL DYE-SENSITIZED SOLAR CELLS MARKET INCLUDED IN THIS REPORT

This research report on the global dye-sensitized solar cells market has been segmented and sub-segmented based on application, type, and region.

By Application

• Portable Charging
• BIPV/BAPV
• Embedded Electronics
• Outdoor Advertising
• AIPV

By Type

• Natural
• Synthetic 

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa