Organic Photovoltaics (OPV) Market Size, Share, Growth, and Industry Growth by Type (PN Junction Structure (P-N Heterojunction) and Dye-sensitized Nanocrystalline Solar Cells (DSSC)) By Application (Consumer Electronics, Wearable Device, Architecture & Building Integration and Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

REPORT OVERVIEW

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global organic photovoltaics (OPV) market size was USD 120.3 million in 2021 and market is projected to touch USD 1552.30 million by 2031 at CAGR 28.9%.

The global COVID-19 pandemic has been unprecedented and staggering, with the organic photovoltaics (OPV) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.   

Organic photovoltaics (OPV) is a type of solar cell technology that uses organic materials to convert sunlight into electricity. These solar cells are made using carbon-based polymers, which can be synthesized using simple chemical reactions. OPV cells are typically lightweight, flexible, and thin, making them suitable for a range of applications, such as building-integrated photovoltaics, portable electronics, and wearable devices.

OPV cells work by absorbing light energy, which causes electrons to be excited and move to a higher energy state. These electrons are then transferred to an electrode, creating a flow of electric current. The most common organic materials used in OPV cells are polymers, small molecules, and carbon nanotubes. 

COVID-19 Impact: The Disruption of the Supply Chain Had an Effect on Market Value 

The market for organic photovoltaics (OPV) has been significantly impacted by the COVID-19 epidemic, among other businesses. Because of the pandemic's disruption of global supply lines, there are now shortages of the raw materials, parts, and machinery required to make OPV modules. This has caused production and delivery delays, which have had an impact on the market's overall supply of OPV modules. 

LATEST TRENDS

"Large-Scale Production and Increased Effectiveness will Stimulate Market Expansion  "

OPV industry is the development of new materials and fabrication techniques that have led to higher efficiency in converting sunlight into electricity. This has made OPV technology more competitive with traditional silicon-based photovoltaics. OPV technology is becoming more viable for large-scale production due to the development of roll-to-roll (R2R) processing techniques. This has made the production process faster and more cost-effective, which could lead to lower prices for OPV modules in the future.

Segmentation

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• By Type Analysis

By type, the organic photovoltaics (OPV) market is segmented into PN junction structure (P-N heterojunction and dye-sensitized nanocrystalline solar cells (DSSC).  

The PN junction structure (P-N heterojunction) segment will dominate the organic photovoltaics (OPV) market in the coming years. 

• By Application Analysis

Based on applications, the organic photovoltaics (OPV) market is consumer electronics, wearable device, architecture & building integration, and others.  

The consumer electronics use segment will lead the global share through 2028. 

DRIVING FACTORS

"Environmental Concerns in Some Regions Will Increase the Market Growth "

One of the main driving factors for the adoption of OPV technology is the growing concern about environmental issues. As OPV modules are made from organic materials, they are considered more environmentally friendly than traditional silicon-based photovoltaics. 

"Increasing Awareness of the OPV Modules will Drive Market Growth  "

OPV modules are thin, lightweight, and flexible, making them suitable for a wide range of applications such as portable electronics, building-integrated photovoltaics, and wearable devices. The flexibility of OPV modules is a major driving factor for their adoption in these applications.   

RESTRAINING FACTORS

"Competition from Conventional Silicon-Based Photovoltaics will Limit Market Expansion  "

The OPV industry faces competition from traditional silicon-based photovoltaics, which have a well-established market and lower production costs due to economies of scale. This has made it challenging for OPV technology to gain market share and achieve economies of scale. However, the recent developments in efficiency and large-scale production techniques are making OPV technology more competitive.  

REGIONAL INSIGHTS

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"North America to Grow at the Highest Organic Photovoltaics (OPV) Market Share During the Forecast Period   "

North America has a strong presence in the OPV industry, with several companies and research institutions engaged in developing and commercializing the technology. This region is a leading market for OPV technology, with several demonstration projects and installations across the country. AS a result, North America is dominating the organic photovoltaics (OPV) market.

The Asia-Pacific region is a growing market for OPV technology, with several companies and research institutions involved in developing and commercializing the technology. with several manufacturers producing OPV modules and panels for domestic and international markets.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio. 

List of Market Players Profiled

• ARMOR Group (UK.)
• AGC(Japan)
• Heliatek (Germany)
• Mitsubishi Chemical (Japan)
• Belectric (Germany)
• Henkel (Germany)
• Sunew (Brazil)
• Advent Technologies Inc. (U.S.)
• Sumitomo Chemical (Japan)
• Toshiba (Japan)
• Heraeus (Germany) 
• BASF (Germany)
• DisaSolar (South Korea)
• EMD Performance Materials (Germany)
• Infinity PV ApS (Europe)
• ENI (Italy)
• Raynergy Tek Incorporation (China)
• NanoFlex Power Corporation (U.S.)
• Solar Windows Technologies (U.S.)
• Mekoprint (Europe)
• KOLON INDUSTRIES, INC. (South Korea)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent organic photovoltaics (OPV) market growth in some regions.