The global organic photovoltaics (OPV) market was worth US$74.17 mn in 2019 and the report suggests that the market will reach US$340.38 mn by 2025, registering a robust CAGR of 28.91%. Photovoltaics is the tool for converting light into electricity using the semiconducting materials that exhibit the photovoltaic effect. They are used over large areas than their inorganic counterparts. QY Research has published a detailed report of the market, titled “Global Organic Photovoltaics (OPV) Market Size, Status, and Forecast 2019-2025,” that provides a comprehensive understanding of the overall market.
Global Organic Photovoltaics (OPV) Market: Drivers
The organic photovoltaics technology is useful to transform solar energy to fully, redefined energy of electricity. The technology has the potential to supply electricity at a lower cost in comparison to the first or second generation solar technologies. The organic photovoltaics have their use in certain electronic gadgets and wearable devices, where the product is designed to operate on solar energy. This technology is widely used in high rises to create use unconventional sources. The rising concern regarding greenhouse gas emissions and carbon footprint have also influenced the market of organic photovoltaics. The growing trend of building green structures is expected to favor market growth along with the aforementioned factors.
Global Organic Photovoltaics (OPV) Market: Segment Analysis
The global organic photovoltaics (OPV) market is segmented on the basis of type and application. In terms of type, the market is segmented as PN junction structure (P-N Heterojunction) and dye-sensitized nanocrystalline solar cells (DSSC). In terms of application, the market is segmented into wearable devices, consumer electronics, architecture and building integration, and others. The architecture and building integration segment has a major impact on global organic photovoltaics market. In addition, the consumer electronics and wearable device industry too supporting the global market growth.
Global Organic Photovoltaics (OPV) Market: Regional Analysis
On the basis of region, the organic photovoltaics (OPV) market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. North America is leading in the global organic photovoltaics market due to growing demand for wearable devices and other electronic products. Asia Pacific is also one of the emerging regions in the global organic photovoltaics market as electricity is one of the biggest industries of this region.
Global Organic Photovoltaics (OPV) Market: The Key Players
The key players studied in the global organic photovoltaics (OPV) market are ARMOR Group, Heliatek, AGC, Belectric, Mitsubishi Chemical, Solarmer, CSEM Brasil, Henkel, Toshiba, Sumitomo Chemical, BASF Heraeus, EMD Performance Materials, and DisaSolar. These leading players are all looking for opportunities to increase their market value through mergers and acquisitions. For example, OPVIUS is merging with ARMOR Group to develop, integrate, and market products pertaining to flexible organic photovoltaic films. This move is expected to create a global leader for organic photovoltaics in the market in the coming years.
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