Dye Sensitized Solar Cell Market Forecasts to 2030 - Global Analysis By Product, Process, Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Dye Sensitized Solar Cell Market is accounted for $155.01 million in 2023 and is expected to reach $397.50 million by 2030 growing at a CAGR of 14.4% during the forecast period. The class of thin-film solar cells that dye-sensitized solar cells (DSSC) are a part of is made of molecularly dyed titanium dioxide nanoparticles and aids in absorbing sunlight. The photo electrochemical system that results from the formation of a semiconductor between a photo-sensitized anode and an electrolyte is the foundation of the DSSC. Moreover, a metal oxide semiconductor and a dye that absorbs light make up this solar cell. The dye is energized by solar radiation and transfers this energy to the metal oxide, which then produces electricity.

According to the International Renewable Energy Agency, the installed capacity of solar photovoltaic (PV) cells in the U.S. stood at 1,614 MW in 2009 and increased to 75,572 MW in 2020. According to the U.S Office of Energy Efficiency & Renewable Energy, by 2030 more than 1 in 7 U.S. homeowners will have solar roof systems.

Market Dynamics:

Driver:

Efficiency in energy use and sustainability

DSSCs are renowned for their energy efficiency, and because of their superior photon-to-electron conversion efficiency, they can produce electricity even in low-light situations. Additionally, their sustainability is what motivates people to adopt them. When switching to cleaner energy systems, DSSCs are a desirable option because they provide a renewable energy source that lowers the carbon footprint. Their low embodied energy, or the ratio of the energy used in their manufacture to the energy they produce over their lifetime, adds to their sustainability profile.

Restraint:

Lower efficiency than silicon solar cells

In terms of energy conversion efficiency, DSSCs have historically lagged behind silicon-based solar cells, primarily because they have lower photon-to-electron conversion rates. This limitation limits their use in large-scale solar installations, where it is crucial to maximize energy output within a constrained footprint. DSSC efficiency is actively being improved by ongoing research, but the path to better performance is not without its challenges. The incorporation of more complex engineering and advanced materials is frequently necessary to increase efficiency, complicating DSSC designs. Furthermore, these developments might result in higher production costs, which might put DSSCs' cost-effectiveness in the shadow of more established solar technologies.

Opportunity:

Wearable technology and consumer electronics

A promising opportunity exists for DSSCs in the growing market for wearable and portable electronics. Due to their lightweight and flexible construction, they can be easily incorporated into consumer goods like smartphones, smart watches, outdoor clothing, and equipment. Moreover, DSSCs can also lessen the frequency with which these devices need to be recharged, improving user convenience and lowering the environmental impact of disposable batteries by extending the life of the batteries in these devices or providing additional power. Consumers and the long-term viability of electronic devices benefit from this.

Threat:

Competition from silicon-based solar cell

The silicon-based solar cells that have long dominated the solar energy market present DSSCs with formidable competition. Due to silicon solar technology's higher energy conversion efficiencies, proven dependability, and economies of scale, it is difficult for DSSCs to capture a sizable portion of the market. Additionally, efficiency is crucial in large-scale solar installations, where DSSCs frequently find it difficult to successfully compete. It's critical to highlight the distinctive benefits of DSSCs, such as flexibility and architectural integration, in order to counter this threat and locate markets where they can succeed.

COVID-19 Impact:

The dye-sensitive solar cell (DSSC) market was significantly impacted by the COVID-19 pandemic in a number of ways. On the one hand, challenges presented by disruptions in global manufacturing and supply chains caused temporary slowdowns in production and distribution. Positively, the pandemic has hastened the switch to renewable energy sources, such as DSSCs, as nations and businesses work to create more resilient and sustainable energy systems. Furthermore, DSSCs, with their potential for architectural integration and decentralized energy generation, gained attention as a component of the solution as awareness of environmental issues grew.

The synthetic dye sensitizers segment is expected to be the largest during the forecast period

During the forecast period, the synthetic dye sensitizers segment is anticipated to hold the largest market share. When compared to natural dye sensitizers, synthetic dyes often have higher efficacy due to their precision control over their properties, stability, and other factors. Because of their chemical structures' adaptability, it is possible to tailor their light absorption and electron transfer characteristics, which boosts DSSC performance. Moreover, synthetic dyes are also less prone to environmental degradation, which can increase the robustness and longevity of DSSCs. As a result, the dominance of synthetic dye sensitizer technology in the market has been influenced by these elements.

The Building Integrated Photovoltaic (BIPV) segment is expected to have the highest CAGR during the forecast period

During the anticipated period, the Building Integrated Photovoltaic (BIPV) segment had the highest CAGR. Direct integration of solar panels into building components and structures, such as roofs, facades, and windows, is known as BIPV. Moreover, this novel method not only produces renewable energy but also improves building aesthetics and lessens construction's carbon footprint. BIPV solutions have gained a lot of traction as the focus on sustainable and energy-efficient buildings has increased, especially in areas encouraging the use of renewable energy sources.

Region with largest share:

In the dye-sensitive solar cell (DSSC) market, North America is anticipated to account for the largest share. This was mainly brought about by increased investments in renewable energy technologies, a rise in the importance of sustainability, and the incorporation of DSSCs into various applications. For architectural integration, portable electronics, and military applications, DSSCs have attracted a lot of interest, particularly in the United States. Also, contributing actively to the creation and innovation of the DSSC were research organizations and businesses in North America.

Region with highest CAGR:

The Asia-Pacific region is anticipated to have lucrative growth during the forecast period. Factors like the region's expanding manufacturing capacities, especially in nations like China and South Korea, where significant investments were made in renewable energy technologies, were the main drivers of this robust growth. Additionally, the adoption of DSSCs in consumer electronics and building-integrated photovoltaics, along with Asia-Pacific's growing awareness of environmental sustainability, contributed to its remarkable growth.

Key players in the market:

Some of the key players in Dye Sensitized Solar Cell Market include: 3GSolar, Ltd., Everlight Chemical Industrial Corp., Exeger Operations AB, Fujikura Ltd., G24 Power Ltd., Greatcell Energy, Merck Group, Nissha Co., Ltd., Oxford Photovoltaics, Peccell Technologies, Inc., Renesas Electronics Corporation., Sharp Corporation, Sinovoltaics Group Limited, Solaris Nanosciences, Sony Corporation and The Ricoh Company, Ltd.

Key Developments:

In July 2023, Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Wolf speed, Inc., the global leader in silicon carbide technology, today announced the execution of a wafer supply agreement and $2 billion (USD) deposit by Renesas to secure a 10 year supply commitment of silicon carbide bare and epitaxial wafers from Wolf speed.

In May 2023, Sony Corporation and Astellas Pharma Inc. today announced that they have entered into a collaborative research agreement to discover a novel Antibody-Drug Conjugate *1 platform in oncology based on Sony's unique polymeric material, "KIRAVIA™*2 Backbone*3." ADC is expected to selectively deliver anti-cancer drugs to target cells, thereby increasing efficacy and reducing side effects caused by anti-cancer drugs attacking normal cells.

In May 2023, Australia's largest solar distributor, OSW, has announced a partnership with Japanese residential PV module manufacturer Sharp, which has more than 60 years of experience in the global solar industry. The new distribution arrangement between the two companies promises to deliver high-quality solar products and services to Australian residents. OSW offers a wide range of solar products, including PV panels, inverters, EV chargers and solar storage options, with six warehouses located across Australia.

Types Covered:

• Natural Dye Sensitizer
• Synthetic Dye Sensitizer
• Other Types

Applications Covered:

• Portable Charging
• Building Integrated Photovoltaic
• Embedded Electronics
• Automotive Integrated Photovoltaic (AIP)
• Building-Applied Photovoltaic's (BAPVs)
• Outdoor Advertising
• Solar Chargers
• Wireless Keyboards
• Emergency Power in Military
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances