Anew Transparency Market Research report states that the global organicsolar cell market stood at US$25.5mn in 2013 and is predicted to reach US$97.4 mn by 2020. It is expected to riseat a remarkable CAGR of 21.20% between 2014 and 2020. The title of the reportis “OrganicSolar Cell Market - Global Industry Analysis, Size, Share, Growth, Trendsand Forecast, 2014 - 2020”.Organic solar cells present a wayfor converting solar energy into electric energy and are advantageous incomparison with conventional solar cells owing to the fact that they can beconverted into various colors and shapes very easily.
This makesthem a preferred choice in applications demanding flexibility and design overefficiency. Furthermore, tax benefits and subsidies provided by variousgovernments in favor of renewable power generation augments the growth of themarket for organic solar cells. On the other hand, the reduced lifespan anddecreased efficiency of organic solar cells are the two prime factorsrestraining the growth of the market for organic solar cells.
On thebasis of application, the organic solar cell market is segmented into mobileapplications, including vehicles and portable devices, building integratedphotovoltaic, defense or military-based applications, and conventional solarapplications. At present, organic solar cells are majorly used in buildingintegrated photovoltaic applications. The portable devices in mobileapplications include laptops, tablets and mobiles, and solar bags, amongothers. In defense applications, organic solar cells are utilized as skins onmilitary equipment. They are also used in vehicles for powering smallerelectrical systems, such as stereos, within vehicles.
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On thebasis of chemical manufacturing companies, the organic solar cell market issegmented into two types of companies. The big chemical manufacturing companiesare the first type and includes BASF SE and Sumitomo Chemical Co., Ltd. Thesecompanies utilize their expertise in chemical manufacturing for making theorganic polymer utilized in the manufacturing of organic solar cells. Thesecond type of companies are the small manufacturing companies, includingSolarmer Energy, Inc. and Heliatek GmbH. These companies rely on othercompanies and research laboratories for supplying raw materials.
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Onthe basis of geography, the organic solar cell market is segmented into Europe,Asia Pacific, North America, and Rest of the World (RoW). Amongst these, Europeled the market, as the market is dominated by companies in Germany, the U.K.,and France. These companies benefit from the expeditiously rising solar powermarket in Europe. Additionally, the high number of subsidies and tax benefitsprovided by European governments to the manufacturers and consumers of solarpower devices is also augmenting the demand for organic solar cells in thisregion. On the other hand, the Asia Pacific organic solar cell market isdominated by the presence of large companies in Japan.BELECTRIC OPV GmbH, NewEnergy Technologies, Inc., Mitsubishi Chemical Corporation, and Disa Solar,among others, are the prominent companies in the global organic solar cellmarket.
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