The natural photovoltaic industry is seeing business gains as interest for eco-accommodating photovoltaic innovation is on the ascent. Natural sun based cells are profitable over their ordinary partners as they can be changed into various shapes and hues. This settles on them the favored decision for applications that attention on plan and adaptability over proficiency. Besides, appropriations and tax cuts gave by different governments to the utilization of sustainable power source is increasing the development of natural sun powered cells showcase. Then again, littler life expectancy and low effectiveness of natural sun powered cells are two central point controlling the development of this market. What’s more, the beginning period of the photovoltaic business includes high capital venture for the innovative work of new items.
However, research organizations and companies are striving to develop organic solar cells that have the same attributes as conventional solar cells in terms of efficiency. This is expected to translate into growth opportunities for this market. The global market for organic solar cells was valued at US$25.5 mn in 2013 and is estimated to reach a valuation of US$97.4 mn by the end of 2020 expanding at a phenomenal CAGR of 21.20% between 2014 and 2020.
In terms of application, the global market for organic solar cells is segmented into mobile applications, defense or military-based applications, building integrated photovoltaic, and conventional solar applications. Of these, building integrated photovoltaic presently accounts as the leading application segment in the organic solar cells market. The mobile applications of organic solar cells include portable devices such as laptops, solar bags, tablets, and mobiles among others. They are also installed in vehicles to provide power to smaller electrical systems such as music systems. The defense applications of organic solar cells involve their use over the surface of small military equipment.
By chemical manufacturing companies, the organic solar cell market is divided into two types of companies. The first type comprises large chemical manufacturing companies such as BASF SE and Sumitomo Chemical Co, Ltd. that use their chemical manufacturing expertise for the development of base material that is used in the manufacture of organic solar cells. The second type is small manufacturing companies such as Solarmer Energy Inc.