Polymer Solar Cells Market- Increasing demand for sustainable energy will spur revenue growth

The latest market report published by Credence Research, Inc. “Polymer Solar Cells Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Polymer Solar Cells market was valued at US$ 50.4 Mn in 2018 and expected to reach US$ 234.6 Mn by 2027 at a CAGR of 21.2% throughout the forecast period from 2019 to 2027.

Market Insights

“Increasing demand for sustainable energy will spur revenue growth during the forecast period”

The increasing use of solar panels coupled with cost efficiency in generating electricity in comparison with other sources of energy are factors driving the demand of global polymer cells market. The combination of benefits provided by polymer solar cells including cost efficiency, lightweight, and easy disposability among others are further bolstering the demand of the market. Apart from this the increasing research and development activities in developing solar cells and clean source of energy are further amplifying the polymer cells market growth. The growing demand for sustainable energy is another key trend driving the polymer solar cells market growth. However, degradation during dark & in illumination, and contrasts the silicon inorganic semiconductors based photovoltaics are factors hampering the growth of the polymer solar cells market. Apart from this, there are stability and efficiency issues of polymer solar cells as compared with its other counterparts. These factors are anticipated to hinder the growth of the global polymer solar cells market.

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Industrial Developments

In December 2018, Tata Solar Power bags the prestigious global performance excellence award. The company becomes one of the thirty role model organizations from ten Asia and Pacific Rim Countries those who are recognized for achieving significant milestones in their business excellence journey.

Key Market Movements

In 2018, the global polymer solar cells market was valued US$ 50.4 Mn and is projected to grow to US$ 234.6 Mn by 2027 expanding at a CAGR of 21.2%.
Based on application, the market is classified into BIPV (building integrated photovoltaic), consumer electronics, automotive, defence & emergency, and others.
Out of these BIPV segment is leading the market with major contribution in the revenue share. This can be attributed with increasing adoption and application of polymer solar cells especially in the developed region.
Asia Pacific region is anticipated to dominate the market during the forecast period. This can be associated with rapidly developing building & construction sector in the region

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