Asia-pacific Organic Solar Cell (OPV) Market – Industry Trends and Forecast to 2030

Asia-pacific Organic Solar Cell (OPV) Market Analysis and Size

The Asia-Pacific organic solar cell (OPV) market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 11.8% in the forecast period of 2023 to 2030 and is expected to reach USD 210,114.83 thousand by 2030. The major factor driving the growth of the organic solar cell (OPV) market is the rising popularity of organic solar cell (OPV) products among the organic solar cell, and growing awareness regarding the properties of the organic solar cell (OPV) products.

Organic solar cells (OSCs), which are categorized as third-generation solar cells using organic polymer material as the light-absorbing layer, are one of the newest photovoltaic (PV) technologies. Organic photovoltaic (OPV) solar cells seek to offer a low-energy-production and earth-abundant photovoltaic (PV) solution.

The Asia-Pacific organic solar cell (OPV) market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.

Market Definition

Organic solar cells or organic photovoltaics refer to multilayer photovoltaic devices made with organic compounds, converting solar energy into electricity. An organic solar cell is manufactured using carbon-based material and organic electronics instead of silicon as a semiconductor. Organic cells may also be referred to as plastic solar cells or polymer solar cells; compared to crystalline silicon solar cells, organic solar cells are made from compounds that can be dissolved in ink and printed onto plastics. This gives the organic solar cells the attribute of flexibility, lightweight and easy incorporation in places or structures, among others.

Organic solar cell technology is still developing. The power conversion efficiency of the organic solar cell does not match the efficiencies achieved by inorganic silicon solar cells. But the OPVs showcase a wide range of potential applications, and it might not be long before they become the commonly used technology. OPVs are easy to manufacture compared to inorganic solar cells and cheap to produce, and physically versatile. The working principle of organic solar cells is just like that of monocrystalline and polycrystalline silicon solar cells. They generate electricity through the photovoltaic effect in three simple steps, such as:

• Electrons are knocked loose from the semiconducting polymer material when light is absorbed
• The flow of the loose electrons constitutes an electric current
• The current is captured and transferred to wires

The OPV’s versatility can be attributed to the diversity of organic materials designed and synthesized for the absorber, acceptor, and interfaces. Organic solar cells find applications in automotive, rooftop panels, building-integrated photovoltaics (BIPV), consumer electronics, and others.

Asia-Pacific Organic Solar Cell (OPV) Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increasing awareness towards the use of renewable energy for power generation

The continuous growth in the population, and the increasing flourishment in the industrial sector, coupled with growth in infrastructure development, which is leading to a significant increase in the demand for electricity Asia-Pacific. Countries are investing heavily in power-generating resources by installing new power plants to meet the energy demand for unhindered development. This has led to increased pollution and environmental hazards. As the focus is shifting towards climate conservation, there is an increase in the adoption of renewable energy sources for power generation and harnessing solar energy for electricity is one of the leading technology Asia-Pacific.

• Surge in demand for building integrated photovoltaic products (BIPV)

Building integrated photovoltaics (BIPV) refers to materials that are utilized for building to replace the conventional building materials in the roofs, skylights, and facades, among others. With BIPV, the buildings have an outer layer of the structure that also generates electricity for on-site use or export to the grid. The BIPV applications are often for commercial and industrial buildings. The use of OPVs has significant advantages over silicon solar cells as they result in cost reduction. They are lightweight, flexible and visibly transparent. This has resulted in growth in the adoption of organic photovoltaics as material in BIPV applications.

Organic photovoltaics are thin-filed and flexible and can be integrated into the sides of buildings, replacing conventional glass windows; this offers a large available area for solar energy absorption. OPC skylights are integrated using ultra-thin organic solar cells, which allow daylight to penetrate while simultaneously generating electricity.

Opportunities

• Increasing applications in DIY projects and gadgets

Recent years have witnessed extensive research in the development of organic solar cells for increasing efficiency and making organic solar cells more flexible and thin. The results achieved are commendable. The researchers are able to achieve a power conversion efficiency (PCE) in excess of 10%. The recent developments have led to the advancement in flexible nature, mechanical bending stability and good conformability. This has led to applications of organic solar cells in applications such as power generation in wearable electronics and small projects.

There is an increasing demand in the market for portable and wearable future electronic devices, such as smartwatches or biometric sensors, which employ lightweight, flexible and efficient power generation resources. This has opened up exciting opportunities for organic solar cells as next-generation power supply resources due to their desirable properties. As a result, many research activities to further develop organic solar cells to increase their PCE and flexibility are undertaken Asia-Pacific.

• Increasing government focus on climate change

Asia-Pacific warming driven by human-induced emission of greenhouse gases and shifts and changes in weather patterns owing to the constants altered ecosystem is resulting in accelerated climate changes in every region Asia-Pacific. It is not slowing down and has an immense impact on human well-being and poverty around the globe. According to The World Bank, climate change may push up to 132 million people towards poverty. There is a movement throughout the world, and the major governments are realizing and acting toward adopting and combating measures to avoid further harm to the world's ecosystem.

Restraints/Challenges

• Higher setup cost of OPV systems

There has been a strong focus on accelerating the adoption of solar electric systems, such as organic photovoltaic systems, for developing building integrated photovoltaic systems. But despite these efforts, the inculcation of BIPV (building integrated photovoltaic) design with the building design is less as compared to the buildings with rack-mounted organic solar cell systems. This adds to the increased cost of integration of design pre-implementation. This proves to be a significant restraining factor to the market.

Though the adoption of renewable energy is encouraged and is thus increasing with increasing focus on climate change, solar adopters are seen to be skewed in most regions of the globe. This skewness is attributed to the income of the people.

• Low-efficiency rates of organic solar cells

The power conversion efficiency in a solar cell refers to the fraction of light energy the cell is able to convert to electricity. There is a growing opportunity for the adoption of organic solar cells as they provide flexibility and can conform to any surface, such as the roof of a car or on the outside of wearable electronics. The major challenge which has impeded the technology’s commercialization is the relatively low power conversion efficiency as compared to the efficiency provided by the inorganic silicon solar cells.

Recent Development

• In January 2023, Novaled GmbH was announced that they won the award of "Corporate Health Excellence Award" in 2022. This will help the company to be recognized better among the competitors.

Asia-Pacific Organic Solar Cell (OPV) Market Scope

The Asia-Pacific organic solar cell (OPV) market is categorized based on type, material, application, physical size, and end user. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Type

• Bilayer Membrane Heterojunction
• Schottky Type
• Others

On the basis of type, the Asia-Pacific organic solar cell (OPV) market is classified into three segments Bilayer Membrane Heterojunction, Schottky Type, and others.

Material

• Polymer
• Small Molecules

On the basis of material, the Asia-Pacific organic solar cell (OPV) market is classified into two segments Polymer and Small Molecules.

Application

• BIPV & Architecture
• Consumer Electronics
• Wearable Devices
• Automotive
• Military & Device
• Others

On the basis of application, the Asia-Pacific organic solar cell (OPV) market is classified into six segments bipv & architecture, consumer electronics, wearable devices, automotive, military & device, and others.

Physical Size

• More Than 140*100 MM Square
• Less Than 140*100 MM Square

On the basis of physical size, the Asia-Pacific organic solar cell (OPV) market is classified into two segments more than 140*100 MM square and less than 140*100 MM square.

End User

• Commercial
• Industrial
• Residential
• Others

On the basis of end user, the Asia-Pacific organic solar cell (OPV) market is classified into four segments commercial, industrial, residential, and others.

Asia-Pacific Organic Solar Cell (OPV) Market Regional Analysis/Insights

The Asia-Pacific organic solar cell (OPV) market is segmented on the basis of type, material, application, physical size and end user.

The countries in the Asia-Pacific organic solar cell (OPV) market are Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia, and the rest of Asia-Pacific. China is dominating the Asia-pacific organic solar cell (OPV) market in terms of market share and market revenue due to the growing technologies of organic solar cell (OPV) products in this region.

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Asia-pacific Organic Solar Cell (OPV) Market Share Analysis

The Asia-pacific organic solar cell (OPV) market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the Asia-pacific organic solar cell (OPV) market.

Some of the prominent participants operating in the Asia-pacific Organic solar cell (OPV) market are Eni S.p.A, TOSHIBA CORPORATION, ARMOR, Tokyo Chemicals Industry Co. Ltd, Merck KGaA, Alfa Aesar, Thermo Fisher Scientific, Heliatek, Solarmer Energy Inc., SUNEW, Epishine, Lumtec, Borun New Material Technology Co., Ltd, Novaled GmbH, Ningbo Polycrown Solar Tech Co, Ltd, SHIFENG TECHNOLOGY CO., LTD., Solaris Chem Inc., MORESCO Corporation, NanoFlex Power Corporation, and Flask, among others.

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