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How is Surging Demand for Energy Driving Dye-Sensitized Solar Cells Market?



The demand for energy has been increasing ever since human beings learned how to make its use for different purposes. At the present time, it can be easily said that the utilization of energy is dominating almost all the aspects of human lives. This increased consumption of energy has deemed the conventional resources of energy insufficient for meeting the surging demand. Moreover, the continuous usage of fossil fuels for generating energy has had an adverse an almost irreversible impact on the environment. Owing to this, the utilization of alternate resources, including solar energy, is increasing rapidly around the world.

This has resulted in a rising demand for dye-sensitized solar cells (DSSC), which are thin-film solar cells that have low-cost, low toxicity, simple preparation methodology, and are easy to produce. DSSCs are further semi-flexible and semi-transparent, which allows a wide range of uses that are not applicable to other rigid photovoltaic systems. These devices are utilized for aesthetic improvement of installation surfaces and buildings and power generation vie incident light. It is due to these factors that the global dye-sensitized solar cells market is expected to generate a revenue of $60,589.4 thousand in 2023, increasing from $28,451.4 thousand in 2017, progressing at a 13.2% CAGR during the forecast period (2018–2023).

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In the past, the European region created the largest demand for DSSCs in the past. However, the demand for these solar cells is expected to rise considerably in Asia-Pacific (APAC), making the region the fastest-growing dye-sensitized solar cells market in the coming years. This is attributed to the increasing adoption of these cells in BAPVs, BIPVs, and portable chargers in the region. In addition to this, the growing regulatory pressure in countries including Vietnam, Thailand, China, and India is also encouraging the adoption of DSSCs in APAC.

The countries in the region are aiming at augmenting their energy generation through renewable resources, including solar energy. The need for decreasing carbon footprints and development of smart cities in the region is driving the demand for DSSCs. China is leading the regional domain in APAC, as the construction industry is growing rapidly along with the increasing adoption of PV modules in the coun ...

News Release: How is Surging Demand for Energy Driving Dye-Sensitized Solar Cells Market?
Submitted on: July 01, 2020 11:17:15 AM
Submitted by: Manish Baghel
On behalf of: https://www.psmarketresearch.com/market-analysis/dye-sensitized-solar-cells-market
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