• Stacy Lawlor

Global Polymer Photovoltaic Cell Market Size to grow USD 1533.4 Mn in 2028.

The Global Polymer Photovoltaic Cell Market Size was valued at USD 698.2 Mn in 2021. The market is projected to grow USD 1533.4 Mn in 2028, at a CAGR of 25.6%.

Global Polymer Photovoltaic Cell Market Size to grow USD 1533.4 Mn in 2028.

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Electrical energy is a basic requirement, and demand is growing all around the world. Also, the demand for a renewable energy source has grown in importance, and solar energy, which is renewable and backed by the government's ambitious green energy ambitions has become a major attraction for investors.


COVID-19 ANALYSIS


The global polymer photovoltaic cell market is negatively impacted with the outbreak of COVID-19. The drop in commercial and other industrial operations as a result of the pandemic is expected to stymie the expansion of the polymer photovoltaic cell sector. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Shipments of raw materials, as well as revenue produced have fallen. Furthermore, insufficient raw material supply will limit the xx rate of polymer photovoltaic cell, influencing the management of the solar cell supply chain. Many industries in the market have been compelled to halt operations because to the epidemic, in order to comply with government laws such as social distancing. As a result, global 3D photovoltaic cell business conditions have become insecure.

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Growing government initiatives and an increase in green building development are driving polymer solar cell use and, as a result, the worldwide polymer solar cell market. Rising awareness of renewable energy sources has resulted in increased use of renewable energy, which is another factor driving the growth of the polymer solar cells market. Other factors include market expansion by various key manufacturers to capitalize on new opportunities, increased focus on technological development, improved efficiency of polymer photovoltaic cells, rise in the electronic and electrical industry, boosting the use of polymer solar cells, expanding automobile industry presenting huge opportunities for solar cells, expanding construction industry where solar panels are encouraged on new buildings and developments, and expansion of the construction industry where solar panels are encouraged on new buildings and developments.


Countries all around the world are developing various solutions to combat climate change as part of their targets to reduce greenhouse emissions in the next years. Solar energy's contribution of the country's electricity output is predicted to rise from 2% in 2018 to 20% in 2030 in the United States. Polymer solar cells have the potential to replace present silicon PV technology, mainly in industrialized countries where new technology adoption takes less time than in poor countries, due to rapid advances and technological advantages over silicon PV.


The bulk heterojunction segment has dominated the market share of the global polymer photovoltaic cell market in 2020 owing to the higher conversion efficiency and easier fabrication due to the considerably extended D/A interface. The printing held the largest market share in 2020 of the global polymer photovoltaic cell market attributing to the advent of solar cells on flexible and bendable substrates, the printing method has become a common tool for producing these devices. The industrial is categorized into building integrated photovoltaic, automotive, consumer electronics, aerospace & defense & others. The building integrated photovoltaic segment is dominated the market share in 2020 owing to its numerous benefits like availability of efficient light weight transparent devices and multifunctional as they can be adapted to a variety of surfaces (e.g. roofs, windows, walls) as an integrated solution, providing both passive and active functions.

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Asia Pacific region is dominating the market share of global polymer photovoltaic cell market owing to the growing number of consumer electronics industry and huge population around the region. China is the leading producer of solar energy by installing 306 GW of photovoltaic (PV) capacity in 2020. The Chinese government have hugely subsidized on domestic solar projects enabling China’s solar energy capacity to rise gradually. For instance, in February 2022, according to Reuters, China is planning to add 75 to 90 GW of solar power in 2022.


KEY INDUSTRY DEVELOPMENTS:


December 2021- Rocket Lab is focusing on the acquisition with the emerging manufacturer of solar panels to further diversify the space launch company’s portfolio of components.


October 2021- Reliance New Energy Solar has acquired REC Solar Holdings (REC Group) from China National Bluestar (Group) with the value of $771 million.


June 2021- Two U.S. solar panel technology innovators namely, 1366 Technologies and Hunt Perovskite Technologies are planning to merge to form CubicPV. And after that, the company is aiming for the partnership with a local Indian firm and plans to set up a 2GW solar wafer and cell manufacturing unit.


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https://extrapolate.com/Chemicals-and-Advanced-Materials/polymer-photovoltaic-cell/25656

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