Europe to Lead Global Organic Solar Cells Market due to Favorable Government Policies Prevalent in the Region
The global organic solar cell market is expected to reach US$97.4 mn by 2020. If the figures hold true, the market will exhibit a whopping 21.20% CAGR between 2014 and 2020.
Albany, New York, November 26, 2015: MarketResearchReports.biz announces the addition of a new report to its repository, titled "Organic Solar Cell Market by Application (Building Integrated Photovoltaic, Mobile Application, Conventional Solar and Defense Application) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", illustrating the primary factors impacting the global organic solar cell market's growth. The report pegs the value of the market at US$25.5 mn in 2013. Based on the survey conducted in order to compile the report and the forecasts thus generated.
Organic solar cells help in converting solar energy into electricity. Due to their flexibility, organic solar cells can be easily converted into various shapes and colors, unlike conventional photovoltaic cells. This subsequently makes organic solar cells a preferred choice for several applications focusing more on flexibility and design. Furthermore, governments of several nations offer lucrative tax benefits and subsidies to those engaged in renewable power generation, which consequently results in the growth of the organic solar cells market, states the report. Despite exhibiting strong growth prospects, the market's growth is inhibited by the smaller lifespan and low efficiency of the organic solar cells.
Browse Full Global Organic Solar Cell Market Report with TOC : http://www.mrrse.com/organic-solar-cells
Based on application, the report segments the global organic solar cell market into mobile applications, comprising building integrated photovoltaic, vehicles and portable devices, conventional solar applications, and defense- or military-based applications. Presently, organic photovoltaic cells find increasing usage in building integrated photovoltaic applications. Portable devices find application in mobiles, laptops, tablets, and solar bags. Defense-based organic photovoltaic cells are used as skins on specific military equipment. These organic cells also find usage in vehicles, where they power small electric systems such as stereos fitted within the vehicles.
In terms of the chemical manufacturing companies that contribute the maximum demand generated for organic solar cells, the global market can be segmented into two types. The first type includes large-scale chemical manufacturing companies such as Sumitomo Chemical Co., Ltd., and BASF SE. These companies capitalize on their expertise in the field of chemical manufacturing to manufacture organic solar cells using organic polymers. The second type includes companies such as Solarmer Energy, Inc. and Heliatek GmbH. These companies mostly rely on research labs or other companies for the supply of the necessary raw materials.
Based on geography, the report segments the global market for organic solar cells into Asia Pacific, Europe, North America, and Rest of the World (RoW). Among these nations, Europe holds the leading position, with France, Germany, and the U.K. as the most lucrative markets in the region. Furthermore, European governments offer impressive tax benefits and subsidies to both consumers and producers of renewable power, which make the region lucrative for companies in the organic solar cells market.
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