Polymer solar cells are flexible products comprising polymers and large molecules of persistent structures, which play a key role in generating electricity using sunlight.
Polymer solar cells produce electrical energy, by passing solar energy through the photovoltaic effect process. Photovoltaic cells have become a favorable option since they help to convert solar energy into electrical energy, by deploying solar cells.
Rising need to replace fossil fuels with alternate energy sources in a bid to decrease the carbon dioxide concentration has fueled the demand for polymer solar cells.
Polymer solar cells are manufactured by combining crystalline silicon with metals such as cadmium and germanium and are flexible and are easy to fabricate.
Polymer solar cells are disposable and lightweight products. They offer increased customization at the molecular level and are eco-friendly, as compared to other products.
Increasing demand for solar panels globally and rising need for clean energy in electricity generation is also propelling the polymer solar cell demand and fueling the growth in the overall market.
Increasing Need to Construct Eco-Friendly Buildings Expected to Propel Polymer Solar Cell Demand
Leading players in the real estate market are also focussing on constructing eco-friendly buildings. These buildings are expected to depend on renewable energy sources extensively, leading to an increase in demand for polymer solar cells and positively impacting the growth in the polymer solar cells market.
Polymer solar cells are cost-effective and as a result, can be purchased by manufacturers in large quantities.
Other factors such as rising population in several economies worldwide and growing infrastructure development could help bolster the demand for polymer solar cells, too.
Government initiatives and regulations, promoting the use of renewable energy sources to generate electricity could also positively impact the polymer solar cells market.
Other government measures such as subsidies on renewable energy sources could help fuel polymer solar cell demand and, in turn, propel market growth.
A few polymer solar cells that are available include doubled layered polymer cells, dye-synthesized polymer cells, and bulk heterojunction cells.
COVID-19 Pandemic Dents Growth in Polymer Solar Cells Market
The outbreak of the COVID-19 pandemic adversely affected the growth in the overall polymer solar cells market. With governments imposing lockdowns and strict social distancing regulations, manufacturing facilities were forced to shut down temporarily or permanently.
Regional boundaries between adjoining countries were also closed which impacted demand and product supply. These aspects negatively impacted the growth in the overall polymer solar cells market.
While polymer solar cells have been deployed in several industries, they still have their disadvantages, which could affect market growth.
High Costs Incurred in Purchasing Silicon Could Negatively Impact Polymer Solar Cell Production
High-quality polymer solar cells required highly purified silicon materials, which are expensive to purchase and increased the overall costs, incurred in manufacturing the product.
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Polymer solar cells cannot be used for long periods and tend to degrade when exposed to the dark and in high illumination.
These cells also have low thermal stability and efficiency, which could negatively impact product demand.
Polymer solar cells have been found to have lower power conversion efficiency than silicon power cells and this aspect could lead to reduced product demand.
Despite several benefits, industries are still opting to use fossil fuels in various processes, leading to reduced demand for polymer solar cells.
Research and development undertakings to produce improved quality of products that would meet customer requirements could be a key growth strategy for prominent market players.
Growth strategies such as novel product launches could help well-established players gain a competitive edge over the other players.
Collaborations with smaller players could help well-known players expand their market presence and increase their revenue shares.
In November 2020, Heliatek GmBH announced the installation of their new solar panel in Tokyo in Japan, in collaboration with Loop Inc., and Ritsumeikan University.