How is Rising Pollution Level Powering Growth Dye-Sensitized Solar Cells Market to Prosperity?
The need for solar energy, on account of the soaring pollution and global warming levels and increasing carbon emissions throughout the world, due to the widespread use of fossil fuels for energy generation, is rising. Dye-sensitized solar cells, owing to their numerous features such as simple construction method and flexible characteristics, are widely used in the generation of solar energy. The other reason behind the surging demand for such devices across the world are the rising government initiatives and policies aimed at promoting the generation of solar power, to make its price reach parity with the power generated from non-renewable sources such as fossil fuels.
In addition to this, the increasing government measures in several countries, such as those aimed toward ensuring competitive bidding, are leading to a massive rise in the deployment of photovoltaics (PVs). Due to these factors, the global dye-sensitized solar cells market is predicted to reach a value of around $60.5 million by 2023, thus witnessing a huge rise from $28.4 million in 2017. The market is expected to progress at a CAGR of 13.2% during the forecast period (2018–2023). A dye-sensitized solar cell is a low-cost, thin-film PV cell consisting of electrodes (anode and cathode), a dye, and an electrolyte. Other than generating power, these solar cells also improve the aesthetics of buildings and installation surfaces.
Dye-sensitized PV cells are used in a plethora of applications, such as portable charging systems, embedded electronics, solar chargers, outdoor advertising, emergency power-producing systems in the military, wireless keyboards, building-applied photovoltaics (BAPVs), building-integrated photovoltaics (BIPVs), and automotive-integrated photovoltaics (AIPVs). Out of these, BIPVs recorded the highest adoption of these instruments in 2017, mainly due to the numerous advantages offered by these cells, such as easier installation, lower weight, and higher performance-to-weight ratio, which enable the easy retrofitting of these cells on rooftops, glazed facades, and ceilings.