Plastic Solar Cell Market Is Expected to Reach $386.34 Million by 2026: At 88% CAGR
15 May 2020
Portland, May 07, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic solar cell market was estimated at $2.40 million in 2018 and is expected to hit $386.34 billion by 2026, registering a CAGR of 88.0% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for plastic solar cells in an electronic industry, increase in government initiatives and support toward renewable source of energy, and surge in demand for energy in remote areas augment the growth of the global plastic solar cell market. On the other hand, conversion efficiency of PV system technology hampers the market growth to some extent. However, research and development in solar cell technologies, and emerging new technologies in manufacturing process of plastic solar cell are expected to create an array of opportunities in the industry.
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The plastic solar cell market has been the worst hit by COVID-19 globally. Based on the government restrictions, and WHO guidelines the companies have stopped their manufacturing processes. The global lockdown has impacted the suppliers and distributors as well to halt their services. This impact hampered the growth of the market to a certain extent.
The plastic solar cell market is segmented on the basis of type, application, end user, and region. Based on type, it is categorized PN junction structure (PN heterojunction) and dye-sensitized nanocrystalline solar cells. The PN junction structure segment contributed to more than three-fifths of the total market revenue in 2018, and is anticipated to rule the roost by the end of 2026. Whereas, the dye-sensitized nanocrystalline segment is projected to manifest the fastest CAGR of 94.2% throughout the forecast period.
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By application, the market is segmented into solar panel, hydrogen powered car, wireless devices, and others. The disposable solar panel segment accounted for more than half of the global market share in the year 2018, and is expected to dominate during the study period. At the same time, the hydrogen powered car segment would portray the CAGR of 97.7% till 2026.
By geography, Europe held the lion’s share in 2018, accounting for more than two-fifth of the total market share and is anticipated to lead the trail from 2019 to 2026. Simultaneously, LAMEA would showcase at the fastest CAGR of 90.5% during the period. The report also analyzes the market across Europe and LAMEA.
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The key market players analyzed in the global plastic solar cell market report include Applied Materials., Bright Source Energy Inc., eSolar Inc., Gintech Energy Corp., Abengoa Solar S.A., Acciona Energia S.A., Konarka Technologies.,Tata Power Solar Sunpower Corporation, and Canadian Solar Inc.,.These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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