Durable Dye-Sensitized Solar Cells Enhance PV Modules Productivity

A dye-sensitized solar cell refers to a low-cost thin-film solar cell, comprising of a dye, an electrolyte, and electrodes (anode and cathode). This cell can generate power through incident light and improve aesthetics of installation surfaces and buildings. Moreover, characteristics of dye-sensitized solar cells like high durability, flexibility, high performance-to-weight ratio, ease of fabrication process, and low susceptibility to alteration in performance with weather abnormalities are projected to amplify the deployment of these cells in photovoltaic (PV) modules, in the future.

Dye-sensitized solar cells can play a vital role in boosting the demand for solar energy, as these are used to cover facades, ceilings, and rooftops. These factors will assist the dye-sensitized solar cells market to rise from $28,451.4 thousand in 2017 to $60,589.4 thousand by 2023, at 13.2% CAGR during forecast period.

In recent years, governments across the world have introduced several policies to promote the production and adoption of solar energy. The governments are providing subsidies, tax credits, and feed-in tariff, which have helped in brining a price parity between the electricity generated by solar cells and the power generated via conventional energy sources, such as fossil fuels. Besides, competitive bidding is also facilitating the installation of solar panels and amplifying the deployment of PVs, globally. These initiatives will, therefore, support the adoption of dye-sensitized solar cells in the coming years.

According to P&S Intelligence, the Asia-Pacific dye-sensitized solar cells market will display the fastest growth in the foreseeable future. This will be due to the growing regulatory pressure to shift toward renewable energy sources such as solar energy, especially in Vietnam, China, Thailand, and India. Owing to such regulations, high-capacity PV modules will be adopted in these countries, for electricity generation. Moreover, government initiatives and policies directed at reducing carbon and greenhouse gas emissions will boost the adoption of dye-sensitized solar cells in PV modules.

Thus, with the shift toward solar energy, the adoption of dye-sensitized solar cells will boost across the world, in the foreseeable future.

Source: www.psmarketresearch.com