Dye Sensitized Solar Cell Market Size, Share and Trends 2024 to 2034

Dye Sensitized Solar Cell Market Size and Forecast 2024 to 2034

The global dye sensitized solar cell market size is calculated at USD 161.33 million in 2024 and is expected to exceed USD 512.92 million by 2034, expanding at a CAGR of 12.26% from 2024 to 2034. The increasing demand for aesthetically appealing and advanced solar panels by the commercial and residential sectors is driving the growth of the dye sensitized solar cell market.

Dye Sensitized Solar Cell Market Key Takeaways

• Europe dominated the global market with the largest market share of 38% in 2023.
• Asia Pacific is expected to grow at the fastest CAGR of 13.34% during the forecast period.
• By application, the portable charging segment contributed the highest market share of 38% in 2023.
• By application, the BIPV/BAPV segment will expand rapidly with CAGR of 12.7% during the forecast period.

How Can AI Impact the Dye Sensitized Solar Cell Market?

The integration of AI into the dye sensitized solar cell market plays a significant role in solar generation. Artificial intelligence algorithms analyze meteorological data to predict precise forecasts, improve grid management, and increase solar output. AI also helps in detecting potential hazards through predictive maintenance, it transforms the overall operations of solar panels. Machine learning technology continuously monitors solar installations, and maintenance costs, reducing downtime, while increasing the lifespan of solar equipment. 

• In July 2024, AES Corporation, an American utility and power generation company launched the AI-enabled solar installation robot ‘Maximo’. The robot is specially designed to enhance the efficiency, speed, and safety of solar panel installation.

Europe Dye Sensitized Solar Cell Market Size and Growth 2024 to 2034

The Europe dye sensitized solar cell market size is estimated at USD 61.30 million in 2024 and is expected to be worth around USD 197.47 million by 2034, growing at a CAGR of 12.39% from 2024 to 2034.

Europe dominated the global dye sensitized solar cell market in 2023. The rising growth of the market in the region is owing to the continuous rising investment in the development of solar energy development including the dye sensitized solar cell with aesthetically appealing infrastructure is driving the growth of the market. The regional countries are highly participating in reducing carbon emissions and their footprint in the environment. Additionally, the rising government intervention in energy development and the adaptation of renewable sources of energy in power generation in the region.

• The European Union is planning to expand in Solar PV capacity from 263 GW to almost 600 GW by 2030. Solar energy is one of the significant advancements in the European energy transition.
• The European Union countries aiming to reach almost 600 GW of installation of solar photovoltaic (PV) capacity by 2030, set out by the European Union’s Solar Energy Strategy (European Commission, 2022a) – up from around 263 GW.

Asia Pacific is expected to grow at the fastest rate in the dye sensitized solar cell market during the forecast period. The growth of the market is attributed to the rising demand for the energy and power sector due to the rising population, increasing industrial infrastructure, and urbanization. The rising concern about environmental pollution and increasing carbon footprint due to nonrenewable energy production is driving the adoption of renewable sources of energy such as solar energy installation of the solar cell.

• India ranked 4th in renewable energy installation capacity and 5th in solar power capacity. India aims to set the target at the COP26 of 500 GW of fuel-based energy by 2030.
• The solar energy installation has increased by 30 times in the last 9 years and stood at 92.19 GW as of October 2024. There will be 92.16 GW installation of solar power in the country in 2024.
• The government-sponsored Scheme for Solar Power (Grid) allocated INR 10,000 crore, an enhanced 110% in the Union Budget 2024-25 from the allocated Union Budget of INR 4,757 crore in 2023-25.

Market Overview

The dye sensitized solar cell are the device that is used to convert solar energy into electric energy by using the light-sensitized technology implemented on the wide energy band semiconductor. It is a cost-efficient solution for solar cells belonging to the thin film solar cell group. It is the class of photoelectrochemical cells. It has the capacity for easy scale-up, low production cost, good performance under weak/diffuse light, and can be installed in the windows glass of buildings and flexible substrates.

Dye Sensitized Solar Cell Market Growth Factors

• Increasing urbanization: The increasing economic development across countries causes the rise in urbanization which creates a higher demand for energy generation for the smooth flow of industrial, residential, and commercial workflow that boosts the growth of the market.
• Rising demand from the residential and commercial sector: The increasing construction industry and the number of residential and commercial building projects are heavily adopting solar cells for energy consumption. The dye sensitized solar cell helps in elevating the aesthetics of the buildings and energy demand for the buildings.
• Government participation: The increasing government participation in the expansion of renewable energy sources and the consumption of these sources of energy in the mainstream industries are accelerating the growth of the dye sensitized solar cell market.

Market Scope

Market Dynamics

Driver

Increasing awareness regarding carbon footprint

The rising literacy rate in the global population makes them aware of the environment and pollution level. The rising global warming due to the higher consumption of non-renewable sources of energy is driving the demand for the dye sensitized solar cell market which results in the higher consumption of solar panels for electricity generation with cost-efficient and long-term usage. The increasing adoption of solar panels for electricity generation from the residential as well as the commercial sector contributes to reducing carbon emissions.

Restraint

Temperature stability

The design of the dye sensitized solar cell uses a liquid electrolyte that has limitations in temperature stability, electrolytes can freeze at a low temperature which hampers the efficiency of the devices and hampers the growth of the dye sensitized solar cell market.

Opportunity

Advancements in dye sensitized solar cells

The continuous research and development program in the evaluation of technologies in the dye sensitized solar cell is driving future growth opportunities in the dye sensitized solar cell market. Technological advancements such as semiconductor materials, photoactive dyes, electrolyte design, and tandem configuration help in improving the stability and efficiency of dye sensitized solar cells, and the rising adoption of sustainability solutions in energy consumption.

Application Insights

The portable charging segment dominated the dye sensitized solar cell market in 2023. The growth of the segment is attributed to the rising adoption of portable, smart, and flexible electronic devices are driving the demand for portable charging devices. The dye sensitized solar cells play an important part in the portable charging devices for efficiently charging the electronic applications. The portable charging devices are cost-efficient, flexible, and lightweight which makes them ideal for charging the devices while moving. The rising advancements in portable electronic devices and the increasing penetration of smartphones further drive the demand for dye-sensitized solar cells for utilizing solar energy to charge electronic devices. The increasing penetration of smartphone users drives the demand for efficient power charging systems.

• In September 2024, Worksport Ltd. a leading United States-based innovator and manufacturer of hybrid and clean energy solutions for the overlanding, light truck, and global consumer goods sectors, announced the update of its nano-grid system with the name of “SOLIS & COR.”
• In September 2024, EcoFlow launched the River 3 and River 3 Plus portable Gallium Nitride power stations as the successor part of the River 2 series. This system is compact with a capacity of 245 watt-hours with dimensions of 10 by 8.1 by 4.4 inches with a weight of 7.7 pounds.

The BIPV/BAPV segment will expand rapidly in the dye sensitized solar cell market during the forecast period. The rising adoption of the BIPV/BAPV in residential and commercial buildings for solar energy utilization and the rising concern regarding global warming, increasing pollution levels, and carbon footprint by nonrenewable energy production are driving the adoption of renewable sources of energy. The cost efficiency, the increasing cost of energy, and rising urbanization across the world are driving the demand for electricity and are further driving the demand for BIPV.

• In June 2024, Jackery launched the Navi 2000 Balcony Solar System, providing flexible, mobile, and efficient solutions for home energy storage during IFA 2024 at Showstoppers. These devices are portable and durable aluminum designs and integrated inverters make them ideal for gardens, holiday properties, balconies, tiny homes, and outdoor locations.

Dye Sensitized Solar Cell Market Companies

• Fujikura Ltd.
• Dynamo AB
• Ricoh
• SHARP CORPORATION
• DYESOL COLOR WORKS PVT. LTD.
• Nissha Co., Ltd.
• Exeger Operations AB
• Peccell Technologies, Inc.
• National Institute for Materials Science
• Commonwealth Scientific and Industrial Research Organisation (CSIRO)
• Everlight Chemical Industrial Co.

Latest Announcement by the Industry Leaders

• In September 2024, Sharp announced the launch of new n-type monocrystalline bifacial solar panels utilizing the tunnel oxide passivated contact (TOPCon) cell technology. It can be used in PV systems with a maximum voltage of 1,500 V and operate between -40 C and 85 C.
• In November 2024, CSIRO inaugurated the new USD 6.8 million printing facility which is able to manufacture continuous rolls of flexible solar panels.

Recent Development

• In November 2024, Coatema Coating Machinery, a leading manufacturing equipment provider, launched the product range for perovskite, flexible organic, and dye-sensitized solar cell technologies.
• In October 2024, Jakson Solar Modules and Cells, a subsidiary of the energy and infrastructure solutions conglomerate, Jakson Group, introduces the Helia NXT R series n-type bifacial solar modules in the event of the Renewable Energy India (REI) Expo at India Expo Mart, Greater Noida, Uttar Pradesh, India.

Segments Covered in the Report 

By Application

• Portable charging
• BIPV/BAPV
• Embedded electronics
• AIPV
• Outdoor advertising
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa