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.
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The fastest growth in the adoption of these cells is expected to be observed in the Asia-Pacific (APAC) region in the coming years. This is mainly attributed to the growing utilization of these cells in BIPVs, BAPVs, and portable charging systems, in various countries in APAC. Moreover, the rising number of government policies in India, China, Vietnam, and Thailand, aimed at promoting the generation of solar energy, is predicted to further boost the adoption of dye-sensitized solar cells in the region.
Hence, it can be concluded that on account of the massive rise in global pollution levels and the resultant increase in the production of solar energy, the demand for dye-sensitized PV cells will witness a huge surge in the coming years.