WELLESLEY, MA--(Marketwired - July 18, 2016) - Silicon-based technologies currently dominate the photovoltaic (PV) industry. BCC Research reveals in its new report that dye-sensitized solar cells(DSC), an emerging third-generation PV technology, demonstrates strong potential as it reaches the commercialization stage with significant production expected during the forecast term.
Dye-sensitized solar cells (DSCs) are gaining attraction due to their potential as low-cost photovoltaic (PV) devices. They are particularly suited for building and automobile integrated PV and portable or indoor light harvesting applications. DSCs show potential due to their low fabrication costs compared with first and second generation solar cells.
The global market for PV is currently dominated by monocrystalline silicon technology as polycrystalline and amorphous silicon with lower tendency. In 2014, silicon-based technologies accounted for 38,500 (megawatts) MW out of 42,000 MW of newly installed power capacity globally.
This trend should continue during the forecast period, although new solar technologies such as copper indium gallium selenide (CIGS) and cadmium telluride (CdTe) are expected to greatly increase production from 2015, and should account for 12,800 MW of installed power production by 2020. In the case of CIGS, this market is expected to achieve a five-year compound annual growth rate (CAGR) of 43.1% between 2015 and 2020.
The growth of DSC technology is expected to be rapid, with a five-year (2015-2020) CAGR of 51.6%, and 10 MW installed in 2014 to 200 MW in 2020. After 2016, many industries will use DSC technology.
The development of a primary supply of clean and sustainable energy is a top global issue. Fossil fuels account for around 85% of global energy demand, with the burning of these resources linked to global warming and climate change. The statistics for increasing energy demand and depleting fossil fuels are alarming. Global energy consumption is expected to increase twofold by 2050, and due to depleting fossil fuel reserves, additional energy demand equal to today's total energy consumption is expected in the next three decades. In 2014 energy consumption was about 15 terawatts (TW), but is expected to rise by another 15 TW by 2050, due to continued industrialization.
Among renewable energy resources, solar energy alone has the potential to meet the world's primary energy demand, which would require covering less than 0.4% of our planet's surface with 15% efficient solar panels. Alternatively, using 25% efficient solar panels, a solar farm with an area of around 400 km by 400 km in the Sahara desert would meet the projected energy demand. Above all, energy derived from sunlight is 200 times more abundant than all other renewable energy resources combined.
"Silicon technologies dominated the PV market in 2014, with about 92% market share, while CIGS technology stood at 2%," says BCC Research analyst Juan Toribio Bueso. "The market is expected to change by 2020 as silicon-based technologies lose market share, to around 81.5%, while CIGS demand will reach to around 13%. DSC, despite its small market share, is expected to have rapid growth in the forecast period, and will likely multiply its production by 15 times."
DSC Solar Technologies: Global Markets (EGY105A) examines advances in solar cell design, their incorporation on flexible substrates, the development of solid state modules, their enhanced stability in outdoor environments, and their scalable fabrication tools and techniques. Global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.