The global dye sensitized solar cell market was surpassed at USD 97.5 million in 2021 and is anticipated to grow USD 244.8 million by 2030, growing at a CAGR of 10.77% from 2022 to 2030

Increasing concerns regarding the negative environmental impacts, along with fossil fuel-based electricity generation farms, are projected to drive the global market.

Government authorities in numerous countries have been encouraging to generate power through renewable sources of energy. Favorable government initiatives to promote off-grid solar power farms, mainly in the developed countries of North America and Europe, are also projected to have a positive impact on market growth.

According to Vision Research Report Reports, the global dye sensitized solar cell market size was valued at USD 97.5 million in 2021 and Size to Worth Around USD 244.8 million, at a CAGR of 10.77% from 2022 to 2030.

The embedded electronics application segment was valued at USD 15.5 million in 2021. Thin-film photovoltaics are progressively being used for portable battery charging solutions, which include solar chargers, wireless keyboards, and solar bags, owing to their capability to provide optimal wattage in such applications.

Incentives are being provided by the European government, such as feed-in tariffs, tax relief, and cost subsidies, to promote renewable sources of energy. Moreover, the high cost to performance ratio is estimated to positively influence the market growth. Increasing research and development activities in this field are likely to lead to the commercialization of on-grid dye sensitized solar cell (DSSC) units. Presently, dye sensitized solar cells have high penetration in applications, such as BIPV and portable charging. Increasing concerns regarding pollution caused due to the usage of non-renewable energy sources are expected to boost market growth over the forecast period.

Asia Pacific is estimated to expand at a CAGR of 13.6% from 2020 to 2027. Favorable government initiatives in countries, such as India, Taiwan, and China, to supply power to rural places have encouraged the governing bodies to deploy off-grid systems using renewable sources of energy. Rapid expansion, along with increasing product demand in portable electronic products, including mobile phones and portable chargers, is projected to boost the penetration of dye sensitized solar cells in the region.

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Report Highlights

• The portable charging application segment accounted for the largest share of 33.3% in 2021.


• Application of dye sensitized solar cells in building applied photovoltaics (BAPV) and building-integrated photovoltaics (BIPV) is projected to expand at the fastest CAGR of 13.07% during the forecast period.


• Europe dominated the DSSCs market in 2021 with a share of 39.27%.


• North America emerged as the second-largest regional market in 2021.

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Market Dynamics

Declining manufacturing and installation cost is one of the key growth drivers for dye sensitized solar cells market. Due to their good physical and optical properties such as simplicity in fabrication, transparency and color, and workability in low-light conditions (non-direct sunlight and gray skies), dye sensitized solar cells are becoming popular among end-users.

As far as energy conversion efficiency is concerned, dye sensitized solar cells have high efficacy which makes their commercialization significantly opportunistic over the coming years.

Although a lot of research has been done to make dye sensitized solar cells economically viable, yet, the cost of raw materials for producing dye sensitized solar cells, such as ruthenium, platinum, etc. remains a key challenge for dye sensitized solar cell manufacturers.

The electrolyte solvents used in dye sensitized solar cells are highly volatile as well as harmful to human beings and require to be carefully sealed. Market players and researchers are focused to develop products which can be proven efficient and eco-friendly alternatives to such electrolytes.

Application Insights

Based on applications, the market is segregated as outdoor advertising, portable charging, embedded electronics, BIPV/BAPV, and automotive (AIPV). The portable charging application segment accounted for the largest share of 33.3% in 2021. Rising demand for dye sensitized solar cells in portable charging owing to their capability to provide optimal wattage in such applications is estimated to boost the segment growth over the projected timeframe.

Application of dye sensitized solar cells in building applied photovoltaics (BAPV) and building-integrated photovoltaics (BIPV) is projected to expand at the fastest CAGR of 13.07% during the forecast period. Increasing demand to cater to growing energy needs from residential areas, such as roof-top panels and water heating, is anticipated to drive the application segment over the forecast period.

Numerous developers are working to take the benefit of the ability of dye sensitized solar cells to electrify many off grid-based lighting applications. A variation in low-power user applications is projected to arise in the global market. Initial growth, along with high commercialization of solar-powered small appliances, is projected to drive dye sensitized solar cells demand in the application segment over the upcoming years.

Besides, initiatives taken by the European countries, such as zero energy buildings to decrease carbon footprints, are estimated to boost the demand over the upcoming years. Dye sensitized solar cells' demand across the AIPV application is projected to observe average growth over the projected period. Rising user demand for interior ambient lighting in vehicles is likely to boost energy needs across automobiles.

Cost-effective dye sensitized solar cell units are used in the sectors, such as automotive, to meet energy needs across various regions. Increasing demand for smart automobiles, along with parking supervision arrangements, is likely to propel DSSC demand in automotive integrated photovoltaics applications. The growing automotive integrated photovoltaics market, mostly across North America and Europe, is expected to boost the market growth across the regions.

Regional Insights

Europe dominated the DSSCs market in 2021 with a share of 39.27%. The European Commission aims to decrease the dependence on non-renewable sources by encouraging clean energy projects, which is expected to boost the market growth in the region. Furthermore, the high rate of implementation in BIPV, usage of the latest technologies, and increasing portable electronics applications are projected to steer the demand for DSSCs in the upcoming years.

North America emerged as the second-largest regional market in 2021. In the Middle East and Africa, continuing sizable investments in the development of DSSC will favor market growth as the product provides better performance under high temperature and low irradiance levels.

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