New York, NY -- (SBWire) -- 12/09/2016 --Dye sensitized solar cells offer a reliable alternative option to current p–n junction photovoltaic devices with better technical and economic characteristics. Dye sensitized solar cells are gaining traction over traditional solar cells produced by silicon materials, for they are thinner, flexible, less expensive and more adjusting to varying lighting conditions. Due to growing energy demand and depleting conventional energy resources, investment thrust towards renewable resources is building up. With silicon photovoltaic reaching its stage of maturity, the solar power industries are expected to focus on the manufacture and installation of dye sensitized solar cell modules. Owing to their enhanced techno-economical characteristics, supported by need to revolutionize energy generation from non-conventional resources, market for dye sensitized solar cells is expected to increase at a significant growth rate over the forecast period (2016–2026).

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.

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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.