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ALBANY, N.Y., April 22, 2022 (GLOBE NEWSWIRE) — The global organic solar cells market registered a value of US$ 97.4 Mn in 2020. The global market is likely to rise at a CAGR of 21.2% during the forecast period, from 2021 to 2031. The global organic solar cells market is estimated to attain valuation of US$ 807.39 Mn by 2031. Organic solar cells, unlike traditional solar cells, utilize organic or carbon substances rather than silicon. Organic solar cells are becoming more common due to breakthroughs in molecular engineering and nanotechnology. Organic solar cells are becoming increasingly popular, owing to their numerous advantages. In the future years, this aspect is expected to contribute to the growth of the global organic solar cell market. Organic solar cells with the same effectiveness as conventional solar cells are being developed. This is anticipated to result in increased market growth prospects.
As demand for environment-friendly solar technology grows, the organic photovoltaic field is likely to observe increasing commercial growth. Organic solar cells provide a number of advantages over conventional solar cells, including the ability to be changed into various colors and shapes. As a result, they are being considered most suitable for applications that prioritize flexibility and design over performance. In addition, tax benefits and subsidies offered by several governments for the usage of renewable energy are likely to boost revenue opportunities in the global organic solar cell market.
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Globally, rapid industrialization, urbanization, and population growth necessitate adequate electrical supply. Different governments are centering their efforts on generating energy from renewable sources. Market participants are looking for ways to meet the growing demand for organic solar cells from customers all around the world. The global organic solar cell market is also boosted by technological improvements in photovoltaics and the growth of solar plants in developing nations.
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Global Organic Solar Cell Market: Growth Drivers
Global Organic Solar Cell Market: Key Competitors
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Global Organic Solar Cell Market: Segmentation
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