New York, NY -- (SBWIRE) -- 05/01/2019 -- Environmental concerns and the need to save fossil fuels are resulting in the growing use of alternative types of energy, such as solar power. This, in turn, is driving the dye-sensitized solar cells market, as these do the actual work of converting the sunlight into electricity. The sale of such photovoltaic cells generated $28,451.4 thousand revenue in 2017, which is expected to increase to $60,589.4 thousand by 2023, as per P&S Intelligence. It is also being expected that the domain will grow at a 13.2% CAGR during forecast period 2018–2023.

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A dye-sensitized solar cell (DSSC) is a photovoltaic cell, consisting of two oppositely-charged electrodes, a dye, and an electrolyte. The first of the three plates in a DSSC is made from glass, and the second from titanium dioxide, which is immersed in a dye consisting of ruthenium. The third plate is primarily made from platinum, whereas the substrate majorly contains polyethylene terephthalate (PET). Apart from producing solar power, these cells also beautify the structure these are installed on.

BIPVs, portable charging, embedded electronics, BAPVs, solar chargers, outdoor advertising, emergency power in military, AIPVS, wireless keyboards, and others are the various categories under the application segment of the market. Among these, the BIPVs category, which stands for building-integrated photovoltaics, held the highest revenue share (over 20.0%) in the dye-sensitized solar cells market in 2017. BIPVs are primarily installed on the façade, rooftops, ceilings, louvres, and skylights of buildings, either as primary or ancillary sources of electricity.

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As many as 170 countries have already set targets for installing equipment that can generate electricity from alternative sources. Tax credits, subsidies, and financial support are being offered in many countries for the installation of solar cells in commercial and residential settings. As a result, in 2017, nearby 167.0 GW of clean energy was produced across the world. Therefore, it is being expected that with continued government support, the installation rate of solar power plants will increase, which will further bode well for the dye-sensitized solar cells market in the future.

Therefore, we see that the growing installation of BIPVs in buildings in order to produce eco-friendly energy will drive the market for dye-sensitized solar cells steadily.