Increasing awareness regarding depleting fossil fuel reserves has resulted in rising dependence on alternative energy sources including solar energy. This in turn is expected to augment organic solar cell demand over the forecast period. Price volatility of fossil fuels is expected to further increase solar energy demand thus impacting organic solar cell market growth.
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Organic solar cells market is expected to witness growth on account of superior characteristics including low production costs for high volumes, high flexibility and cost effectiveness for PV applications. Silicon price fluctuation is expected to be a key factor driving market growth. Furthermore, organic cells can be used as substitutes to silicon cells on account of lower weight and compact size which is expected to augment growth over the forecast period.
Heliatek is a German organic based photovoltaics manufacturer and has a world record for obtaining 12% cell efficiency for opaque organic cells. As of September 2014, the company raised USD 22.5 million investments for organic solar cells from European investors including AQTON SE, BASF, Bosch, eCAPITAL, HTGF, Innogy Venture Capital, TGFS, and Wellington Partners. Heliatek was founded in 2006 and has raised investments over USD 50 million till date. Eight19 Ltd develops plastic organic solar cells and has raised investments amounting to USD 7 million from Rhodia and Carbon Trust. Plextronics’ organic photovoltaic technology is known to achieve 5.4% solar light to power efficiency establishing a world record for single layer organic solar cells. As of 2014, Plextronics declared bankruptcy and was acquired by Solvay.
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