The organic photovoltaics (OPV) industry is set to experience a near-sixfold increase in size over the next five years, according to a new report from industry analysts NanoMarkets. The report, titled Materials, Applications and Opportunities in Organic Photovoltaics, claims that OPV, which is expected to generate revenues of US$56 million in 2011, will be worth US$387 million by 2016.
Since NanoMarkets issued its last report on OPV in 2010, not only has its performance efficiency been transformed but there has been a growing realisation that, as a niche technology, OPV should shift its focus towards smaller sectors in the solar industry; it is forecast that the portable power and BIPV glass sectors will account for US$250 million and US$113 million of the OPV industry by 2016.
NanoMarkets believes the interest in and growth of the sector will be facilitated by an improved supply of materials. This materials market alone will grow in size to US$200 million by 2016, with half of these revenues coming from encapsulation and substrate materials.