The Global Market for Bio-photovoltaics (BPV) market is forecast to reach $18.5 million by 2025, growing at a CAGR of 30% during the forecast period 2020-2025. Bio-photovoltaics (BPV) is a type of energy generation technology which leverages biological microorganisms for converting solar energy into electrical energy. Factors such as increasing investment towards development of green energy technology due to rising environmental concerns is analyzed to shift the focus towards biological solar cells. Despite, the dominance of silicon photovoltaics, which produces green energy without causing any environmental concern during its service, the end-of-life solar panels can cause severe pollution and health issues if not properly disposed or recycled.
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Key Takeaways
•Polymer segment is anticipated to have a significant market growth during the forecast period in bio-photovoltaics market due to offering high energy throughput levels with enhanced charging capabilities.
•APAC region is anticipated to mark major growth in the bio photovoltaics market during the forecast period 2020-2025 owing to high investments towards research and development activities along with rising industrial growth causing higher power requirements.
•Rising global energy demands along with environmental regulations or initiatives from the government towards harnessing eco-friendly devices are some of the growth factors towards causing significant share in biophotovoltaics (BPV) market.
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Bio-photovoltaics (BPV) Market Segment Analysis - By Material
Type
Bio photovoltaics (BPV) market is segmented into polymers, perovskite, and others based on material type. The market of polymer-based biophotovoltaics is anticipated to witness a major market growth during the forecast period 2020-2025. Conductive polymers are getting high adoption in bio photovoltaic devices for power generation due to better energy throughput levels. Since the polymers have favorable charge properties, researchers have started shifting towards using high end polymers within bio photovoltaics solar panels or devices to increase the energy utilization process.
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