The global dye-sensitized solar cells market size generated a revenue of $28,451.4 thousand in 2017 and is predicted to reach a valuation of $60,589.4 thousand by 2023. Furthermore, the market will grow at a CAGR of 13.2% between 2018 and 2023. The increasing requirement for solar energy and the implementation of strict government regulations in several countries regarding the usage of solar modules are the main factors driving the progress of the market.
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The global demand for sustainable and clean power is rapidly increasing, on account of the rising concerns being raised over the escalating carbon emissions, energy security, and the surging abnormalities in weather conditions around the world. With the signs of climate change becoming more prevalent, many governments are increasingly preferring renewable sources of energy such as solar energy over the conventionally used fossil fuels. Dye-sensitized solar cells have the ability to boost the popularity of solar energy in the future.
Geographically, the dye-sensitized solar cells market would register the fastest growth in the Asia-Pacific (APAC) region in the future years, as per the estimates of P&S Intelligence, a market research company based in India. The rising implementation of strict government regulations is predicted to boost the adoption of renewable sources of energy such as solar in the developing countries such as India, China, Vietnam, and Thailand in the coming years.
Thus, it is quite clear that the market will record huge expansion across the world in the coming years, mainly because of the rising popularity of solar energy and the increasing implementation of favorable government policies regarding the usage of solar energy for power generation in several countries around the world.
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