The market for organic electronics could enjoy a compound annual growth rate (CAGR) of 29.5% between now and 2020, propelling the industry to a global worth of $79.5 billion, finds a report by Allied Market Research.
The report, titled Global Organic Electronics Market Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020, predicts that organic displays will drive the market, accounting for two-thirds of growth as organic LED (OLED) displays on laptops, tables and TVs become more commonplace.
Organic PV (OPV) will be a tertiary market driver, particularly as costs for dye sensitized solar cells (DSSC) continue to fall. The lucrative CIGS market is also set to benefit from increased adoption of OPV techniques, adds the report, and will account for 94.6% of the OPV market by 2020.
However, after organic displays, organic system components will compose the second-largest segment of the organic electronics market, generating approximately 20% of revenue by 2020.
Worldwide, the evolution of organic electronics will be driven by the Asia Pacific region, which will account for 63.5% of all expenditure in the sector by 2020. Europe will also prove lucrative, finds the report, nurturing a market worth $9.6 billion by 2020, with a CAGR of 35.9%.
Increased spending in R&D will help accelerate the sectors deployment and improve efficiencies and cost, allied to better government support that will seek to incentivize the development of organic materials to be used in electronics, particularly for use in energy such as solar PV.
Key companies highlighted in the report as likely to lead the transition include Fujifilm Dimitax, Bayer Materialscience AG, Heliatek, Evonik and BASF Materialscience AG.
Efficiencies in OPV have been increasing steadily within the industry over the past 24 months, with pioneers such as Oxford PV achieving conversion efficiencies of up to 20% on existing silicon solar cells via the application of thin film perovskite technology. In absolute terms, such efficiencies equate to increases of 3-5%, which is encouraging and, based on the exponential increases achieved in a short space of time, suggest market-changing efficiencies could become a reality within five years.
One potential hurdle for the wider adoption of OPV technology is a reluctance on the part of architects and town planners to give greater consideration to building integrated photovoltaics (BIPV). OPV creations are ideal for embedding directly into new buildings, and are beginning to make inroads into the automotive sectors.