Biophotovoltaics Market - Forecast(2023 - 2028)

Report Code: EPR 0028 Report Format: PDF + Excel

Bio-photovoltaics (BPV) Market Overview

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. Owing to this the scientist are marching towards development of fully green energy technology such as the bio-photovoltaics, which will not have serious concerns at the end-of-life on the environment

Bio-photovoltaics (BPV) Market Report Coverage

The report: “Bio-photovoltaics (BPV) Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Bio-photovoltaics (BPV) Market.
By Material Type: Polymers, Perovskite, Others
By End Users: Residential, Commercial, Industrial
By Geography: North America (U.S, Canada and Mexico), South America (Brazil, Argentina and Rest of South America), Europe (U.K, Germany, Italy, Spain, Netherlands,France and Rest of Europe), Asia Pacific (China, Japan, India, South Korea,Australia and Rest of APAC),RoW (Middle East and Africa)

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 bio-photovoltaics (BPV) market.

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 bio-photovoltaics 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. Moreover, such photovoltaic materials offer high purity and thick absorbing layers capable of tapping more amount of solar energy for conversion. Researchers have also developed various polymers to be used in solar PV devices which can offer optimized power density and efficiency levels. Such factors are poised to create high adoption of polymers within bio photovoltaic systems in the future

Bio-photovoltaics (BPV) Market Segment Analysis - By Geography

Asia Pacific is anticipated to have a significant growth in the global bio-photovoltaics (BPV) market during the forecast period 2020-2025 owing to the high investments towards research and development activities towards exploration of bio-photovoltaics (BPV) technology for various potential applications  in the region. In 2019, the researchers of Institute of Microbiology of the Chinese Academy of Sciences had announced the development of a novel bio-photovoltaics system based on a synthetic microbial consortium with constrained level of electron flow. Moreover, this BPV system offers capability of generating power density of about 150 mW within a temporary setup which is comparatively higher than BPV devices with conventional configurations. Such advancements are also helpful with significant contribution towards the market growth across the region.

Bio-photovoltaics (BPV) Market Drivers

Increased usage of renewable materials for developing bio-photovoltaic systems

The rising adoption of renewable products for developing bio-photovoltaic systems has been acting as a one of the major driving factors boosting the growth of bio-photovoltaics market. Due to various commercial as well as industrial requirements, there is high demand towards making the energy extraction and manufacturing process more efficient without causing harm to the environment and reducing the need towards conflict materials. Usage of renewable products will act beneficial while trapping solar energy with higher potential, thus minimizing the environmental impacts. As a part of this, Researchers of UC Riverside announced their attempts towards developing a bio photovoltaic device using renewable carbon by integrating graphene hybrids as well as a phototrophic protein named bacteriorhodospin in 2018. Usage of this protein will help in providing better potential while converting solar radiations into electricity naturally within limited environmental impact. Moreover, integration of carbon nanomaterials for manufacturing bio photovoltaic devices will also help towards increasing the power conversion rates, alongside making it a better alternative across various demanding applications.

Improvements in Power Supply for Very and Ultra Low Power Devices

Growing technological advancements towards improvement of charging and power supply for very as well as ultra-low voltage devices is poised to serve as one of the major growth factors for the bio-photovoltaic market. Since there is wider adoptability of systems which are capable of eliminating the need for immediate usage of solar energy generated for high and medium power applications, the demands for bio-photovoltaic systems is set have more traction for low and ultra-low power applications during the forecast period. Moreover, substitution of conventional silicon-based PV, with microbes-based bio-photovoltaics with high throughput for low and medium power applications is set to gain momentum during the later stages of the forecast period 2020-2025. In 2018, researchers from Biochemistry, Physics and Chemistry department at the University of Cambridge collaborated for developing a two-chamber bio-photovoltaic system featuring more efficient operation of the solar cell. Using this two-chamber approach, the system is set to simultaneously optimize performance for both the processes of charging unit and power delivery along with minimizing the electric charge dissipation. Such research activities for enhancing the throughput of BPV cells are currently underway and is set to drive the bio-photovoltaic market during 2020-2025

Bio-photovoltaics (BPV) Market Challenges

Shorter lifespan standards 

The shorter lifespan acts a major challenge for hampering the growth of bio-photovoltaics market. Since bio-photovoltaic devices are prone to concerns regarding low device stability and offer low levels of power generation, they are getting lesser adoption across various demanding applications. Moreover, the power densities are generally low compared to other types of photovoltaic, due to use of photosynthetic microbes which have a weak capacity while transferring electrons outside the solar cells. Such factors essentially contribute towards restraining the growth of bio-photovoltaic market.

Market Landscape

Partnerships and acquisitions along with product launches are the key strategies of the players in the Bio-photovoltaics (BPV) market. The key players in the Bio-photovoltaics (BPV) market include Swiss Environmental Technology AG, BioSolar Inc., Novozyme, ecoduna AG, T.O.U Millennium Electric Ltd, Shanghai Xinshenpai Technology Co., Ltd., and many others.

Partnerships/Product Launches/Acquisition

  • In June 2017, Researchers of Imperial College and Central Saint Martin, London had developed a bio solar panel using a microorganism named cyano bacteria, which will make use of photosynthesis for energy harvesting from sunlight. This panel will offer applications including paper-based diabetes monitors as well as air quality sensors.
  • In September 2019, Chinese Academy of Sciences developed a BPV system based on synthetic microbial consortium with constrained electron flow which can operate for more than 40 days.