“Power generation from solar PV is estimated to have increased by 22% in 2019, to 720 TWh.”, the International Energy Agency (IEA) says. Moreover, in 2019, solar power became the third-leading renewable source of electricity after hydropower and onshore wind power, overtaking bioenergy. Such growth is a result of the continuous government support around the world for producing clean energy, so that a complete shift can be made away from fossil fuels, such as crude oil, coal, and natural gas, due to their polluting nature.
P&S Intelligence says that the increase in the solar power generation capacity will be a key factor behind the growth of the conductive polymers market from $4,441.7 million in 2017 to $7,341.2 million by 2023, at an 8.7% CAGR during 2018–2023. Conductive polymers are organic polymeric materials that display electricity conduction or semiconduction properties. This is why organic solar cells are used in photovoltaic panels to create electricity from the ultraviolet (UV) radiation of the sun. Thus, as more solar panels are bought by utility companies, the demand for conductive polymers will keep surging.
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As most of the applications of these materials are in the research and development (R&D) phase, North America is the most-productive conductive polymers market presently. In the years to come, the usage of these materials will likely increase sharply in Asia-Pacific (APAC), especially in capacitors, textiles, actuators, batteries, display devices, and sensors. Conductive polymers are also being used to manufacture electrostatic coatings for windowpanes and door panels. In addition, the growing electronics and automotive sectors in the region are propelling the consumption of these materials.
Hence, with the extensive R&D leading to a widening application base, the demand for conductive polymers will rise further.
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