This compound is primarily utilized in the field of photochemistry and materials science due to its unique photophysical properties. It serves as a photosensitizer in various light-driven processes, including solar energy conversion systems, where it facilitates the efficient transfer of light energy into chemical energy. Additionally, it is employed in the development of organic light-emitting diodes (OLEDs) and other optoelectronic devices, enhancing their performance and stability. Its ability to undergo reversible redox reactions also makes it valuable in electrochemical applications, such as sensors and catalysts for organic transformations.