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 dye-sensitized solar cells (DSSCs), where it plays a critical role in absorbing light and converting it into electrical energy. Its ability to undergo efficient photoinduced electron transfer makes it suitable for enhancing the efficiency of solar energy conversion devices.

Additionally, it is employed in the development of light-emitting electrochemical cells (LECs) and organic light-emitting diodes (OLEDs), where it contributes to the emission of light through electroluminescence. Its stability and tunable optical properties make it a valuable component in the design of advanced optoelectronic materials.

In research, it is often used as a model compound to study electron transfer processes and excited-state dynamics, providing insights into the mechanisms of photochemical reactions. Its applications extend to photocatalysis, where it facilitates chemical reactions under light irradiation, particularly in organic synthesis and environmental remediation processes.