Perovskite Solar Cells Market

Global Perovskite Solar Cells Market Size (2024-2032):

The size of the global perovskite solar cells market was worth USD 163 million in 2023. The global market is anticipated to grow at a CAGR of 71% from 2024 to 2032 and be worth USD 20.378 million by 2032 from USD 279 million in 2024.

Current Scenario of the Global Perovskite Solar Cells Market

Perovskite solar cells are a relatively new type of photovoltaic cell that is both flexible and light. The light-harvesting active layer of a perovskite solar cell comprises a perovskite-structured compound, tin halide-based material, and hybrid organic-inorganic lead. Perovskite solar cells have high efficiency in devices that use them, and their efficiency has grown dramatically over time due to advances in solar energy. Furthermore, these perovskite solar cells are employed as light absorbers since they can reach a wide variety of light wavelengths, allowing them to convert solar energy into electricity, and easy to manufacture. Tandem cells are perovskite solar cells that have been combined with silicon. It is envisaged that perovskite solar cells would be used in various applications due to their flexibility and lightweight. Gold is now the most used electrode material in perovskite solar cells.

MARKET DRIVERS AND RESTRAINTS

The rising demand for solar cells is primarily due to their characteristics including flexibility and lightweight. Most probably, an increase in the number of applications in several end-user industries is the primary factor responsible for the global perovskite solar cells market growth.

Moreover, other factors include rising environmental concerns about carbon emission reduction and the prevalence of alternative energy sources, which are all expected to fuel the perovskite solar cell market during the forecast period. Additionally, growing R&D efforts and technological advances can improve various chances, resulting in market expansion over the forecast period. Therefore, the advantages of perovskite solar cells, such as their lightness and flexibility, will pave the way for rapid growth.

On the other hand, the perovskite solar cell industry will be changed due to good optical absorption and affordability. Moreover, solar energy has become more important for the emerging economies of India and China. These are also densely inhabited areas. Moreover, the increasing understanding of the importance of perovskite solar cells among the population across the globe will further propel market growth. The size and growth of the perovskite solar cell market are dependent on research and development activities. The players put money into these activities to gain new insights. Therefore, these factors increase players’ revenues in the perovskite solar cell market, which in turn helps fuel the global perovskite solar cell market growth in the upcoming years. In addition, Mergers and acquisitions play an essential role in developing the perovskite solar cell market. The goal of the perovskite solar cell is to improve cell efficiency while lowering the cost of solar energy. Perovskite solar cells may produce light with a wide range of wavelengths. They will be able to convert more solar energy into electricity as a result of this. One of the most significant advantages of perovskite solar cells over other conventional solar technologies is their low cost. These solar cells also have features including flexibility, semitransparency, and lightness. These features of perovskite solar cells are likely to open up new possibilities for various solar cell applications. Gold is now the most used electrode material in perovskite solar cells. 

As a result, perovskite solar cells are more expensive than other commercially available solar cells. During 2024 - 2032, this is expected to hinder the perovskite solar cell market. Furthermore, Perovskite solar cells, which are more affordable, have a shorter lifespan. Therefore, the market for perovskite solar cells would be further hampered as a result of this. Furthermore, another key concern responsible for hampering the perovskite solar cell business is the toxicity of a chemical known as Pbl. Therefore, these factors tend to hinder the perovskite solar cells market growth during the foreseen period.

IMPACT OF COVID-19 ON THE GLOBAL PEROVSKITE SOLAR CELLS MARKET

The spreadable coronavirus has significantly influenced the manufacturing and industrial industries due to a lack of resources in many world regions. Supplements, cosmetics, industrial, and personal care products all use perovskite solar cells. Several countries' economies have suffered due to the shutdown of various businesses, particularly transportation and supply chains. In addition, because there is no development due to the lockout, demand has been hampered. During the COVID-19 pandemic, the industry's growth is projected to be hampered by disruptions in raw material procurement, demand-supply mismatch, and price instability.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Perovskite Solar Cells Market Analysis By Structure

Based on structure, planar perovskite solar cells dominate the global perovskite solar cell market in the upcoming years. Some of the advantages of planar perovskite solar cells include simple manufacturing, perovskite-based tandem devices, and flexible substrates. Most probably, these planar perovskite solar cells are made under low temperatures of about 150 degrees Celsius. Moreover, they need an electron-selective layer that acts well with the processing.

Global Perovskite Solar Cells Market Analysis By Application

Based on application, the solar panel is expected to hold the largest global perovskite solar cell market share during 2024 - 2032. The maximum amount of energy provided by the sun to the earth is known as solar energy. Initially, like visible light, then as electromagnetic radiation. Thus, solar power systems acquire the sun's clean and pure energy. Moreover, installing solar panels on the home's rooftops helps decrease greenhouse gas emissions and fossil fuels.

On the other hand, electricity is traditionally generated from fossil fuels, including coal and natural gas. Moreover, renewable energy is also considered suitable for people's health. Furthermore, perovskite solar cells are utilized in solar panels since these have the ability to transform visible light and ultraviolet into electricity. Therefore, owing to these factors, the solar panel segment experiences significant growth in the global perovskite solar cell market.

Global Perovskite Solar Cells Market Analysis By Method

Based on the method, the vapour-deposition method is anticipated to have a significant global perovskite solar cell market share in the next six years. Vapor deposition is a technique for creating solid materials with excellent purity and performance, such as thin films, multilayers, nanotubes, and nanofilaments. The two types of vapor deposition are Physical (PVD) and chemical (CVD) vapor deposition techniques. These are considered the coating procedures in which materials in a vapor state are condensed through a chemical reaction, condensation, or conversion to deposit thin films on different substrates.

Global Perovskite Solar Cells Market Analysis By End User

Based on End-users, the consumer electronics segment is predicted to propel the global perovskite solar cell market forward owing to the rising number of wearable technologies. On the other hand, the energy segment tends to have significant global perovskite solar cell market growth in the following years due to the increasing demand for renewable energy resources through the means of sustainability.

REGIONAL ANALYSIS

During the projected period, the perovskite solar cell market is expected to grow, owing to growth in electronic innovations in countries such as Japan, China, India, and South Korea. As a result, during the forecast period, Asia Pacific is expected to lead the market.

Primarily, because of the increase in solar energy practices in these countries, the perovskite solar cells market, mainly in North America, is expected to hold a large market share. Thus, it propels the market forward, followed by the perovskite solar cells market in Western Europe, which is rising perovskite solar cells.

Due to the high development costs of these solar cells, the perovskite solar cell market in regions including the Middle East, Africa, and Latin America is expected to grow slowly during the forecast period.

KEY PLAYERS IN THE GLOBAL PEROVSKITE SOLAR CELLS MARKET

Companies playing a prominent role in the global perovskite solar cells market include Saule Technologies, Fraunhofer ISE, Oxford Photovoltaics, Xiamen Weihua Solar Co., Ltd, Dyesol, FrontMaterials, Solaronix SA, New Energy Technologies Inc, Ubiquitous Energy Inc., Raynergy Tek Incorporation, and Others.

RECENT HAPPENINGS IN THE GLOBAL PEROVSKITE SOLAR CELLS MARKET

• Saule Technologies disclosed the installation of photovoltaic blinds- sun breakers with the help of perovskite solar cells. This launch was done on August 24th, 2021, in Poland.
• Fraunhofer ISE declared that it had developed and introduced the first solar cell, which has an efficiency of 35.9% compared to other efficiencies.

DETAILED SEGMENTATION OF THE GLOBAL PEROVSKITE SOLAR CELLS MARKET INCLUDED IN THIS REPORT

This research report on the global perovskite solar cells market has been segmented and sub-segmented based on structure, application, method, end user and region.

By Structure

• Mesoporous
• Planar

By Application

• Solar panel
• Smart glass
• Perovskite in tandem solar cells
• Utilities
• Portable devices
• Building-integrated photovoltaics (BIPV)

By Method

• Vapor-Deposition method
• Solution Method

By End User

• Energy
• Manufacturing
• Aerospace
• Consumer Electronics
• Industrial automation

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa