Global Perovskite Solar Cells Market Overview
- In 2023, Perovskite Solar Cell market was estimated to be worth USD 189.5 Million.
- By 2034, the target market is expected to grow to USD 11572.6 Million.
- Target market is expanding at a CAGR of 57.2%
Market Overview:
Perovskite Solar Cell Market is rapidly evolving showcasing significant growth potential driven by technological advancements and increasing demand for renewable energy solutions. As stakeholders across various sectors continue to explore the potential of perovskite technology, ongoing research and also innovation will be crucial for overcoming existing challenges and capitalizing on target market opportunities.
Key Takeaways:
- Asia Pacific held the largest share of the market in 2024.
- North America is projected to be the fastest-growing market in the coming years.
- By Product, the flexible perovskite solar cells segment accounted for the largest share of the Perovskite Solar Cell market in 2024.
- Perovskite solar cells are recognized for their high power conversion efficiencies, often exceeding 25% in laboratory settings.
- By Method, the Vapor-Deposition Method segment dominated the market globally in 2024.
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Global Perovskite Solar Cells Market Drivers & Restraints
Key Drivers of Target Market:
Low Manufacturing Cost and Flexible Production:
The production costs of perovskite solar cells can be decreased by using low temperature manufacturing techniques and low-cost raw ingredients. Additionally, they facilitate roll-to-roll manufacturing of flexible substrates, creating new opportunities for flexible solar panels and wearable technology.
- For instance, in September 2024, according to recent research report by Nippon Communications Foundation, one possible solution to energy problems in the face of accelerating climate change is the use of thin, flexible, and lightweight perovskite solar panels. Numerous Japanese businesses are engaged in product development, with Sekisui Chemical anticipating commercialization as early as 2025.
Rising Government Support and Investment:
Government funding and investment are essential for promoting the expansion of the target market by resolving issues with scalability, dependability, and commercialization.
- For instance, in September 2024, The U.S. government is increasing funding for research and development in renewable energy technologies including perovskite solar cells which is expected to boost target market growth.
Restrains:
Competition from Established Technologies:
Despite the advancements in perovskite technology the traditional silicon based solar technologies remain dominant due to their established reliability and market presence.
- Counterbalance Statements: While traditional silicon solar cells have a well-established market presence the perovskite solar cells have demonstrated rapid advancements in efficiency. This high efficiency positions perovskite technology as a strong competitor that potentially outperform established technologies attracting interest from both investors and consumers
Global Perovskite Solar Cells Market Segmentations & Regional Insights
The market is segmented based on Product, Type, Structure, Material Type, Method, Application, and End User.
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By Structure |
By Material Type |
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By Material Type |
By Method |
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By End User |
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Product Insights:
On the basis of Product, Perovskite Solar Cell Market is segmented into Rigid Perovskite Solar Cells, Flexible Perovskite Solar Cells, and Transparent Perovskite Solar Cells. Flexible Perovskite Solar Cells is expected to dominate the target market growth as they are known for their lightweight and bendable properties which makes them suitable for a wide range applications including portable electronics, wearable technology and building integrated photovoltaic.
Type Insights:
The Perovskite Solar Cell market by Type is segmented into Regular n-i-p structures, and Inverted p-i-n structures. Pipeline is expected to dominate the target market growth as this structure has gained significant traction due to its enhanced stability and efficiency.
Structure Insights:
The Perovskite Solar Cell market by Structure is segmented into Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells, Tandem Perovskite Solar Cells, and Others (Triclinic). Tandem Perovskite Solar Cells is expected to dominate the target market growth due to their potential for significantly higher efficiency compared to traditional silicon solar cells and other perovskite structures.
Material Type Insights:
The Perovskite Solar Cell market by Material Type is segmented into Cadmium Telluride (CdTe), Methylammonium Iodide (MAI), Formamidinium Iodide (FAI), Copper Indium Gallium Selenide (CIGS), and Others. Methylammonium Iodide (MAI) is expected to dominate the target market growth as this material is widely used in perovskite solar cells due to its favorable properties which includes high efficiency and excellent light absorbtion capabilities.
Method Insights:
The Perovskite Solar Cell market by Method is segmented into Vapor-Deposition Method, Vapor-Assisted Solution Method, Solution Method (One-step Solution Deposition, Two-step Solution, and Others). Vapor-Deposition Method segment is expected to dominate the target market growth as this method is favored fpr its ability to produce high quality perovskite films with excellent uniformity and scalability which are essential for achieving high efficiency in solar cells.
Application Insights:
The Perovskite Solar Cell market by Application is segmented into Building-Integrated Photovoltaics, Smart Glass, Solar Panels, Portable Devices, and Others (Utilities). Building-Integrated Photovoltaics is expected to dominate the target market growth due to the unique properties of perovskite solar cells which allow for their integration into building materials such as windows and facades.
End User Insights:
The Perovskite Solar Cell market by End User is segmented into Aerospace & Defense, Energy & Power, Industrial Automation, Consumer Electronics, Manufacturing, Transportation, and Others. Energy & Power is expected to dominate the target market growth due to increasing global demand for renewable energy sources.
Regional Insights
Asia Pacific: This region holds the largest market share which is driven by significant investments in renewable energy infrastructure and favorable regulations in countries like China, Japan, and South Korea. The rapid growth of solar energy adoption in these countries positions in this region as a key player in the target market.
North America: This region is also expected to boost the target market growth which is supported by strong government initiatives promoting renewable energy and a robust research and development infrastructure.
Perovskite Solar Cell Market Report Scope:
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Attribute |
Details |
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Market Size 2024 |
USD 275.9 Million |
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Projected Market Size 2034 |
USD 11572.6 Million |
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CAGR Growth Rate |
57.2% (2024-2034) |
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Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
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Market representation |
Revenue in USD Million & CAGR from 2024 to 2034 |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Product, Type, Structure, Material Type, Method, Application, and End User, and Region.
Segmentation:
By Product:
- Rigid Perovskite Solar Cells
- Flexible Perovskite Solar Cells
- Transparent Perovskite Solar Cells
By Type:
- Regular n-i-p structures
- Inverted p-i-n structures
By Structure:
- Planar Perovskite Solar Cells
- Mesoporous Perovskite Solar Cells
- Tandem Perovskite Solar Cells
- Others (Triclinic)
By Material Type:
- Cadmium Telluride (CdTe)
- Methylammonium Iodide (MAI)
- Formamidinium Iodide (FAI)
- Copper Indium Gallium Selenide (CIGS)
- Others
By Method:
- Vapor-Deposition Method
- Vapor-Assisted Solution Method
- Solution Method
- One-step Solution Deposition
- Two-step Solution
- Others
By Application:
- Building-Integrated Photovoltaics
- Smart Glass
- Solar Panels
- Portable Devices
- Others
- Utilities
By End User:
- Aerospace & Defense
- Energy & Power
- Industrial Automation
- Consumer Electronics
- Manufacturing
- Transportation
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Perovskite Solar Cells Market Competitive Landscape & Key Players
The key players operating in the Perovskite Solar Cell Market include Hanwha Q CELLS, Greatcell Energy, Oxford PV, Saule Technologies, CubicPV, EneCoat Technologies, P3C, Perovskia Solar AG, Swift Solar, Inc., Xiamen Weihua Solar Co., Ltd., Solaronix, G24 Power, and Fraunhofer ISE.
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Global Perovskite Solar Cells Market Recent News
- In September 2024, Empa spin-off Perovskia solar has launched the first ready to adopt perovskite solar cells on the global market for edge devices and has raised USD 2.4 million in funding. It has also secured about 10 IoT industry leaders as clients.
- In May 2024, LONGi Green Energy Technology Co. announced that the company has broken another world-record for silicon solar cell efficiency only 4 months after it last set a world-record in this area. LONGi is currently the dual world record holder for efficiency in crystalline silicon solar cells and efficiency in crystalline silicon-perovskite tandem solar cells, solidifying the company's position as a leader in crystalline silicon photovoltaics.
- In August 2024, Scientists at the University of Oxford revealed a breakthrough in solar PV technology via an ultra-thin material that can be applied to “almost any building” and deliver over 27% conversion efficiency. The new thin-film perovskite material, which employs a multi-junction technique, has been characterised by Oxford scientists as a way to produce more solar electricity without the usage of silicon-based solar modules.
- In March 2024, a rocket nicknamed “Cargo Dragon” was launched from Florida, marking the beginning of NASA’s 30th commercial resupply mission to the International Space Station. The National Renewable Energy Laboratory's perovskite solar cells will be tested in orbit by the satellite, a cube with a volume of less than a quart and dimensions of four inches on each side, or about the size of a small tissue box. The Nebraska CubeSat will be launched within ninety days of reaching the space station, according to NASA.
Analyst View:
The industry for Perovskite Solar Cell is poised for significant transformation with analysts projecting substantial growth driven by advancements in technology and increasing demand for renewable energy solutions.
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Global Perovskite Solar Cells Market Company Profile
- Hanwha Q CELLS
- Greatcell Solar Materials
- Oxford PV
- Saule Technologies
- CubicPV
- EneCoat Technologies Co., Ltd.
- P3C
- Perovskia Solar AG
- Swift Solar, Inc.
- Xiamen Weihua Solar Co., Ltd.
- Solaronix
- G24 Power
- Fraunhofer ISE
Global Perovskite Solar Cells Market Highlights
FAQs
Perovskite Solar Cell Market Size was valued at USD 275.9 Million in 2024 and is expected to reach USD 11572.6 Million by 2034 growing at a CAGR of 57.2%
The Market is segmented into Product, Type, End User and Region.
The Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.
The key players operating in the Perovskite Solar Cell Market include Hanwha Q CELLS, Greatcell Energy, Oxford PV, Saule Technologies, CubicPV, EneCoat Technologies, P3C, Perovskia Solar AG, Swift Solar, Inc., Xiamen Weihua Solar Co., Ltd., Solaronix, G24 Power, and Fraunhofer ISE.