Perovskite Solar Cell Market Size, Share & Industry Analysis, By Type (Rigid and Flexible), By End-user (BIPV, Power Station, Transportation & Mobility, Consumer Electronics, Others) and Regional Forecasts, 2024-2032

The global perovskite solar cell market size was valued at USD 120.29 million in 2023. The market is projected to be worth USD 181.22 million in 2024 and reach USD 6,583.36 million by 2032, exhibiting a CAGR of 56.7%  during the forecast period.

Perovskite solar cell is a type of solar cell that is made of a perovskite structured compound, typically a hybrid organic-inorganic lead or tin halide-based material. This class of materials has a unique crystal structure that efficiently converts sunlight into electrical energy. These cells have gained significant attention due to their potential to provide high power conversion efficiencies, low manufacturing costs, and easy fabrication processes. However, some challenges still need to be addressed, such as improving the stability and durability of the materials in real-world conditions.

These solar cells have made remarkable progress, with rapid increases in efficiency, from reports of around 3% in 2009 to over 25% in 2021. These cells have become highly efficient, but several challenges still remain to be addressed as they may become a competitive commercial technology. Also, the impact of this outbreak exposed various problems, such as the overdependence of the renewable energy sector of many countries on imports from other nations, particularly China. As per the Government of India, a major share of solar panels and modules are imported from China, along with other equipment, such as prefabricated structures, raw materials, and inverters in India.

Perovskite Solar Cell Market Trends

Rapid Improvisation of Perovskite Solar Cells Set to Create Vast Market Opportunity

Perovskite solar cells are a promising technology for solar energy conversion, potentially revolutionizing the solar panel industry. Module offerings across the world are currently dominated by the mono-Si wafer technology, but the performance of silicon-based cells is approaching its limit, and perovskite technologies have improved tremendously in recent years.

Furthermore, perovskite materials are crystal-like, offering strong light absorption and electric charge properties. As solar energy developers seek higher efficiencies and lower costs of energy, tandem cells combining silicon with perovskite are widely considered to be the next step.

Perovskite Solar Cell (PVSC) can probably be used as a replacement for existing solar panels. The benefits of less lead involvement in the chemical structure and better end-of-life support have boosted exploration. Combinatorial studies in perovskites have created a collection of diverse chemical designs with unique properties and enhanced functionalities. Investigations into the catalytic nature, environmental adaptability, and spintronic properties provide clear structural arrangements.

Moreover, perovskite solar cells can be integrated into the design of buildings, such as windows and facades to generate electricity while also serving as a building material. Overall, the market opportunities for these cells are vast and diverse, with potential end-users in a wide range of industries. However, some technical and economic challenges still need to be solved before these solar cells can reach their full potential in the market.

Perovskite Solar Cell Market Growth Factors

Cost-Effectiveness and High-Efficiency Features Likely to Enhance Market Growth

Perovskite solar cells have generated a lot of interest in recent years because they have the potential to be highly efficient and low-cost. These cells are considered highly efficient, with some research demonstrating efficiencies exceeding with time. Additionally, these solar cells have power conversion capabilities and can perform better than other solar panels. Furthermore, perovskite solar panels produce electricity from sunlight, irrespective of the sun rays being real or artificial. This feature makes them an attractive option for renewable energy end-users. Furthermore, these products are made using inexpensive materials and can be manufactured using simple and scalable processes. This can lead to lower production costs and lower prices for consumers, further enhancing the perovskite solar cell market growth.

Flexibility Coupled with Sustainability to Boost Technology Demand & Adoption 

Perovskite solar cells are made of flexible materials that can be produced in various sizes and shapes including flexible and transparent versions. This factor makes them suitable for various end-users including Building-Integrated Photovoltaics (BIPV), portable electronics, and clothing. Additionally, perovskite solar panels are made using abundant and widely available materials. They also have a lower carbon footprint than traditional silicon-based solar cells, making them a more sustainable option for generating renewable energy.

Significant research and development programs are also being conducted on perovskite solar panels, with many universities and companies investing in this technology. This can lead to rapid advancements in efficiency, stability, and manufacturing processes. Overall, the combination of high efficiency, low cost, flexibility, sustainability, and ongoing research & development make these solar panels an attractive option for the renewable energy market.

RESTRAINING FACTORS

Instability and Presence of Toxic Materials to Restrain Market Growth

Perovskite solar cells have great potential for efficient and low-cost solar energy generation. However, their instability and the presence of toxic materials are major market restraints. The implementation and commercialization of perovskite solar cells (PSCs) is hindered by toxic lead. Although PSCs based on organic charge transport layers (CTLs) have achieved tremendous efficiency improvement, they are not stable due to the structure of organic materials. The commercialization of perovskite solar cells raises serious environmental concerns due to toxic lead.

These solar cells are known to be unstable and degrade quickly in the presence of moisture and heat. The research and development associations are focusing on improving the product’s operation and lifetime and working to understand and improve their stability. Lead-based cells, which have demonstrated the highest efficiency, are toxic and pose potential health and environmental risks. This can affect the environment by contaminating air, water, and soil. Moreover, perovskites have a crystal structure like the perovskite mineral, which consists of calcium titanium oxide. During the breakdown of perovskite, its toxic substances, known as Pbl, can affect our respiratory system.

Additionally, this solar cell technology faces strong competition from established solar cell technologies, such as silicon-based solar cells that have a proven stability and efficiency track record. While these solar cells have great potential, some market restraints must be addressed before they can be widely adopted as mainstream solar cell technology.

Perovskite Solar Cell Market Segmentation Analysis

By Type Analysis

Flexible Perovskite Solar Cells Hold a Dominant Market Share Due to Their Lightweight and Attractive Research-Grade Technology

Based on type, the global market has been bifurcated into rigid and flexible. The flexible segment holds a dominant market share due to its lightweight and attractive research-grade technology. Photovoltaic cells are fabricated by depositing photovoltaic materials, such as perovskites on flexible substrates.

The rigid segment also holds a significant market share due to its wide absorption range from visible to near-infrared spectrum (800 nm) and high absorption coefficient (105 cm-1).

By End-user Analysis

BIPV Will Hold Dominant Market Share Owing to Their Beneficial Properties

Based on end-user, the global has been segmented into BIPV, power plant, transportation & mobility, consumer electronics, and others. The BIPV segment holds the dominant perovskite solar cell market share. Building-Integrated Photovoltaics (BIPV) has a dual purpose: serving as the structure's outer layer and generating electricity for on-site use or export to the grid. BIPV systems can save on material & electricity costs, reduce pollution, and increase a building's architectural appeal.

REGIONAL ANALYSIS

The Asia Pacific industry's revenue growth is anticipated to accelerate significantly during the forecast period due to increasing urbanization, the requirement for alternative energy to minimize reliance on fossil fuels, and supportive government initiatives. Furthermore, this market is growing due to the region's well-developed consumer electronics sector.

A strong automotive industry, rising end-use sector demand, and major market players competing in European nations have helped Europe capture the second-largest share in the global market.

Additionally, North America holds a significant share of the global market as the region is using silicon material to produce these cells at a cheaper cost. The Latin America and Middle East & African markets are also growing at a commendable rate due to the higher efficiency of these cells as compared to standard solar cells.

List of Key Companies in Perovskite Solar Cell Market

Key Participants Are Concentrating on Enhancing their Production Capacities

The global market observes a competitive landscape wherein major players operate at national, regional, and international levels. They are focused on manufacturing various components, materials, and final PCFC for numerous end-users. SOLIDPower is expected to capture a significant market share for its protonic ceramic fuel cells due to its established presence in the SOFC industry and technological lead over other competitors. The company has also shown a vital interest in collaborative initiatives and achieved various major projects for PCFC with its expertise.

In addition, competitors, such as Adaptive Energy strive to expand their horizons with innovative breakthroughs and new orders for PCFC use. In addition, Bosch is investing in its fuel cell technologies for product improvement and development to enable scalable production. Other key players including STC Superior and Nexceris are developing and supplying significant fuel cell components and materials based on protonic ceramics.

LIST OF KEY COMPANIES PROFILED: 

• Saule Technologies (Poland)


• GCL Suzhou Nanotechnology Co., Ltd. (China)


• Wuxi UtmoLight Technology Co., Ltd. (China)


• Hunt Perovskite Technologies (HPT) (U.S.)


• Heiking PV Technology Co., Ltd. (China)


• Hubei Wonder Solar (China)


• Microquanta Semiconductor (China)


• Oxford PV (Germany)


• Greatcell Energy (Australia)

KEY INDUSTRY DEVELOPMENTS:

• November 2022 - Hubei Wandu Solar Co., Ltd., a large-scale test line demonstration project of solar photovoltaic modules in mines, was visited by Sun Bing, Secretary of the Municipal Party Committee, and Chen Ping.


• August 2022 - Microquanta Semiconductor’s PSC mini-module attained an output efficiency of 21.8% with a total of 19.35 cm² area and was also tested and certified by JET (Japan Electrical Safety & Environment Technology Laboratory).


• May 2022 - Saule Technologies and Columbus Energy announced their partnership with Google Cloud. The companies had signed an agreement to innovative products with the help of perovskite solar cells for sectors, such as distributed energy and the Internet of Things (IoT).


• July 2021 - Oxford Photovoltaics announced the completion of its production facility in Germany. The site hosted the first global mass production line for Oxford PV's ingenious perovskite-on-silicon tandem solar cells with a yearly production capacity target of 100 MW.


• March 2021 - Saule Technologies, Columbus Energy, and Somfy Polska signed a strategic cooperation agreement. Through the agreement, the companies proposed innovative solutions for buildings and projects under construction.

REPORT COVERAGE

The global market report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, types, and end-users of the system. Besides this, the report also offers insights into the latest market trends and highlights key industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.

REPORT SCOPE & SEGMENTATION