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Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is renewable energy backed with the government's ambitious green energy targets, it has become a significant attraction for investors. Over the last decade countries like China, Germany and USA have come up as solar powerhouses and increased the production of electricity by solar energy which in turn has helped the Perovskite Solar Cell market to grow.
On the basis of installation, it can be segmented into roof mount, ground mount, portable, and others. Perovskite solar cell can be used in every type of installation. It is so versatile that it can be used on a watch and also used to construct grid-scale power plans.
Key Market Driver -
Key Market Driver – Demand shift towards clean energy
Key Market Restraint -
Key Market Restraint – Low durability of solar cell
The perovskite solar cell market can also be segmented on the basis of application in various fields like residential, commercial, industrial, automotive, defense, and others. Perovskite solar cell has been more in residential applications for water heaters, battery, and cell phone chargers, solar vehicles, etc. They can be used in building-integrated photovoltaics to reduce the carbon footprint a building.
The major market driver for the global perovskite solar cell market is the increasing demand for clean energy around the world. Many countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of solar panels, solar energy is the most adopted amongst the available sources.
The key market restraint of the global perovskite solar cell market is the low durability of the solar cell. The perovskite solar cell does not have a long life when exposed to fluctuating environmental conditions. Some of the material composition of perovskite solar cell have toxic emissions of heavy metals when exposed to moisture or prolonged exposure to UV radiation.
Some of the major companies that are present in the perovskite solar cell market are WonderSolar, Tandem PV, Swift Solar, Solliance, Solaronix SA, Sekisui, Panasonic, Toshiba, Saule Technologies, Oxford PV, Microquanta Semiconductor, Frontier Energy Solution, and Energy Materials Corp.
The global perovskite solar cell market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The perovskite solar cell is still in research, development and demonstration phase and will grow exponentially in coming years. Although the cost of manufacturing cost of perovskite solar cell is low, the machinery and process are quite complex. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others.
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The USA ranks top in North America and Chile in South America where other countries like Canada, Mexico, Brazil, Uruguay, have also increased the production of solar energy at a good rate. China stands as the largest producer of solar panels and even photovoltaic energy in the Asia Pacific region and also in the world. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent time.
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