The global Perovskite Solar Cells market held a market value of USD 352.2 Million in 2022 and is estimated to reach USD 2,012.7 Million by the year 2030. The market is anticipated to register a CAGR of 28.7% during the forecast period. Perovskite solar cells consists of a perovskite-structured compound, mostly a hybrid inorganic-organic lead or tin-halide-based material. Perovskite is a material having same crystal structure as mineral calcium titanium oxide.
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The market is anticipated to be driven by the high efficiency of perovskite solar cells. Furthermore, growing focus on solar energy is also estimated to boost the market growth. The market is expected to be restrained by the presence of toxic materials, such as lead coupled with lack of standard solutions.
High efficiency of perovskite solar cells
High efficiency of perovskite solar cells in combination with low cost of processes and materials raise the preferability of these cells over the commercial silicon or other inorganic and organic solar cells. These cells also enable further advancement of the power conversion efficiency beyond those afforded by the silicon solar cells. Power conversion efficiency of metal halide perovskite-based solar cells has reached 25% in 2020 from 3% in 2006. Therefore, such increasing efficiency of perovskite solar cells is expected to boost the market growth.
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The global perovskite solar cells market is segmented into product type, module type, structure, and application.
By Product Type,
The hybrid PSCs segment is expected to hold the largest market share of around 50%, as they are mostly commonly used. The flexible PSCs segment is anticipated to grow at the fastest CAGR of around 29.8% owing to their increasing demand in the stream of wearable power supply and integration with architectures owing to their various advantages, such as portability, light weight, flexibility, and compatibility with irregular electronic items.
By Module Type,
The rigid module segment is estimated to account for the dominant share of the market owing to their rising demand for various applications. The flexible module segment is also expected to grow significantly owing to various technological advancements.
Planar Perovskite Solar Cells
Mesophorous Perovskite Solar Cells
The mesophorous perovksite solar cells segment is expected to surpass a market value of USD 350 million by 2025 as it is the most popularly used structures in fabrication of product, with over 20% power conversion efficiency. Planar perovskite solar cells segment is anticipated to fuel the market growth owing to its growing demand.
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Defense & Aerospace
Transportation & Mobility
Consumer Electronics (Portable Devices)
The BIPV (Building Integrated PVs) segment is estimated to hold the largest market share owing to growing demand of perovskite solar cells in building envelope and part of building components, such as windows, roofs, or facades, among others. The consumer electronics (portable devices) segment is expected to surpass a market size of about USD 400 million by 2027.
By region, the global Perovskite Solar Cells market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region is expected to hold the largest market share of more than 55% owing to rapid urbanization and a well-developed consumer electronics industry in the region. The region is further divided into China, India, Japan, South Korea, Australia & New Zealand, ASEAN, and rest of Asia Pacific. The ASEAN region is segmented into Malaysia, Indonesia, Thailand, Philippines, Vietnam, and Rest of ASEAN. The North America region is anticipated to grow owing to various technological advancements. North America region is divided into the U.S., Canada, and Mexico.
The South America region is estimated to witness a growth rate of around 28.4% owing to increasing solar energy practices in the region. The region is divided into Brazil, Argentina, and rest of South America. Europe region is anticipated to grow owing to the increasing adoption of solar cells. The region is divided into Eastern and Western Europe. Eastern Europe is further divided into Russia, Poland, and rest of Eastern Europe. Western Europe is further segmented into the UK, Germany, France, Italy, Spain, and Rest of Western Europe. The Middle East & Africa region is divided into UAE, Saudi Arabia, Qatar, South Africa, Egypt, and Rest of MEA.
Product Price Overview-Cost Breakdown
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In terms of the levelized cost of electricity (LCOE), the efficiency gain of a tandem device as compared to a silicon single junction is capable of offsetting the additional cost for the top cell. According to IEEE Journal of Photovoltaics published in November 2020, the cost of manufacturing for perovskite single junction modules are around USD 31.7-32.7 sq metre. Also, the same source stated that the cost of manufacturing for USD 113.8 sq metre for perovskite-silicon tandem. Also, for both the residential and utility application, the cost advantage compared to silicon is in the range of 10-20% depending on lower or higher end of the predicted range of the perovskite manufacturing.
Key players operating in the global Perovskite Solar Cells market include Alfa Aesar, BASF, Dyenamo, Energy Materials Corp., Frontier Energy Solution, Fujifilm, Fujikura, GCL Suzhou Nanotechnology Co., Ltd, Greatcell Energy, Hangzhou Microquanta, Heiking PV Technology Co., Ltd, Hubei Wonder Solar, Hunt Perovskite Technologies (HPT), InfinityPV, Jinkosolar, Kyocera, LG Chem, Li Yuan New Energy Technology Co., Merck, Microquanta Semiconductor, Oxford PV, Panasonic, Saule Technologies, Sharp, Solartek, Solaronix, Solliance, Tandem PV, Toshiba, Trina Solar, WonderSolar, and Other Prominent Players.
These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in October 2021, Dyenamo launched the hole conductor X55 that improves efficiency and stability in perovskite solar cells.
The global Perovskite Solar Cells market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Perovskite Solar Cells market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Global Renewable-based Power Capacity Additions: By Type (in MW), 2011-2020; By Share of Total Capacity Additions
Overview of Solar Cell Technologies, By Characteristics
Comparative Analysis of Solar Cells, By Characteristics
Commercialization Status of Perovskite Solar Cells
Product Price Analysis: Cost Breakdown-Planar Perovskite Cells, Silicon/Perovskite Tandem Cells, Perovskite/Perovskite Tandem Cells
Overview of Regulatory Framework-Solar Industry
Perovskite Technology Lifecycle
Solar PV Recycling Business
The global Perovskite Solar Cells market report answers questions such as:
What is the market size and forecast of the Global Perovskite Solar Cells Market?
What are the inhibiting factors and impact of COVID-19 on the Global Perovskite Solar Cells Market during the assessment period?
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What is the competitive strategic window for opportunities in the Global Perovskite Solar Cells Market?
What are the technology trends and regulatory frameworks in the Global Perovskite Solar Cells Market?
What is the market share of the leading players in the Global Perovskite Solar Cells Market?
What modes and strategic moves are considered favorable for entering the Global Perovskite Solar Cells Market?
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