Perovskite Solar Cell Market
Perovskite Solar Cell Market Forecasts to 2030 - Global Analysis By Product (Rigid Perovskite Solar, Cells and Flexible Perovskite Solar Cells), Type, Structure, Method, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $92.3 MN |
|
Projected Year Value (2030) |
US $830.7 MN |
|
CAGR (2024 - 2030) |
44.21% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Perovskite Solar Cell Market is accounted for $92.3 million in 2024 and is expected to reach $830.7 million by 2030 growing at a CAGR of 44.21% during the forecast period. Perovskite solar cells are a type of photovoltaic technology that utilizes perovskite-structured compounds as the light-absorbing layer. Named after the mineral perovskite (calcium titanium oxide), these cells are known for their remarkable efficiency and ease of fabrication. Typically composed of organic-inorganic hybrid materials, perovskite solar cells can achieve high power conversion efficiencies while being lightweight and flexible.
Market Dynamics:
Driver:
Technological Advancements
Innovations in materials and manufacturing processes enhance cell performance and durability, making them more competitive with traditional silicon cells. Breakthroughs such as tandem configurations and better encapsulation techniques are expanding applications in various sectors. These advancements attract increased investment and research, fostering rapid commercialization and positioning perovskite technology as a key player in the renewable energy landscape, ultimately accelerating the transition to sustainable energy solutions, thus it drives the growth of the market.
Restraint:
Stability and Durability Issues
Stability and durability issues is the susceptibility of perovskite solar cells to environmental factors like moisture, heat, and UV light, which can degrade their performance over time. These challenges impact the market by limiting the cells' commercial viability and long-term reliability. Consequently, concerns about lifespan and performance hinder investor confidence and slow adoption in the renewable energy sector. Thus, it hinders the growth of the market.
Opportunity:
Government Support
Government support is pivotal in advancing the market by providing funding, incentives, and regulatory frameworks that encourage research and development. Many countries are prioritizing renewable energy technologies to meet a climate goal, which fosters innovation and accelerates commercialization. Grants and subsidies for clean energy projects lower financial barriers for manufacturers and researchers, enhancing collaboration between public and private sectors. Thus, it boosts the growth of the market.
Threat:
Regulatory Challenges
Regulatory challenges involve navigating complex approval processes for new technologies, which can delay the market entry of perovskite solar cells. Stringent safety and environmental standards, particularly regarding the use of lead, complicate commercialization efforts. These obstacles can slow down innovation, reduce investment, and hinder widespread adoption, ultimately limiting the growth potential of perovskite technology in the renewable energy market, thus it hampers the growth of the market.
Covid-19 Impact:
The COVID-19 pandemic disrupted the perovskite solar cell market by causing supply chain interruptions and halting research and development projects. However, it also accelerated the shift toward renewable energy as government’s prioritized sustainability post-pandemic. This renewed focus is driving investment and innovation in perovskite technology, positioning it for growth as the demand for clean energy solutions increases.
The aerospace segment is expected to be the largest during the forecast period
The aerospace segment is expected to be the largest during the forecast period because high-efficiency characteristics, making them ideal for space applications. These cells can enhance power generation for satellites and other aerospace technologies, contributing to longer operational life spans and reduced launch costs. Ongoing research into their stability and performance in harsh environments further drives interest. As the integration of perovskite solar cells is poised to expand, fostering innovation and efficiency in space exploration.
The smart glass segment is expected to have the highest CAGR during the forecast period
The smart glass segment is expected to have the highest CAGR during the forecast period due to advanced energy-harvesting capabilities into building materials. This technology allows windows to generate electricity while managing light and heat, enhancing energy efficiency in buildings. The combination of smart glass with perovskite cells leverages their lightweight, flexible nature, promoting innovative applications in architecture and urban design, the synergy between smart glass and perovskite solar cells is driving market growth and paving the way for smarter energy solutions.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increasing demand for efficient and cost-effective renewable energy solutions. Advances in technology and ongoing research initiatives, particularly in the U.S. and Canada, are driving innovation and commercialization. Government incentives and environmental regulations further support the adoption of perovskite cells, as they promise higher efficiency and versatility compared to traditional solar technologies.
Region with highest CAGR:
Asia Pacific is projected to witness the highest CAGR over the forecast period owing to the region's growing demand for renewable energy and government incentives for sustainable technologies. Perovskite cells offer advantages like lower production costs and higher efficiency compared to traditional solar cells, attracting significant investment and research. This growth not only boosts energy security but also contributes to regional efforts in combating climate change.
Key players in the market
Some of the key players in perovskite solar cell market include 8minutenergy Renewables, Canadian Solar, Enel Green Power, First Solar, GCell, Hanwha Q CELLS, Heliatek, JinkoSolar, Kalyon Solar Technologies, LONGi Solar, Microquanta Semiconductor, Oxford PV, Perovskite Solar Cells (PSCs), Siva Power, Solar Frontier, Solaronix, SolarWorld, Swift Solar and Trina Solar.
Key Developments:
In September 2024, Canadian Solar Inc. announced that it has entered into a partnership agreement with SOLARCYCLE. This agreement positions Canadian Solar as one of the first crystalline silicon solar module manufacturers to offer comprehensive recycling services to its U.S. customers.
In June 2024, Canadian Solar Inc. announced that it has entered into a partnership agreement with leading renewable energy supplier Lifestyle Solar Inc. to provide solar and energy storage solutions to homebuilders in California.
In June 2024, Solaronix and EPFL Prof. Gratzel’s Laboratory of Photonics and Interfaces (LPI) started together a CTI-sponsored project aiming at efficient and low-cost Perovskite Solar Cells, a novel breed of hybrid photovoltaic technology which efficiency recently soared up in the scientific literature.
Products Covered:
• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells
Types Covered:
• Organic-inorganic Perovskite Solar Cells
• All-inorganic Perovskite Solar Cells
• Hybrid Perovskite Solar Cells
Structures Covered:
• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
Methods Covered:
• Solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method
Applications Covered:
• Smart Glass
• Solar Panel
• Perovskite in Tandem Solar Cells
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)
• Other Applications
End Users Covered:
• Manufacturing
• Energy
• Industrial Automation
• Aerospace
• Consumer Electronics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Perovskite Solar Cell Market, By Product
5.1 Introduction
5.2 Rigid Perovskite Solar Cells
5.3 Flexible Perovskite Solar Cells
6 Global Perovskite Solar Cell Market, By Type
6.1 Introduction
6.2 Organic-inorganic Perovskite Solar Cells
6.3 All-inorganic Perovskite Solar Cells
6.4 Hybrid Perovskite Solar Cells
7 Global Perovskite Solar Cell Market, By Structure
7.1 Introduction
7.2 Planar Perovskite Solar Cells
7.3 Mesoporous Perovskite Solar Cells
8 Global Perovskite Solar Cell Market, By Method
8.1 Introduction
8.2 Solution Method
8.3 Vapor-Deposition Method
8.4 Vapor-Assisted Solution Method
9 Global Perovskite Solar Cell Market, By Application
9.1 Introduction
9.2 Smart Glass
9.3 Solar Panel
9.4 Perovskite in Tandem Solar Cells
9.5 Portable Devices
9.6 Utilities
9.7 BIPV (Building-Integrated Photovoltaics)
9.8 Other Applications
10 Global Perovskite Solar Cell Market, By End Users
10.1 Introduction
10.2 Manufacturing
10.3 Energy
10.4 Industrial Automation
10.5 Aerospace
10.6 Consumer Electronics
10.7 Other End Users
11 Global Perovskite Solar Cell Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 8minutenergy Renewables
13.2 Canadian Solar
13.3 Enel Green Power
13.4 First Solar
13.5 GCell
13.6 Hanwha Q CELLS
13.7 Heliatek
13.8 JinkoSolar
13.9 Kalyon Solar Technologies
13.10 LONGi Solar
13.11 Microquanta Semiconductor
13.12 Oxford PV
13.13 Perovskite Solar Cells (PSCs)
13.14 Siva Power
13.15 Solar Frontier
13.16 Solaronix
13.17 SolarWorld
13.18 Swift Solar
13.19 Trina Solar
List of Tables
1 Global Perovskite Solar Cell Market Outlook, By Region (2022-2030) ($MN)
2 Global Perovskite Solar Cell Market Outlook, By Product (2022-2030) ($MN)
3 Global Perovskite Solar Cell Market Outlook, By Rigid Perovskite Solar Cells (2022-2030) ($MN)
4 Global Perovskite Solar Cell Market Outlook, By Flexible Perovskite Solar Cells (2022-2030) ($MN)
5 Global Perovskite Solar Cell Market Outlook, By Type (2022-2030) ($MN)
6 Global Perovskite Solar Cell Market Outlook, By Organic-inorganic Perovskite Solar Cells (2022-2030) ($MN)
7 Global Perovskite Solar Cell Market Outlook, By All-inorganic Perovskite Solar Cells (2022-2030) ($MN)
8 Global Perovskite Solar Cell Market Outlook, By Hybrid Perovskite Solar Cells (2022-2030) ($MN)
9 Global Perovskite Solar Cell Market Outlook, By Structure (2022-2030) ($MN)
10 Global Perovskite Solar Cell Market Outlook, By Planar Perovskite Solar Cells (2022-2030) ($MN)
11 Global Perovskite Solar Cell Market Outlook, By Mesoporous Perovskite Solar Cells (2022-2030) ($MN)
12 Global Perovskite Solar Cell Market Outlook, By Method (2022-2030) ($MN)
13 Global Perovskite Solar Cell Market Outlook, By Solution Method (2022-2030) ($MN)
14 Global Perovskite Solar Cell Market Outlook, By Vapor-Deposition Method (2022-2030) ($MN)
15 Global Perovskite Solar Cell Market Outlook, By Vapor-Assisted Solution Method (2022-2030) ($MN)
16 Global Perovskite Solar Cell Market Outlook, By Application (2022-2030) ($MN)
17 Global Perovskite Solar Cell Market Outlook, By Smart Glass (2022-2030) ($MN)
18 Global Perovskite Solar Cell Market Outlook, By Solar Panel (2022-2030) ($MN)
19 Global Perovskite Solar Cell Market Outlook, By Perovskite in Tandem Solar Cells (2022-2030) ($MN)
20 Global Perovskite Solar Cell Market Outlook, By Portable Devices (2022-2030) ($MN)
21 Global Perovskite Solar Cell Market Outlook, By Utilities (2022-2030) ($MN)
22 Global Perovskite Solar Cell Market Outlook, By BIPV (Building-Integrated Photovoltaics) (2022-2030) ($MN)
23 Global Perovskite Solar Cell Market Outlook, By Other Applications (2022-2030) ($MN)
24 Global Perovskite Solar Cell Market Outlook, By End Users (2022-2030) ($MN)
25 Global Perovskite Solar Cell Market Outlook, By Manufacturing (2022-2030) ($MN)
26 Global Perovskite Solar Cell Market Outlook, By Energy (2022-2030) ($MN)
27 Global Perovskite Solar Cell Market Outlook, By Industrial Automation (2022-2030) ($MN)
28 Global Perovskite Solar Cell Market Outlook, By Aerospace (2022-2030) ($MN)
29 Global Perovskite Solar Cell Market Outlook, By Consumer Electronics (2022-2030) ($MN)
30 Global Perovskite Solar Cell Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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