Perovskite Solar Cell Market

Perovskite Solar Cell Market

Perovskite Solar Cell Market Forecasts to 2028 - Global Analysis By Structure (Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells), Product (Flexible PSCs, Hybrid PSCs, Multi-Junction PSCs, Rigid PSCs), Method (Vapor Deposition Method, Solution Method, Vapor Assisted Solution Method), Application (Portable Devices, Smart Glass, Solar Panel, Utilities, Perovskite in Tandem Solar Cells, Building Integrated Photovoltaics (BIPV)), End User (Consumer Electronics, Manufacturing, Aerospace, Energy, Industrial Automation) and Geography

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Published: 2023 ID: SMRC22916

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $0.8 BN

Projected Year Value (2028)

US $4.6 BN

CAGR (2022 - 2028)


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

Asia Pacific

Highest Growing Market

North America

According to Stratistics MRC, the Global Perovskite Solar Cell Market is accounted for $0.8 billion in 2022 and is expected to reach $4.6 billion by 2028 growing at a CAGR of 33.8% during the forecast period. One of the newest types of photovoltaic cells that are flexible and lightweight is perovskite solar cells. The light-harvesting active layer of a perovskite solar cell is made up of a perovskite-structured compound, tin halide-based substance, and hybrid organic-inorganic lead. Due to ongoing advancements in solar energy, perovskite solar cells have a high efficiency in devices utilising them and have seen major improvements in recent years.

According to information provided by the International Renewable Power Association, the African Union Council (AUC) and IRENA inked an agreement in April 2020 for the development of solar panels farms or other renewable technology incorporating decentralized systems.

Market Dynamics:


Rising investments and funding

The newest solar material, perovskite, has a crystal structure that is good for absorbing solar energy. Additionally, perovskite cells outperform silicon in lower lighting levels, on overcast days, or indoors, allowing for higher conversion efficiencies. The fundamental advantage of using perovskite to create solar cells is that it is an affordable, plentiful material that can generate inexpensive solar electricity. Organisations in the solar cell business are attempting to create and commercialise perovskite solar cells because they have advantages over conventional cells. Companies engaged in the development of perovskite solar cells are soliciting money for study and invention. Perovskite solar cell research and development are receiving ongoing investment, which is presenting market participants with expansion prospects.


Stability and efficiency of perovskite solar cell

When perovskites react with oxygen and moisture or are exposed for a lengthy period of time to light, heat, or electrical current, they can degrade. The perovskite research and development, or R&D, community is working on a variety of ways to comprehend and better stabilise and degrade, with a strong emphasis on increasing operational lifespan. The goal of the research is to make perovskite surfaces less reactive while also identifying substitute materials for perovskite material compositions.


Various advantages of perovskite solar cells over traditional solar cells

Compared to conventional solar cells, perovskite solar cells offer competitive power conversion efficiencies (PCE) and the potential for greater performance. Regardless of whether the sunlight is natural or manufactured, perovskite solar cells can still convert it into energy. Perovskite solar cells have several advantages over conventional solar cells, including being far more affordable to manufacture and thinner. Perovskite solar cells have superior spectrum absorption and enable greater efficiency in low and erratic lighting.


Variations in raw materials

High production costs are expected to restrict growth. Changes in raw material costs are also projected to be an obstacle to the perovskite solar energy industry throughout the projection period. This report on the perovskite solar panel industry provides information on the most recent trends, import restrictions, import and export analysis, company structure, value chain enhancement, customer base, the impact of household and local market participants, analysis of possibilities in relation to changing income sections, modifications in the restrictions, significant market expansion analysis, market shares, classification of market overgrowth, implementation of niche markets, and supremacy of the domestic market.

Covid-19 Impact

Almost every industry, including electronics, semiconductors, manufacturing, automobiles, etc., was significantly impacted by Covid-19. However, due to substantial shifts in customer demand for technical services, a number of technology-related businesses have witnessed a growth in revenue. Additionally, both rich and developing nations have seen substantial technological advancements as a result of the epidemic.

The mesoporous perovskite solar cells segment is expected to be the largest during the forecast period

The mesoporous perovskite solar cells segment is estimated to have a lucrative growth. Mesoporous perovskite solar cells are also becoming more popular because they provide more stability and efficiency compared to their equivalents made of other materials. Higher light absorption and better charge transfer are made possible by the mesoporous structure, which increases conversion efficiency. Additionally, efforts are being made in research and development to increase the stability and efficiency of mesoporous perovskite solar cells. With technological developments, the mesoporous market is anticipated to expand significantly in the years to come.

The Building Integrated Photovoltaics (BIPV) segment is expected to have the highest CAGR during the forecast period

The Building Integrated Photovoltaics (BIPV) segment is anticipated to witness the fastest CAGR growth during the forecast period. Building-integrated photovoltaic materials (BIPV) replace traditional building materials with photovoltaic ones in building envelopes including roofs, skylights and facades, increasing demand for BPIV and hence driving market development.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the region's rising urbanisation, the need for renewable energy sources to minimise reliance on fossil fuels, and growing government backing. Additionally, the region's market is growing due to the region's well-developed consumer electronics industry.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rising solar energy output and rising expenditures in R&D initiatives related to the creation of improved perovskite cells. Participants in the North American market are looking for methods to further reduce the costs of these solar panels by streamlining production.

Key players in the market

Some of the key players profiled in the Perovskite Solar Cell Market include Fujikura, Kyocera, BASF, Panasonic, Merck, LG Chem, Toshiba, FrontMaterials Co. Ltd., Polyera Corporation and Greatcell Energy.

Key Developments:

In August 2019, Oxford PV, a perovskite-focused company based in the UK, purchased the first piece of solar cell production machinery from Meyer Burger, a Swiss technology company. By the end of 2020, Oxford PV intends to acquire a 250 MW perovskite special assembly facility.

Structures Covered:
• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
• Other Structures

Products Covered:
• Flexible PSCs
• Hybrid PSCs
• Multi-Junction PSCs
• Rigid PSCs
• Other Products

Methods Covered:
• Vapor Deposition Method
• Solution Method
• Vapor Assisted Solution Method
• Other Methods

Applications Covered:
• Portable Devices
• Smart Glass
• Solar Panel
• Utilities
• Perovskite in Tandem Solar Cells
• Building Integrated Photovoltaics (BIPV)
• Other Applications

End Users Covered:
• Consumer Electronics
• Manufacturing
• Aerospace
• Energy
• Industrial Automation
• 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 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 2020, 2021, 2022, 2025, and 2028
- 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 Structure
5.1 Introduction
5.2 Planar Perovskite Solar Cells
5.3 Mesoporous Perovskite Solar Cells
5.4 Other Structures

6 Global Perovskite Solar Cell Market, By Product
6.1 Introduction
6.2 Flexible PSCs
6.3 Hybrid PSCs
6.4 Multi-Junction PSCs
6.5 Rigid PSCs
6.6 Other Products

7 Global Perovskite Solar Cell Market, By Method
7.1 Introduction
7.2 Vapor Deposition Method
7.3 Solution Method
7.4 Vapor Assisted Solution Method
7.5 Other Methods

8 Global Perovskite Solar Cell Market, By Application
8.1 Introduction
8.2 Portable Devices
8.3 Smart Glass
8.4 Solar Panel
8.5 Utilities
8.6 Perovskite in Tandem Solar Cells
8.7 Building Integrated Photovoltaics (BIPV)
8.8 Other Applications

9 Global Perovskite Solar Cell Market, By End User
9.1 Introduction
9.2 Consumer Electronics
9.3 Manufacturing
9.4 Aerospace
9.5 Energy
9.6 Industrial Automation
9.7 Other End Users

10 Global Perovskite Solar Cell Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Fujikura
12.2 Kyocera
12.3 BASF
12.4 Panasonic
12.5 Merck
12.6 LG Chem
12.7 Toshiba
12.8 FrontMaterials Co. Ltd.
12.9 Polyera Corporation
12.10 Greatcell Energy

List of Tables
1 Global Perovskite Solar Cell Market Outlook, By Region (2020-2028) ($MN)
2 Global Perovskite Solar Cell Market Outlook, By Structure (2020-2028) ($MN)
3 Global Perovskite Solar Cell Market Outlook, By Planar Perovskite Solar Cells (2020-2028) ($MN)
4 Global Perovskite Solar Cell Market Outlook, By Mesoporous Perovskite Solar Cells (2020-2028) ($MN)
5 Global Perovskite Solar Cell Market Outlook, By Other Structures (2020-2028) ($MN)
6 Global Perovskite Solar Cell Market Outlook, By Product (2020-2028) ($MN)
7 Global Perovskite Solar Cell Market Outlook, By Flexible PSCs (2020-2028) ($MN)
8 Global Perovskite Solar Cell Market Outlook, By Hybrid PSCs (2020-2028) ($MN)
9 Global Perovskite Solar Cell Market Outlook, By Multi-Junction PSCs (2020-2028) ($MN)
10 Global Perovskite Solar Cell Market Outlook, By Rigid PSCs (2020-2028) ($MN)
11 Global Perovskite Solar Cell Market Outlook, By Other Products (2020-2028) ($MN)
12 Global Perovskite Solar Cell Market Outlook, By Method (2020-2028) ($MN)
13 Global Perovskite Solar Cell Market Outlook, By Vapor Deposition Method (2020-2028) ($MN)
14 Global Perovskite Solar Cell Market Outlook, By Solution Method (2020-2028) ($MN)
15 Global Perovskite Solar Cell Market Outlook, By Vapor Assisted Solution Method (2020-2028) ($MN)
16 Global Perovskite Solar Cell Market Outlook, By Other Methods (2020-2028) ($MN)
17 Global Perovskite Solar Cell Market Outlook, By Application (2020-2028) ($MN)
18 Global Perovskite Solar Cell Market Outlook, By Portable Devices (2020-2028) ($MN)
19 Global Perovskite Solar Cell Market Outlook, By Smart Glass (2020-2028) ($MN)
20 Global Perovskite Solar Cell Market Outlook, By Solar Panel (2020-2028) ($MN)
21 Global Perovskite Solar Cell Market Outlook, By Utilities (2020-2028) ($MN)
22 Global Perovskite Solar Cell Market Outlook, By Perovskite in Tandem Solar Cells (2020-2028) ($MN)
23 Global Perovskite Solar Cell Market Outlook, By Building Integrated Photovoltaics (BIPV) (2020-2028) ($MN)
24 Global Perovskite Solar Cell Market Outlook, By Other Applications (2020-2028) ($MN)
25 Global Perovskite Solar Cell Market Outlook, By End User (2020-2028) ($MN)
26 Global Perovskite Solar Cell Market Outlook, By Consumer Electronics (2020-2028) ($MN)
27 Global Perovskite Solar Cell Market Outlook, By Manufacturing (2020-2028) ($MN)
28 Global Perovskite Solar Cell Market Outlook, By Aerospace (2020-2028) ($MN)
29 Global Perovskite Solar Cell Market Outlook, By Energy (2020-2028) ($MN)
30 Global Perovskite Solar Cell Market Outlook, By Industrial Automation (2020-2028) ($MN)
31 Global Perovskite Solar Cell Market Outlook, By Other End Users (2020-2028) ($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

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