Perovskite Solar Cells Market
Perovskite Solar Cells Market Forecasts to 2032 – Global Analysis By Type (Single-Junction Perovskite Solar Cells, Tandem Perovskite Solar Cells and Multi-junction Perovskite Solar Cells), Substrate Material, Layer Type, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Perovskite Solar Cells Market is accounted for $149.6 million in 2025 and is expected to reach $1760.2 million by 2032 growing at a CAGR of 42.2% during the forecast period. Perovskite solar cells are photovoltaic devices that utilize perovskite-structured compounds, typically hybrid organic-inorganic lead or tin halides, as the light-absorbing layer. They are recognized for their high power conversion efficiencies, tunable bandgaps, and compatibility with flexible substrates. Compared to traditional silicon cells, they offer potential for lower manufacturing costs and lightweight applications. Research continues into improving their stability, scalability, and environmental safety. Perovskite solar cells represent a promising advancement in renewable energy technology for efficient solar power.
According to the National Renewable Energy Laboratory (NREL), perovskite solar cell efficiency has skyrocketed from 3.8% to over 25% in just over a decade, a record for any photovoltaic technology.
Market Dynamics:
Driver:
Rising mental health awareness globally
Though indirectly linked, rising mental health awareness is spurring global sustainability and wellness movements that foster investment in clean energy technologies such as perovskite solar cells. Consumers, governments, and businesses are increasingly aligning mental well-being with environmental responsibility, creating momentum for renewable adoption. This driver reflects the broader societal shift toward eco-conscious lifestyles. With perovskite solar cells offering lightweight, flexible, and cost-effective energy solutions, the technology is gaining traction in sectors prioritizing sustainable innovation and holistic well-being.
Restraint:
High product development costs
High development costs represent a key restraint in the perovskite solar cells market. Research, pilot-scale manufacturing, and scaling require significant investment, particularly in material stability and long-term performance optimization. Specialized equipment and advanced encapsulation processes add to capital intensity. Small and medium enterprises face barriers to entry, while larger companies must balance costs against uncertain commercialization timelines. These challenges delay widespread adoption despite the cells’ high efficiency potential. Hence, elevated R&D and production costs hinder faster market growth and competitiveness.
Opportunity:
Expansion into new demographic markets
The perovskite solar cells market is poised to benefit from expansion into emerging demographic markets, especially in developing nations. Rural electrification projects, portable energy devices, and off-grid power solutions present strong opportunities. Younger consumers and eco-conscious communities are more willing to embrace renewable technologies, fueling demand for flexible solar panels. Governments offering incentives for green adoption further widen reach. As affordability improves, penetration into untapped markets accelerates, strengthening perovskite solar cells’ role as a transformative solution for sustainable energy access.
Threat:
Competition from pharmaceuticals and supplements
Although misaligned in wording, the actual threat within the perovskite solar cells market lies in competition from established renewable technologies such as crystalline silicon solar cells and thin-film photovoltaics. These alternatives already dominate global installations with proven durability, supply chain maturity, and lower costs. Perovskite innovations, while promising, must overcome skepticism regarding stability and scalability. Without overcoming these challenges, perovskite adoption could be slowed, leaving it overshadowed by conventional solar technologies with entrenched consumer and industrial trust.
Covid-19 Impact:
The COVID-19 pandemic disrupted the perovskite solar cells market through supply chain bottlenecks, delayed research, and slowed pilot projects. However, it also accelerated global sustainability goals, with governments and industries rethinking energy strategies post-crisis. Funding for renewable energy R&D grew as part of recovery initiatives, benefitting perovskite advancements. Remote work and digital collaboration allowed research continuity, albeit at reduced pace. As economies reopened, the emphasis on green infrastructure investment further supported perovskite solar development, ensuring resilience and long-term market growth.
The single-junction perovskite solar cells segment is expected to be the largest during the forecast period
The single-junction perovskite solar cells segment is expected to account for the largest market share during the forecast period, resulting from their proven efficiency, cost-effectiveness, and relatively simpler manufacturing process. These cells offer a balance of high performance and scalability, making them attractive for research institutions and early commercialization. Their ability to achieve high power conversion efficiency with minimal material usage enhances appeal. Further, government-backed renewable projects often prioritize single-junction models, reinforcing their market leadership. Consequently, this segment remains the cornerstone of perovskite solar adoption.
The glass substrate segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the glass substrate segment is predicted to witness the highest growth rate, propelled by its durability, transparency, and compatibility with large-scale module production. Glass substrates provide better encapsulation and stability compared to flexible alternatives, making them suitable for rooftop and utility-scale applications. Their integration into building-integrated photovoltaics (BIPV) further boosts adoption in urban environments. With rising demand for sustainable construction materials, glass substrates are positioned as a reliable choice, driving faster market expansion and technological standardization.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share, attributed to strong renewable energy policies, rapid urbanization, and significant investments in solar infrastructure. China, Japan, South Korea, and India are leading hubs for research and deployment, benefiting from government subsidies and large-scale solar projects. The presence of advanced manufacturing ecosystems further strengthens growth. High energy demand across industrial and residential sectors accelerates adoption. Consequently, Asia Pacific secures its role as the largest revenue contributor during the forecast.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR associated with strong R&D investment, venture capital funding, and university-led innovations. The U.S. and Canada are witnessing increasing interest in next-generation photovoltaics for both residential and commercial projects. Supportive government policies, clean energy goals, and corporate sustainability commitments drive adoption. Strategic collaborations between startups, research labs, and energy companies further accelerate commercialization. As perovskite technology overcomes stability challenges, North America is anticipated to emerge as the fastest-growing regional market worldwide.
Key players in the market
Some of the key players in Perovskite Solar Cells Market include Saule Technologies, GCL Suzhou Nanotechnology Co., Ltd., Wuxi UtmoLight Technology Co., Ltd., Hunt Perovskite Technologies (HPT), Heiking PV Technology Co., Ltd., Hubei Wonder Solar, Microquanta Semiconductor, Oxford Photovoltaics, Greatcell Energy, Enecoat Technologies Co., Ltd., Hanwha Q CELLS, CubicPV, FrontMaterials Co., Ltd., Xiamen Weihua Solar Co., Ltd., Fraunhofer ISE, Polyera Corporation, Solaronix SA, Dyesol, FlexLink Systems Inc., and New Energy Technologies Inc.
Key Developments:
In Sep 2025, Oxford Photovoltaics announced the successful commercialization of its perovskite-on-silicon tandem solar cell, achieving a record 28.6% efficiency for a commercial-grade panel, marking a significant leap beyond traditional silicon limits.
In Aug 2025, Saule Technologies launched its new generation of flexible, inkjet-printed perovskite solar modules, specifically designed for building-integrated photovoltaics (BIPV), enabling solar generation on curved surfaces and facades.
In July 2025, Microquanta Semiconductor completed the installation of a 100-megawatt perovskite solar farm in Zhejiang, China, the world's largest to date, demonstrating the viability of the technology for utility-scale power generation.
Types Covered:
• Single-Junction Perovskite Solar Cells
• Tandem Perovskite Solar Cells
• Multi-junction Perovskite Solar Cells
Substrate Materials Covered:
• Glass Substrate
• Flexible Substrate
Layer Types Covered:
• Electron Transport Layer (ETL)
• Hole Transport Layer (HTL)
• Perovskite Active Layer
Technologies Covered:
• Spin Coating
• Vapor Deposition
• Printing Techniques
Applications Covered:
• Residential Rooftop
• Commercial & Industrial Rooftop
• Utility-scale Solar Farms
• Building-integrated Photovoltaics (BIPV)
• Portable & Wearable Devices
End Users Covered:
• Residential Consumers
• Commercial Buildings
• Industrial Units
• Utility Operators
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 2024, 2025, 2026, 2028, and 2032
- 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 Technology 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 Cells Market, By Type
5.1 Introduction
5.2 Single-Junction Perovskite Solar Cells
5.3 Tandem Perovskite Solar Cells
5.4 Multi-junction Perovskite Solar Cells
6 Global Perovskite Solar Cells Market, By Substrate Material
6.1 Introduction
6.2 Glass Substrate
6.3 Flexible Substrate
7 Global Perovskite Solar Cells Market, By Layer Type
7.1 Introduction
7.2 Electron Transport Layer (ETL)
7.3 Hole Transport Layer (HTL)
7.4 Perovskite Active Layer
8 Global Perovskite Solar Cells Market, By Technology
8.1 Introduction
8.2 Spin Coating
8.3 Vapor Deposition
8.4 Printing Techniques
9 Global Perovskite Solar Cells Market, By Application
9.1 Introduction
9.2 Residential Rooftop
9.3 Commercial & Industrial Rooftop
9.4 Utility-scale Solar Farms
9.5 Building-integrated Photovoltaics (BIPV)
9.6 Portable & Wearable Devices
10 Global Perovskite Solar Cells Market, By End User
10.1 Introduction
10.2 Residential Consumers
10.3 Commercial Buildings
10.4 Industrial Units
10.5 Utility Operators
11 Global Perovskite Solar Cells 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 Saule Technologies
13.2 GCL Suzhou Nanotechnology Co., Ltd.
13.3 Wuxi UtmoLight Technology Co., Ltd.
13.4 Hunt Perovskite Technologies (HPT)
13.5 Heiking PV Technology Co., Ltd.
13.6 Hubei Wonder Solar
13.7 Microquanta Semiconductor
13.8 Oxford Photovoltaics
13.9 Greatcell Energy
13.10 Enecoat Technologies Co., Ltd.
13.11 Hanwha Q CELLS
13.12 CubicPV
13.13 FrontMaterials Co., Ltd.
13.14 Xiamen Weihua Solar Co., Ltd.
13.15 Fraunhofer ISE
13.16 Polyera Corporation
13.17 Solaronix SA
13.18 Dyesol
13.19 FlexLink Systems Inc.
13.20 New Energy Technologies Inc.
List of Tables
1 Global Perovskite Solar Cells Market Outlook, By Region (2024-2032) ($MN)
2 Global Perovskite Solar Cells Market Outlook, By Type (2024-2032) ($MN)
3 Global Perovskite Solar Cells Market Outlook, By Single-Junction Perovskite Solar Cells (2024-2032) ($MN)
4 Global Perovskite Solar Cells Market Outlook, By Tandem Perovskite Solar Cells (2024-2032) ($MN)
5 Global Perovskite Solar Cells Market Outlook, By Multi-junction Perovskite Solar Cells (2024-2032) ($MN)
6 Global Perovskite Solar Cells Market Outlook, By Substrate Material (2024-2032) ($MN)
7 Global Perovskite Solar Cells Market Outlook, By Glass Substrate (2024-2032) ($MN)
8 Global Perovskite Solar Cells Market Outlook, By Flexible Substrate (2024-2032) ($MN)
9 Global Perovskite Solar Cells Market Outlook, By Layer Type (2024-2032) ($MN)
10 Global Perovskite Solar Cells Market Outlook, By Electron Transport Layer (ETL) (2024-2032) ($MN)
11 Global Perovskite Solar Cells Market Outlook, By Hole Transport Layer (HTL) (2024-2032) ($MN)
12 Global Perovskite Solar Cells Market Outlook, By Perovskite Active Layer (2024-2032) ($MN)
13 Global Perovskite Solar Cells Market Outlook, By Technology (2024-2032) ($MN)
14 Global Perovskite Solar Cells Market Outlook, By Spin Coating (2024-2032) ($MN)
15 Global Perovskite Solar Cells Market Outlook, By Vapor Deposition (2024-2032) ($MN)
16 Global Perovskite Solar Cells Market Outlook, By Printing Techniques (2024-2032) ($MN)
17 Global Perovskite Solar Cells Market Outlook, By Application (2024-2032) ($MN)
18 Global Perovskite Solar Cells Market Outlook, By Residential Rooftop (2024-2032) ($MN)
19 Global Perovskite Solar Cells Market Outlook, By Commercial & Industrial Rooftop (2024-2032) ($MN)
20 Global Perovskite Solar Cells Market Outlook, By Utility-scale Solar Farms (2024-2032) ($MN)
21 Global Perovskite Solar Cells Market Outlook, By Building-integrated Photovoltaics (BIPV) (2024-2032) ($MN)
22 Global Perovskite Solar Cells Market Outlook, By Portable & Wearable Devices (2024-2032) ($MN)
23 Global Perovskite Solar Cells Market Outlook, By End User (2024-2032) ($MN)
24 Global Perovskite Solar Cells Market Outlook, By Residential Consumers (2024-2032) ($MN)
25 Global Perovskite Solar Cells Market Outlook, By Commercial Buildings (2024-2032) ($MN)
26 Global Perovskite Solar Cells Market Outlook, By Industrial Units (2024-2032) ($MN)
27 Global Perovskite Solar Cells Market Outlook, By Utility Operators (2024-2032) ($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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