PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515502
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515502
Perovskite Solar Cell Market size was valued at USD 256.32 Million in 2023, expanding at a CAGR of 66.5% from 2024 to 2032.
Perovskite Solar Cell is a thin-film photovoltaic (PV) device that uses layers of materials to absorb sunlight. The market for Perovskite Solar Cells caters to the industry focused on designing, manufacturing, and distributing integrated circuits tailored for operation at microwave and millimeter-wave frequencies. These cells find diverse applications in telecommunications, radar systems, satellite communication, defense electronics, and other sectors. This market comprises the entire lifecycle of perovskite solar cells, including their production, sales, and ongoing research and development endeavors aimed at enhancing technology capabilities, addressing industry requirements, and supporting a broad array of high-frequency applications.
Perovskite Solar Cell Market- Market Dynamics
Growing Solar Cell Market and Energy Services Installations
Perovskite Solar Cell industry is witnessing significant growth driven by a surge in demand for solar energy, attributed to its portability and versatility. Solar system installations are a key factor propelling market growth, particularly in the perovskite solar cell segment aimed at reducing panel costs. According to BloombergNEF, the global investment in renewable energy reached $1.5 trillion between 2010 and 2020, highlighting the scale of deployment and growth in the sector. The growth is further fueled by various sectors adopting solar energy for diverse applications. Economic activity and energy stability enhancements are accelerating market expansion, as the need to utilize current energy resources to alleviate poverty and improve lifecycle sustainability gains prominence.
Perovskite Solar Cell Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 66.5% over the forecast period (2024-2032)
Based on Structure segmentation, Planar Perovskite Solar Cells were predicted to show maximum market share in the year 2023
Based on Product segmentation, Flexible Perovskite Solar Cells were the leading type in 2023
Based on Method segmentation, the Vapor-Deposition Method was the leading type in 2023
Based on End User segmentation, Energy was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Perovskite Solar Cell Market is segmented based on Structure, Product, Method, End User, and Region.
The market is divided into two categories based on Structure: Planar perovskite solar cells and Mesoporous perovskite solar cells. In Planar perovskite solar cells, the perovskite layer is typically deposited in a flat and planar structure. This design simplifies the manufacturing process, making it cost-effective and suitable for large-scale production. Innovations in planar perovskite solar cells focus on improving stability, enhancing power conversion efficiency, and reducing material costs through novel deposition techniques and interface engineering. These cells are valued for their potential to achieve high efficiency while maintaining ease of fabrication, driving advancements in renewable energy technologies.
The market is divided into two categories based on Product: Rigid Perovskite Solar Cells and Flexible Perovskite Solar Cells. Flexible perovskite solar cells are designed to be bendable and conformable for various surfaces. The cells offer versatility for applications in curved or irregularly shaped environments. Their flexibility enables integration into wearable electronics, building-integrated photovoltaics, and other innovative applications where traditional rigid solar panels are impractical. Innovations in flexible perovskite solar cells focus on developing robust and durable materials that can withstand bending without compromising performance.
Perovskite Solar Cell Market- Geographical Insights
Geographically, Asia-Pacific emerges as the dominant region, capturing the largest market. This growth is driven by the rapid expansion of solar energy adoption in countries like China, Japan, and South Korea. These nations have heavily invested in renewable energy infrastructure and implemented supportive policies and incentives. With a large population and rising energy needs, Asia-Pacific represents a crucial market for clean and sustainable energy solutions. Perovskite solar cells are recognized for their high efficiency and potential cost-effectiveness in manufacturing, which is why, they are gaining traction in this dynamic region.
Some of the prominent players in the market are Dyesol (Dye Sensitized Solar Cells), FlexLink Systems Inc. (System Integration), FrontMaterials Co. Ltd. (Advanced Materials), Polyera Corporation (Polymer Substrate Development), Solaronix SA (Electrolyte Solutions) and Xiamen Weihua Solar Co. Ltd. (Manufacturing Expertise). These key entities are committed to ongoing research and development efforts while strategically focusing on initiatives like product innovation, introducing new solutions, forging joint ventures, and fostering partnerships. With these strategic moves, companies aim to enhance their market foothold, attract a broader customer base, and secure significant market share in the industry.
In June 2024, Oxford PV reports that its new residential-sized solar module has achieved an "unprecedented" solar conversion efficiency of 26.9%. With this development, Oxford is aiming for a Rooftop-Ready Perovskite Solar Cells residential market.
In January 2024, Tandem PV secured an Extra $6 Million to Expedite the Commercialization of Perovskite Technology taking the tally to $27 Million in VC and Government support.
GLOBAL PEROVSKITE SOLAR CELL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ALPS Technology Inc.
Alfa Aesar
Canadian Solar
Dyesol
FlexLink Systems Inc.
FrontMaterials Co. Ltd.
Fraunhofer ISE
G24 Power Ltd.
GREEN BRILLIANCE RENEWABLE ENERGY LLP
IDTechEx Ltd
Microquanta Semiconductor Co. Ltd.
New Energy Technologies Inc.
Oxford Photovoltaics
Panasonic Corporation
Polyera Corporation