Perovskite Solar Cell Market by Structure, Type, Product, Technology, Application

Description

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[182 Pages Report] The Perovskite Solar Cell Market size was estimated at USD 239.68 million in 2023 and expected to reach USD 331.91 million in 2024, at a CAGR 39.68% to reach USD 2,486.67 million by 2030.

Perovskite solar cells use perovskite-structured materials as the light-harvesting active layer. The term "perovskite" refers to the material's crystal structure, which has a specific arrangement of atoms. Perovskite solar cells have achieved significant attention in recent years due to their rapid progress in efficiency and relatively simple manufacturing processes. These novel photovoltaic cell generations include a perovskite structured compound, typically a tin halide-based material of hybrid organic-inorganic lead or as the light-harvesting active layer. Perovskite cells are a high-efficiency and potentially lower-cost alternative to traditional silicon-based solar cells. Advancements in perovskite technology improve efficiency and stability and reduce production costs compared to conventional silicon photovoltaics, driving market growth. The surge in demand for sustainable energy sources and several governmental subsidies and policies supporting renewable energy initiatives further fueled the market landscape. However, Concerns regarding the long-term durability and stability of perovskite solar cells and the limited full lifecycle analyses and recycling strategies hamper the market adoption. Enabling technologies for mass production and upscaling and developing flexible, transparent, and color-tunable perovskite solar modules create a lucrative market opportunity.

KEY MARKET STATISTICS
Base Year [2023]	USD 239.68 million
Estimated Year [2024]	USD 331.91 million
Forecast Year [2030]	USD 2,486.67 million
CAGR (%)	39.68%

Structure: High demand of planar design simplifies the manufacturing process

Mesoscopic perovskite solar cells (PSCs) are photovoltaic devices that employ a mesoporous scaffold made of metal oxide, such as TiO2, within their structure. This scaffolding assists in collecting and transporting electrons generated when the perovskite layer absorbs sunlight. The mesoporous layer is sandwiched between the perovskite material and the electron transport layer (ETL), improving stability and enhancing the efficiency of the solar cell by increasing the interface area for electron extraction. Using a mesoporous framework is fundamental in achieving high-performance PSCs, providing a robust pathway for charge carriers and sometimes serving as a template for the perovskite crystallization process. Planar perovskite solar cells represent a simpler architectural paradigm in perovskite photovoltaics. These cells consist of flat, homogenous layers without a mesoporous structure. The perovskite film in a planar PSC directly contacts the layers above and below it, generally the electron transport layer (ETL) and hole transport layer (HTL). Due to their less complex layering process, planar PSCs can be more readily manufactured, holding the potential for easier scalability and possibly leading to cost reductions in mass production. Planar PSCs can achieve high efficiencies close to mesoscopic designs, with ongoing research on material optimization, interface engineering, and layer deposition techniques. The primary advantage of the planar structure is the potential to use low-temperature processing techniques, which can be beneficial for flexible substrates and compatible with roll-to-roll manufacturing processes.

Type: Significant penetration of hybrid perovskite solar cells

Hybrid perovskite solar cells are a class of perovskite solar cells with organic and inorganic components within their structure. The organic cations, methylammonium (MA), formamidinium (FA), or cesium, are incorporated into the perovskite crystal lattice and have the benefits of organic materials such as flexibility and versatility with the desirable properties of inorganic materials such as stability and high electron mobility. This type has garnered significant attention due to its rapid improvement in power conversion efficiency, achieving levels of competition with traditional silicon-based solar cells in a relatively short time. Their compositional flexibility also allows for tunable bandgaps, which makes them suitable for various applications, including tandem solar cells. Multi-junction perovskite solar cells consist of multiple layers of perovskite materials with different bandgaps stacked on top. Each layer is designed to absorb a specific segment of the solar spectrum, thus enabling better usage of the available light. This approach maximizes the conversion of photons into electricity and significantly increases the efficiency of the solar cell beyond what is possible with a single-junction design. Multi-junction cells can potentially exceed the Shockley-Queisser limit, which is the theoretical maximum efficiency of a single p-n junction solar cell.

Product: Proliferation demand of flexible perovskite solar cells

Flexible perovskite solar cells (PSCs) represent a cutting-edge development in photovoltaic technology, boasting a blend of lightweight properties, bendability, and high power conversion efficiencies. These cells are characterized by their adaptability to various surfaces and their potential for seamless integration into various commercial and consumer products, such as wearable devices, portable chargers, and building-integrated photovoltaics (BIPV). The flexibility of these cells is made possible by using substrates such as plastic or metal foil, which can withstand bending and rolling without compromising performance. Rigid Perovskite Solar Cells are at the forefront of photovoltaic research and innovation, presenting alternatives to traditional silicon-based solar cells with enhanced light-to-electricity conversion efficiency. These solar cells are known for their high stability, ease of fabrication, and cost-effectiveness, making them a suitable option for large-scale solar applications such as solar farms, rooftop installations, and solar panels for residential and commercial use. Rigid PSCs employ glass or a firm transparent composite as a substrate, which provides structural integrity and longevity. While the rigid form factor may limit application flexibility compared to their flexible counterparts, the durability and performance of these cells have garnered significant interest from industry players and investors.

Application: Potential demand for perovskite solar cells in commercial application

Perovskite solar cells are emerging as a cost-effective, high-efficiency alternative to traditional photovoltaic technologies in the commercial sector. Their special properties, such as flexibility and light, make them suitable for integration into building materials, such as windows and facades, thereby enabling Building-Integrated Photovoltaics (BIPV). The industrial market has begun harnessing the benefits of perovskite solar cells for large-scale power generation. Their ability to be manufactured using roll-to-roll processes significantly reduces production costs and facilitates the deployment of solar farms. This is complemented by their performance under various light conditions, making them advantageous for regions with fluctuating weather patterns. For residential use, perovskite solar cells offer homeowners an affordable and efficient means to contribute to a greener environment. With the development of aesthetically pleasing solar panels, they can seamlessly blend with the architecture of homes, potentially increasing their market acceptance. Their high power conversion efficiency is particularly beneficial for rooftop installations, providing an effective way for households to reduce their reliance on grid electricity and lower energy bills.

Regional Insights

The Americas has a significant landscape in the perovskite solar cell market as the regional countries are at the forefront of perovskite research and development. There is a substantial interest in adopting green technologies among enterprises and consumers to ensure energy security and combat climate change. The EU is dedicated to leading the transition towards sustainable energy. European consumers are environmentally aware, and there is a high demand for green building materials, providing a substantial market for perovskite technologies. The Middle East holds significant potential for solar energy. Countries are investing in solar energy infrastructure to diversify their energy sources. The Asia Pacific has a significant landscape in the perovskite solar cell market due to its rapid expansion in terms of production and installation of perovskite solar panels, with ample government investment in renewable energy. The early adoption of innovative technologies and the government has launched initiatives to foster a market conducive to renewable energy technologies.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Perovskite Solar Cell Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Perovskite Solar Cell Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Perovskite Solar Cell Market, highlighting leading vendors and their innovative profiles. These include Alfa Chemistry, CubicPV Technologies Inc., EneCoat Technologies Co., Ltd., G24 Power, Greatcell Solar Materials Pty. Ltd., Hangzhou Microquanta Co. Ltd., Hanwha Group, LONGi Green Energy Technology Co. Ltd., Microquanta Semiconductor, Oxford Photovoltaics Ltd., P3C Technology and Solutions Pvt. Ltd., Peccell Technologies, Inc., Perovskia Solar AG, QD Solar Inc., Rayleigh Solar Tech Inc., Saule Technologies, SEKISUI CHEMICAL CO., LTD., Solaires Entreprises Inc., Solar-Tectic LLC, Solaronix SA, Swift Solar Inc., and UniTest Inc..

Market Segmentation & Coverage

This research report categorizes the Perovskite Solar Cell Market to forecast the revenues and analyze trends in each of the following sub-markets:

Structure
- Mesoscopic
- Planar

Type
- Hybrid
- Multi-Junction

Product
- Flexible
- Rigid

Technology
- One-Step Method
- Thermal Vapor Deposition Method
- Two-Step Method
- Vapor-Assisted Solution Method

Application
- Commercial
- Industrial
- Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Perovskite Solar Cell Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Perovskite Solar Cell Market?

3. What are the technology trends and regulatory frameworks in the Perovskite Solar Cell Market?

4. What is the market share of the leading vendors in the Perovskite Solar Cell Market?

5. Which modes and strategic moves are suitable for entering the Perovskite Solar Cell Market?

Product Code: MRR-961BA04A2E90

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing awareness and shift towards renewable energy sources to fulfill electricity demand
  - 5.1.1.2. Surge in rooftop installations of solar energy generations panels
  - 5.1.1.3. Supportive government initiatives for encouraging solar energy applications
- 5.1.2. Restraints
  - 5.1.2.1. High costs coupled with degradable characteristics of perovskite solar cells due to film quality and thickness
- 5.1.3. Opportunities
  - 5.1.3.1. Rising investments and funding for perovskite solar cells development
  - 5.1.3.2. Ongoing advancements in perovskite solar cells to boost cell efficiency
- 5.1.4. Challenges
  - 5.1.4.1. Concerns regarding toxic nature of perovskite solar cells
5.2. Market Segmentation Analysis
- 5.2.1. Structure: High demand of planar design simplifies the manufacturing process
- 5.2.2. Type: Significant penetration of hybrid perovskite solar cells
- 5.2.3. Product: Proliferation demand of flexible perovskite solar cells
- 5.2.4. Application: Potential demand for perovskite solar cells in commercial application
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Perovskite Solar Cell Market, by Structure

6.1. Introduction
6.2. Mesoscopic
6.3. Planar

7. Perovskite Solar Cell Market, by Type

7.1. Introduction
7.2. Hybrid
7.3. Multi-Junction

8. Perovskite Solar Cell Market, by Product

8.1. Introduction
8.2. Flexible
8.3. Rigid

9. Perovskite Solar Cell Market, by Technology

9.1. Introduction
9.2. One-Step Method
9.3. Thermal Vapor Deposition Method
9.4. Two-Step Method
9.5. Vapor-Assisted Solution Method

10. Perovskite Solar Cell Market, by Application

10.1. Introduction
10.2. Commercial
10.3. Industrial
10.4. Residential

11. Americas Perovskite Solar Cell Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Perovskite Solar Cell Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Perovskite Solar Cell Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. IIT-B Develops Perovskite Solar Cell with 26% Efficiency, likely the Highest in the World
- 14.3.2. LONGi Announces the New Efficiency of 31.8% for Perovskite/Crystalline Silicon Tandem Solar Cells Based on Commercial CZ Silicon Wafers
- 14.3.3. Swansea University Academics Develop World's First Completely Roll-To-Roll Printable Perovskite Solar Cell
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio