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

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
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • 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
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances