Published Date : 11 Jan 2023
The global perovskite solar cell market size is expected to be worth around USD 9.19 billion by 2032 up from USD 622 million in 2022, growing at a CAGR of 32% from 2023 to 2032.
The perovskite solar cell includes a crystallized structured compound which is either hybrid, organic or inorganic lead and halide-based material which acts as the light-harvesting material. The production of these materials is cheap and simple. This industry has the potential of having higher efficiency and low production costs, so they become economical. These products are commercially attractive.
The fabrication method and the use of raw materials both involve low costs. The Perovskite solar cell is highly efficient, thin, flexible, and lightweight. So, all of these factors result in the growth of the market. The Perovskite solar cell market is gaining a lot of attention and growing significantly due to its superpower conversion efficiency. This market is also seeing growth due to increased investments in the renewable energy sector.
The material used in this industry is an active layer, which is an excellent charge carrier and an excellent light absorber.
Perovskite Solar Cell Market Report Scope
|Market Size in 2023||USD 815 Million|
|Market Size by 2033||USD 9.19 Billion|
|Growth Rate from 2023 to 2032||CAGR of 32%|
|Largest Market||Asia Pacific|
|Second Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Structure, By Product, By Method, By Application, By End Use and By Type|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Due to the increase in the number of research and developmental activities in the European region. The Perovskite solar cell market has seen great growth in this region. The North American region is also expected to see significant growth in this market during the forecast, as a large number of market players are based in this region. The revenue of the Asia Pacific market is expected to grow during the forecast period due to rapid urbanization and a need for a clean source of energy in order to curb the dependency on fossil fuels, the governments are taking various initiatives in the Asia Pacific region.
The major factors that are driving the growth of the Perovskite Solar cell market is due to the rise in the demand for these solar cells as they are flexible and lightweight. The modules in the solar film market has seen a large number of applications in other industries. So, it has led to a positive impact on the market. The market has grown due to the increase in the economic growth.
The reduced cost of the solar cell modules has also driven the market and there has been a rise in the demand for the installation of solar systems. Increased investments and the increased spending power with the consumers, along with the change in lifestyle and rapid urbanization, have positively impacted this market.
The fluctuating costs of the raw materials and expensive raw materials used in the manufacturing are leading to restraining the growth of the market. There are various trade regulations and the impact of domestic and local market players are the reasons which diminish the market growth. There are certain potential environmental impacts with the use of the lead based Perovskite absorber.
As there are stringent policies adopted by the various governments, the adoption of the cells using lead based absorber could restrain the growth of the market. Developments are made in order to replace the toxic materials with the better non-toxic ones
The global market for the Perovskite Solar cell is seeing an increase in investments from various market players. These companies are aiming at increasing the efficiency and stability, replacing the toxic materials with the not toxic ones and extending the lifetime of these cells. All of these factors are expected to create revenue and thereby increase the market size.
Despite all the factors that have led to a growth in this market and all the reasons why these types of solar cells are preferred. There are some reasons which pose a challenge to the growth of this market. Material stability and toxicity are posing a threat to the environment which needs to be curbed by the major companies to improve the growth of the market. The use of organic and inorganic materials in the production of the solar cells degrade when they come in contact with the moisture from the air. So this also poses as a challenge to the growth of this market.
Major Key players
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