Perovskite Solar Cell Market Size To Attain USD 7.2 Bn By 2030

Published Date : 11 Jan 2023

The global perovskite solar cell market size was exhibited at USD 0.79 billion in 2022 and is expected to attain around USD 7.2 billion by 2030, poised to grow at a CAGR of 31.8% from 2022 to 2030.

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

Report Coverage Details
Market Size in 2022 USD 0.79 Billion
Market Size by 2030 USD 7.2 Billion
Growth Rate from 2022 to 2030 CAGR of 31.8%
Largest Market Asia Pacific
Second Largest Market North America
Base Year 2022
Forecast Period 2022 to 2030
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


Report Highlights

  • On the basis of the structure, the Planar segment of the Perovskite solar cell market is expected to grow during the forecast period as it is highly efficient and provides a greater generation of electricity. The ease of installation also leads to increased market growth.
  • On the basis of the product, the rigid segment in the Perovskite Solar Cell market is expected to see growth. The rigid module has applications in various industries, so there is a demand for this segment.
  • On the basis of the end user, the Perovskite solar cell market is expected to see growth in the consumer segment. In recent years, the consumer segment had the largest market share. The energy segment is also expected to grow during the forecast period as there is a demand for renewable sources of energy using sustainable ways.

Regional Snapshot

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.

Market Dynamics

Drivers

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.

Restraints

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

Opportunities

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.

Challenges

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.

Recent Developments

  • In order to produce an active layer within a device which would be known as the inverted Perovskite Solar cell that would result in the mass market solar cells, The Faculty of Applied Science and Engineering from the University of Toronto has leveraged quantum mechanics
  • The purchase of an equipment which manufactures solar cells was announced by Oxford PV 

Major Key players

  • Alfa Aesar
  • Dyenamo AB
  • Energy Materials Corp
  • Fraunhofer ISE
  • Frontier Energy Solution
  • FrontMaterials Co. Ltd.
  • FUJIFILM Wako Pure Chemical Corporation
  • G24 Power Ltd.
  • Greatcell Energy
  • IDTechEx Ltd
  • Microquanta Semiconductor Co. Ltd.
  • Oxford PV
  • Panasonic Corporation
  • Saule Technologies
  • Sekisui
  • Solaronix SA
  • Solliance solar research
  • Swift Solar
  • Tandem PV, Inc.
  • Toshiba Corporation
  • WonderSolar

Market Segmentation

By Structure

  • Planar Perovskite Solar Cells
  • Mesoporous Perovskite Solar Cells

By Product

  • Rigid Perovskite Solar Cells
  • Flexible Perovskite Solar Cells

By Method

  • Solution Method
  • Vapor-Assisted Solution Method
  • Vapor-Deposition Method

By Application

  • Smart Glass
  • Perovskite in Tandem Solar Cells
  • Solar Panel
  • Portable Devices
  • Utilities
  • BIPV (Building-Integrated Photovoltaics)

By End-Use

  • Manufacturing
  • Energy
  • Aerospace
  • Industrial Automation
  • Consumer Electronics
  • Others

By Type

  • Flexible PSCs
  • Hybrid PSCs
  • Multi-Junction PSCs

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