Market Overview: The global market size for perovskite solar cells reached USD 450.1 Million in 2020 and is projected to attain a value of USD 3,926.0 Million by 2028, with a compound annual growth rate (CAGR) of 30.8% during the forecast period. Several factors are anticipated to propel market growth significantly, including the increasing demand for perovskite solar cells due to their lightweight and flexible properties, expanding applications across various industrial sectors, growing concerns about carbon emissions, and the abundant availability of clean and natural energy sources. Furthermore, continuous research and development investments by manufacturers and ongoing technological advancements are poised to support the global perovskite solar cell market's growth.
Market Dynamics: Driving Factors: Perovskite solar cells utilize perovskite-structured compounds as active light-absorbing layers and find applications in various fields. Their key features such as flexibility, ease of customization, translucency, and lightweight nature create opportunities for diverse applications. Additionally, these cells hold immense potential in the solar power industry due to their ability to absorb light across a broad visible light spectrum, achieve power conversion efficiencies exceeding 20% in laboratory settings, and being relatively easy to manufacture.
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Environmental concerns and the need to reduce carbon footprints, combined with the ability of perovskite solar cells to harness clean energy from sunlight, are expected to drive market growth. These cells offer an eco-friendly alternative to fossil fuels, reducing both carbon footprints and global greenhouse gas emissions. Their superior performance in terms of conversion efficiency compared to other third-generation photovoltaic technologies has garnered increased consumer awareness and support.
Advancements in perovskite solar cell technology are anticipated to boost market growth. Initiatives like CHEOPS (CHaracterising ExOPlanet Satellite) have aimed to develop materials for scaling up perovskite photovoltaic technology and producing high-efficiency solar cells in tandem configurations.
Challenges: Lead-based perovskite absorbers could have potential environmental repercussions, which might hinder the adoption of these cells. Ongoing studies are underway to assess materials that could reduce or eliminate toxicity.
While perovskite solar cell technology holds promise for the future, it is still in the early stages of commercialization compared to more mature solar technologies due to processing challenges. Current perovskite materials are sensitive to moisture and degrade rapidly in its presence. Damage to these products can also harm metal electrodes, limiting their outdoor usability, which could hamper market growth.
Opportunities: Major market players are making significant investments in research and development to enhance efficiency, stability, and product longevity. This strategic focus is expected to create revenue opportunities, driving market growth.
Market Insights: Market Structure: Among the different structure segments, planar perovskite solar cells accounted for the largest revenue share (69.3%) in 2020. This segment is projected to experience significant revenue growth, mainly due to its use in thin-film photovoltaic structures and its exceptional electrical and optical properties. Planar cells can be fabricated without requiring high-temperature processes and are used in mesoporous structures with zero-width mesoporous layers.
Regional Outlook: In 2020, the Asia Pacific market size was USD 184.5 Million, and it is expected to witness substantial revenue growth during the forecast period. This growth can be attributed to rapid urbanization, the need for cleaner energy sources to reduce fossil fuel dependence, and increasing government support in the region. The well-developed consumer electronics industry in Asia Pacific countries is also contributing to market expansion.
North America held the second-largest revenue share in the global perovskite solar cells market in 2020. Factors contributing to this include growing demand from end-use industries, a well-established automotive sector, and the presence of key market players in North American countries.
Profiled Companies: Key companies profiled in the market report include Oxford Photovoltaics, FrontMaterials Co. Ltd., Solaronix SA, Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Dyesol, Saule Technologies, FlexLink Systems Inc., Polyera Corporation, and New Energy Technologies Inc. These companies have adopted various strategies, such as mergers, acquisitions, partnerships, and new product developments, to remain competitive and expand their market presence.
Notable Developments: In July 2016, Swiss-based company Solaronix SA announced a significant breakthrough in perovskite industrialization, achieving efficient large-area all-printed perovskite solar modules.
Saule Technologies, a manufacturer of perovskite-based photovoltaics, announced the establishment of its first prototype manufacturing unit, slated for completion by the fourth quarter of 2019. This unit was established to produce flexible, semi-transparent, lightweight, single-junction solar substrates with 10% conversion efficiencies.
Segmentation: The report segments the global perovskite solar cells market based on structure, product type, method, industry vertical, and region. The comprehensive report covers historical data, forecasts, revenue growth at global, regional, and country levels, industry trends, consumption patterns, and more for each segment from 2018 to 2028.
Customization: The report offers 10 hours of free customization and expert consultation, providing an in-depth view of the global perovskite solar cells market, including changing dynamics, trends, recalls, market segmentation, regional landscapes, revenue and investment analysis, historical and projected revenue data, recent trends, DROT analysis, and developments in the market's competitive landscape.
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