Perovskite Solar Cell Market by Structure (Mesoscopic, Planar), Type (Hybrid, Multi-Junction), Product, Technology, Application - Global Forecast 2024-2030

Perovskite Solar Cell Market by Structure (Mesoscopic, Planar), Type (Hybrid, Multi-Junction), Product, Technology, Application - Global Forecast 2024-2030

The Perovskite Solar Cell Market size was estimated at USD 239.70 million in 2023 and expected to reach USD 331.94 million in 2024, at a CAGR 39.68% to reach USD 2,486.92 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.

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.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Perovskite Solar Cell Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing awareness and shift towards renewable energy sources to fulfill electricity demand
Surge in rooftop installations of solar energy generations panels
Supportive government initiatives for encouraging solar energy applications

Market Restraints

High costs coupled with degradable characteristics of perovskite solar cells due to film quality and thickness

Market Opportunities

Rising investments and funding for perovskite solar cells development
Ongoing advancements in perovskite solar cells to boost cell efficiency

Market Challenges

Concerns regarding toxic nature of perovskite solar cells

Market Segmentation Analysis

Structure: High demand of planar design simplifies the manufacturing process
Type: Significant penetration of hybrid perovskite solar cells
Product: Proliferation demand of flexible perovskite solar cells
Application: Potential demand for perovskite solar cells in commercial application

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Perovskite Solar Cell Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Perovskite Solar Cell Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

IIT Bombay Developed Perovskite Solar Cell with 26% Efficiency to Enhance Renewable Energy Prospects

The Indian Institute of Technology Bombay (IIT-B) has successfully developed a perovskite solar cell with a record-breaking efficiency of 26%. This groundbreaking development signifies a significant milestone in renewable energy technology, offering a promising alternative to traditional silicon solar cells. Perovskite solar cells are gaining attention due to their low manufacturing costs, flexibility, and superior efficiency in converting sunlight to electricity.

LONGi Sets New Standard with 31.8% Efficiency in Innovative Tandem Solar Cells

LONGi, achieved a milestone by revealing a remarkable efficiency rate of 31.8% for their perovskite-crystalline silicon tandem solar cells. These state-of-the-art cells utilize commercially available Czochralski (CZ) silicon wafers, showcasing LONGi's innovation and commitment to enhancing solar energy capabilities. This breakthrough underscores the company's investment in future-proofing technology and positions it at the forefront of renewable energy solutions.

Swansea University Developed Fully Printable Perovskite Solar Cells for Cost-Effective Production

Researchers from Swansea University have achieved a significant milestone in solar energy technology by developing the perovskite solar cell that is completely printable using roll-to-roll processes. This innovation marks a sizable leap forward regarding scalability and cost-efficiency, paving the way for commercial applications of perovskite solar cells. The roll-to-roll printing method employed is akin to the one used in conventional printing presses for newspapers, allowing for rapid and continuous production, which could dramatically reduce manufacturing costs while improving the technology’s accessibility.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Perovskite Solar Cell Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

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, GCL-SI, Hangzhou Microquanta Co. Ltd., Hanwha Group, Hunt Perovskite Technologies, LONGi Green Energy Technology Co. Ltd., Microquanta Semiconductor, Oxford Photovoltaics Ltd., P3C Technology and Solutions Pvt. Ltd., Panasonic Holdings Corporation, 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, Toshiba Corporation, 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

Please Note: PDF & Excel + Online Access - 1 Year