Perovskite Solar Cell Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Perovskite Solar Cell Market
The perovskite solar cell market size was valued at USD 120.29 billion in 2023, and the market is now projected to grow from USD 181.22 billion in 2024 to USD 6,583.36 billion by 2032, exhibiting a CAGR of 56.7% during the forecast period of 2023-2030.
The COVID-19 pandemic has had poor effects on the perovskite solar cell market growth via the deliver chain disruptions, reduced manufacturing capacities, and principle delays. Limitations and lockdowns brought about interruptions inside the manufacturing and supply of critical raw materials, causing slowdowns in production. The pandemic also caused a decline in investments and funding; economic uncertainties made investors apprehensive to mission. Thus, studies and development efforts were impacted.
The perovskite solar cell market is experiencing sizable growth because of its capability for higher performance and decrease manufacturing costs in assessment to conventional silicon-based absolutely sun cells. Advancements in perovskite materials have led to extended balance and performance, the increasing the demand from every traders and manufacturers. The market is growing due to notable studies and improvement efforts, government incentives, and the developing global need for renewable electricity resources.
The market of the perovskite solar cell is being transformed by the high efficiency, low production costs and the versatile applications of the cells. One of the major trends is the rising efficiency of these cells that makes them far superior to conventional silicon-based solar cells. The main reason for the efficiency improvement is the progress in the materials and manufacturing processes, especially the use of metal bromide polycrystalline structures. The research and development activities are also being intensified, thus focusing on the challenges such as material stability and scalability which are being overcome.
Comprehensive Analysis of Perovskite Solar Cell Market
The Perovskite solar cell industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by type, and by end-user. Based on type, market is divided into rigid and flexible. Based on end-user, market is divided into BIPV, power station, transportation & mobility, consumer electronics, and others.
The Asia Pacific holds leading position in perovskite solar cell market share by benefitting a market size of USD 36.70 billion in 2023. Nations which include China, Japan, and South Korea are the leaders in the development of the perovskite sun cells generation. China, for instance, uses its sturdy manufacturing abilities to supply the cells on a big scale, which, in flip, lowers the fees and increases the economic viability of the cells. The area’s robust network of suppliers for the photovoltaic materials and additives makes it more aggressive.
The top players in the market play a crucial role in the industry assuring industrial prospectus growth and setting market standards. These players include, Saule Technologies (Poland), GCL Suzhou Nanotechnology Co., Ltd. (China), Wuxi UtmoLight Technology Co., Ltd. (China), Hunt Perovskite Technologies (HPT) (U.S.), Heiking PV Technology Co., Ltd. (China), Hubei Wonder Solar (China), Microquanta Semiconductor (China), Oxford PV (Germany), Greatcell Energy (Australia).
February 2022: Microquanta Semiconductor reported that it is building a perovskite sun oriented power plant in Quzhou in Zhejiang Region, China
Segmentation Table
Global Perovskite Solar Cell Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 56.7% from 2024 to 2032
Unit Value (USD Million), Volume (MW)
Segmentation By Type
Rigid
Flexible
By End-user
BIPV
Power Station
Transportation & Mobility
Consumer Electronics
Others
By Region
North America (By Type, By End-user, and By Country)
- U.S.
- Canada
Europe (By Type, By End-user, and By Country)
- U.K.
- Germany
- France
- Italy
- Rest of Europe
Asia Pacific (By Type, By End-user, and By Country)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Latin America (By Type, By End-user, and By Country)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa (By Type, By End-user, and By Country)
- Saudi Arabia
- UAE
- Rest of MEA
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Perovskite Solar Cell Market
- 5. Global Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Rigid
- 5.2.2. Flexible
- 5.3. Market Analysis, Insights and Forecast – By End-user
- 5.3.1. BIPV
- 5.3.2. Power Station
- 5.3.3. Transportation & Mobility
- 5.3.4. Consumer Electronics
- 5.3.5. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Rigid
- 6.2.2. Flexible
- 6.3. Market Analysis, Insights and Forecast – By End-user
- 6.3.1. BIPV
- 6.3.2. Power Station
- 6.3.3. Transportation & Mobility
- 6.3.4. Consumer Electronics
- 6.3.5. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. US
- 6.4.2. Canada
- 7. Europe Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Rigid
- 7.2.2. Flexible
- 7.3. Market Analysis, Insights and Forecast – By End-user
- 7.3.1. BIPV
- 7.3.2. Power Station
- 7.3.3. Transportation & Mobility
- 7.3.4. Consumer Electronics
- 7.3.5. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Rest of Europe
- 8. Asia Pacific Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Rigid
- 8.2.2. Flexible
- 8.3. Market Analysis, Insights and Forecast – By End-user
- 8.3.1. BIPV
- 8.3.2. Power Station
- 8.3.3. Transportation & Mobility
- 8.3.4. Consumer Electronics
- 8.3.5. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. South Korea
- 8.4.6. Rest of Asia Pacific
- 9. Latin America Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Rigid
- 9.2.2. Flexible
- 9.3. Market Analysis, Insights and Forecast – By End-user
- 9.3.1. BIPV
- 9.3.2. Power Station
- 9.3.3. Transportation & Mobility
- 9.3.4. Consumer Electronics
- 9.3.5. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Rigid
- 10.2.2. Flexible
- 10.3. Market Analysis, Insights and Forecast – By End-user
- 10.3.1. BIPV
- 10.3.2. Power Station
- 10.3.3. Transportation & Mobility
- 10.3.4. Consumer Electronics
- 10.3.5. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Saudi Arabia
- 10.4.2. UAE
- 10.4.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Saule Technologies
- 11.2.1.1. Business Overview
- 11.2.1.2. Product Application, & Services
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. GCL Suzhou Nanotechnology Co., Ltd.
- 11.2.2.1. Business Overview
- 11.2.2.2. Product Application, & Services
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. Oxford Photovoltaics
- 11.2.3.1. Business Overview
- 11.2.3.2. Product Application, & Services
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Microquanta Semiconductor
- 11.2.4.1. Business Overview
- 11.2.4.2. Product Application, & Services
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. Hubei Wonder Solar
- 11.2.5.1. Business Overview
- 11.2.5.2. Product Application, & Services
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. Heiking PV Technology Co., Ltd.
- 11.2.6.1. Business Overview
- 11.2.6.2. Product Application, & Services
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. Hunt Perovskite Technologies (HPT)
- 11.2.7.1. Business Overview
- 11.2.7.2. Product Application, & Services
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. Wuxi UtmoLight technology Co., Ltd.
- 11.2.8.1. Business Overview
- 11.2.8.2. Product Application, & Services
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. Greatcell Energy
- 11.2.9.1. Business Overview
- 11.2.9.2. Product Application, & Services
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
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