Perovskite Solar Cell Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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