Perovskite Solar Cell Market Forecasts to 2028 – Global Analysis By Structure (Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells), Product (Flexible PSCs, Hybrid PSCs, Multi-Junction PSCs, Rigid PSCs), Method (Vapor Deposition Method, Solut

Perovskite Solar Cell Market Forecasts to 2028 – Global Analysis By Structure (Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells), Product (Flexible PSCs, Hybrid PSCs, Multi-Junction PSCs, Rigid PSCs), Method (Vapor Deposition Method, Solution Method, Vapor Assisted Solution Method), Application (Portable Devices, Smart Glass, Solar Panel, Utilities, Perovskite in Tandem Solar Cells, Building Integrated Photovoltaics (BIPV)), End User (Consumer Electronics, Manufacturing, Aerospace, Energy, Industrial Automation) and Geography


According to Stratistics MRC, the Global Perovskite Solar Cell Market is accounted for $0.8 billion in 2022 and is expected to reach $4.6 billion by 2028 growing at a CAGR of 33.8% during the forecast period. One of the newest types of photovoltaic cells that are flexible and lightweight is perovskite solar cells. The light-harvesting active layer of a perovskite solar cell is made up of a perovskite-structured compound, tin halide-based substance, and hybrid organic-inorganic lead. Due to ongoing advancements in solar energy, perovskite solar cells have a high efficiency in devices utilising them and have seen major improvements in recent years.

According to information provided by the International Renewable Power Association, the African Union Council (AUC) and IRENA inked an agreement in April 2020 for the development of solar panels farms or other renewable technology incorporating decentralized systems.

Market Dynamics:

Driver:

Rising investments and funding

The newest solar material, perovskite, has a crystal structure that is good for absorbing solar energy. Additionally, perovskite cells outperform silicon in lower lighting levels, on overcast days, or indoors, allowing for higher conversion efficiencies. The fundamental advantage of using perovskite to create solar cells is that it is an affordable, plentiful material that can generate inexpensive solar electricity. Organisations in the solar cell business are attempting to create and commercialise perovskite solar cells because they have advantages over conventional cells. Companies engaged in the development of perovskite solar cells are soliciting money for study and invention. Perovskite solar cell research and development are receiving ongoing investment, which is presenting market participants with expansion prospects.

Restraint:

Stability and efficiency of perovskite solar cell

When perovskites react with oxygen and moisture or are exposed for a lengthy period of time to light, heat, or electrical current, they can degrade. The perovskite research and development, or R&D, community is working on a variety of ways to comprehend and better stabilise and degrade, with a strong emphasis on increasing operational lifespan. The goal of the research is to make perovskite surfaces less reactive while also identifying substitute materials for perovskite material compositions.

Opportunity:

Various advantages of perovskite solar cells over traditional solar cells

Compared to conventional solar cells, perovskite solar cells offer competitive power conversion efficiencies (PCE) and the potential for greater performance. Regardless of whether the sunlight is natural or manufactured, perovskite solar cells can still convert it into energy. Perovskite solar cells have several advantages over conventional solar cells, including being far more affordable to manufacture and thinner. Perovskite solar cells have superior spectrum absorption and enable greater efficiency in low and erratic lighting.

Threat:

Variations in raw materials

High production costs are expected to restrict growth. Changes in raw material costs are also projected to be an obstacle to the perovskite solar energy industry throughout the projection period. This report on the perovskite solar panel industry provides information on the most recent trends, import restrictions, import and export analysis, company structure, value chain enhancement, customer base, the impact of household and local market participants, analysis of possibilities in relation to changing income sections, modifications in the restrictions, significant market expansion analysis, market shares, classification of market overgrowth, implementation of niche markets, and supremacy of the domestic market.

Covid-19 Impact

Almost every industry, including electronics, semiconductors, manufacturing, automobiles, etc., was significantly impacted by Covid-19. However, due to substantial shifts in customer demand for technical services, a number of technology-related businesses have witnessed a growth in revenue. Additionally, both rich and developing nations have seen substantial technological advancements as a result of the epidemic.

The mesoporous perovskite solar cells segment is expected to be the largest during the forecast period

The mesoporous perovskite solar cells segment is estimated to have a lucrative growth. Mesoporous perovskite solar cells are also becoming more popular because they provide more stability and efficiency compared to their equivalents made of other materials. Higher light absorption and better charge transfer are made possible by the mesoporous structure, which increases conversion efficiency. Additionally, efforts are being made in research and development to increase the stability and efficiency of mesoporous perovskite solar cells. With technological developments, the mesoporous market is anticipated to expand significantly in the years to come.

The Building Integrated Photovoltaics (BIPV) segment is expected to have the highest CAGR during the forecast period

The Building Integrated Photovoltaics (BIPV) segment is anticipated to witness the fastest CAGR growth during the forecast period. Building-integrated photovoltaic materials (BIPV) replace traditional building materials with photovoltaic ones in building envelopes including roofs, skylights and facades, increasing demand for BPIV and hence driving market development.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the region's rising urbanisation, the need for renewable energy sources to minimise reliance on fossil fuels, and growing government backing. Additionally, the region's market is growing due to the region's well-developed consumer electronics industry.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rising solar energy output and rising expenditures in R&D initiatives related to the creation of improved perovskite cells. Participants in the North American market are looking for methods to further reduce the costs of these solar panels by streamlining production.

Key players in the market

Some of the key players profiled in the Perovskite Solar Cell Market include Fujikura, Kyocera, BASF, Panasonic, Merck, LG Chem, Toshiba, FrontMaterials Co. Ltd., Polyera Corporation and Greatcell Energy.

Key Developments:

In August 2019, Oxford PV, a perovskite-focused company based in the UK, purchased the first piece of solar cell production machinery from Meyer Burger, a Swiss technology company. By the end of 2020, Oxford PV intends to acquire a 250 MW perovskite special assembly facility.

Structures Covered:
• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
• Other Structures

Products Covered:
• Flexible PSCs
• Hybrid PSCs
• Multi-Junction PSCs
• Rigid PSCs
• Other Products

Methods Covered:
• Vapor Deposition Method
• Solution Method
• Vapor Assisted Solution Method
• Other Methods

Applications Covered:
• Portable Devices
• Smart Glass
• Solar Panel
• Utilities
• Perovskite in Tandem Solar Cells
• Building Integrated Photovoltaics (BIPV)
• Other Applications

End Users Covered:
• Consumer Electronics
• Manufacturing
• Aerospace
• Energy
• Industrial Automation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Perovskite Solar Cell Market, By Structure
5.1 Introduction
5.2 Planar Perovskite Solar Cells
5.3 Mesoporous Perovskite Solar Cells
5.4 Other Structures
6 Global Perovskite Solar Cell Market, By Product
6.1 Introduction
6.2 Flexible PSCs
6.3 Hybrid PSCs
6.4 Multi-Junction PSCs
6.5 Rigid PSCs
6.6 Other Products
7 Global Perovskite Solar Cell Market, By Method
7.1 Introduction
7.2 Vapor Deposition Method
7.3 Solution Method
7.4 Vapor Assisted Solution Method
7.5 Other Methods
8 Global Perovskite Solar Cell Market, By Application
8.1 Introduction
8.2 Portable Devices
8.3 Smart Glass
8.4 Solar Panel
8.5 Utilities
8.6 Perovskite in Tandem Solar Cells
8.7 Building Integrated Photovoltaics (BIPV)
8.8 Other Applications
9 Global Perovskite Solar Cell Market, By End User
9.1 Introduction
9.2 Consumer Electronics
9.3 Manufacturing
9.4 Aerospace
9.5 Energy
9.6 Industrial Automation
9.7 Other End Users
10 Global Perovskite Solar Cell Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Fujikura
12.2 Kyocera
12.3 BASF
12.4 Panasonic
12.5 Merck
12.6 LG Chem
12.7 Toshiba
12.8 FrontMaterials Co. Ltd.
12.9 Polyera Corporation
12.10 Greatcell Energy
List of Tables
Table 1 Global Perovskite Solar Cell Market Outlook, By Region (2020-2028) ($MN)
Table 2 Global Perovskite Solar Cell Market Outlook, By Structure (2020-2028) ($MN)
Table 3 Global Perovskite Solar Cell Market Outlook, By Planar Perovskite Solar Cells (2020-2028) ($MN)
Table 4 Global Perovskite Solar Cell Market Outlook, By Mesoporous Perovskite Solar Cells (2020-2028) ($MN)
Table 5 Global Perovskite Solar Cell Market Outlook, By Other Structures (2020-2028) ($MN)
Table 6 Global Perovskite Solar Cell Market Outlook, By Product (2020-2028) ($MN)
Table 7 Global Perovskite Solar Cell Market Outlook, By Flexible PSCs (2020-2028) ($MN)
Table 8 Global Perovskite Solar Cell Market Outlook, By Hybrid PSCs (2020-2028) ($MN)
Table 9 Global Perovskite Solar Cell Market Outlook, By Multi-Junction PSCs (2020-2028) ($MN)
Table 10 Global Perovskite Solar Cell Market Outlook, By Rigid PSCs (2020-2028) ($MN)
Table 11 Global Perovskite Solar Cell Market Outlook, By Other Products (2020-2028) ($MN)
Table 12 Global Perovskite Solar Cell Market Outlook, By Method (2020-2028) ($MN)
Table 13 Global Perovskite Solar Cell Market Outlook, By Vapor Deposition Method (2020-2028) ($MN)
Table 14 Global Perovskite Solar Cell Market Outlook, By Solution Method (2020-2028) ($MN)
Table 15 Global Perovskite Solar Cell Market Outlook, By Vapor Assisted Solution Method (2020-2028) ($MN)
Table 16 Global Perovskite Solar Cell Market Outlook, By Other Methods (2020-2028) ($MN)
Table 17 Global Perovskite Solar Cell Market Outlook, By Application (2020-2028) ($MN)
Table 18 Global Perovskite Solar Cell Market Outlook, By Portable Devices (2020-2028) ($MN)
Table 19 Global Perovskite Solar Cell Market Outlook, By Smart Glass (2020-2028) ($MN)
Table 20 Global Perovskite Solar Cell Market Outlook, By Solar Panel (2020-2028) ($MN)
Table 21 Global Perovskite Solar Cell Market Outlook, By Utilities (2020-2028) ($MN)
Table 22 Global Perovskite Solar Cell Market Outlook, By Perovskite in Tandem Solar Cells (2020-2028) ($MN)
Table 23 Global Perovskite Solar Cell Market Outlook, By Building Integrated Photovoltaics (BIPV) (2020-2028) ($MN)
Table 24 Global Perovskite Solar Cell Market Outlook, By Other Applications (2020-2028) ($MN)
Table 25 Global Perovskite Solar Cell Market Outlook, By End User (2020-2028) ($MN)
Table 26 Global Perovskite Solar Cell Market Outlook, By Consumer Electronics (2020-2028) ($MN)
Table 27 Global Perovskite Solar Cell Market Outlook, By Manufacturing (2020-2028) ($MN)
Table 28 Global Perovskite Solar Cell Market Outlook, By Aerospace (2020-2028) ($MN)
Table 29 Global Perovskite Solar Cell Market Outlook, By Energy (2020-2028) ($MN)
Table 30 Global Perovskite Solar Cell Market Outlook, By Industrial Automation (2020-2028) ($MN)
Table 31 Global Perovskite Solar Cell Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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