Perovskite Solar Cell Market Forecasts to 2030 – Global Analysis By Product (Rigid Perovskite Solar, Cells and Flexible Perovskite Solar Cells), Type, Structure, Method, Application, End User and By Geography
According to Stratistics MRC, the Global Perovskite Solar Cell Market is accounted for $92.3 million in 2024 and is expected to reach $830.7 million by 2030 growing at a CAGR of 44.21% during the forecast period. Perovskite solar cells are a type of photovoltaic technology that utilizes perovskite-structured compounds as the light-absorbing layer. Named after the mineral perovskite (calcium titanium oxide), these cells are known for their remarkable efficiency and ease of fabrication. Typically composed of organic-inorganic hybrid materials, perovskite solar cells can achieve high power conversion efficiencies while being lightweight and flexible.
Market Dynamics:
Driver:
Technological Advancements
Innovations in materials and manufacturing processes enhance cell performance and durability, making them more competitive with traditional silicon cells. Breakthroughs such as tandem configurations and better encapsulation techniques are expanding applications in various sectors. These advancements attract increased investment and research, fostering rapid commercialization and positioning perovskite technology as a key player in the renewable energy landscape, ultimately accelerating the transition to sustainable energy solutions, thus it drives the growth of the market.
Restraint:
Stability and Durability Issues
Stability and durability issues is the susceptibility of perovskite solar cells to environmental factors like moisture, heat, and UV light, which can degrade their performance over time. These challenges impact the market by limiting the cells' commercial viability and long-term reliability. Consequently, concerns about lifespan and performance hinder investor confidence and slow adoption in the renewable energy sector. Thus, it hinders the growth of the market.
Opportunity:
Government Support
Government support is pivotal in advancing the market by providing funding, incentives, and regulatory frameworks that encourage research and development. Many countries are prioritizing renewable energy technologies to meet a climate goal, which fosters innovation and accelerates commercialization. Grants and subsidies for clean energy projects lower financial barriers for manufacturers and researchers, enhancing collaboration between public and private sectors. Thus, it boosts the growth of the market.
Threat:
Regulatory Challenges
Regulatory challenges involve navigating complex approval processes for new technologies, which can delay the market entry of perovskite solar cells. Stringent safety and environmental standards, particularly regarding the use of lead, complicate commercialization efforts. These obstacles can slow down innovation, reduce investment, and hinder widespread adoption, ultimately limiting the growth potential of perovskite technology in the renewable energy market, thus it hampers the growth of the market.
Covid-19 Impact
The COVID-19 pandemic disrupted the perovskite solar cell market by causing supply chain interruptions and halting research and development projects. However, it also accelerated the shift toward renewable energy as government’s prioritized sustainability post-pandemic. This renewed focus is driving investment and innovation in perovskite technology, positioning it for growth as the demand for clean energy solutions increases.
The aerospace segment is expected to be the largest during the forecast period
The aerospace segment is expected to be the largest during the forecast period because high-efficiency characteristics, making them ideal for space applications. These cells can enhance power generation for satellites and other aerospace technologies, contributing to longer operational life spans and reduced launch costs. Ongoing research into their stability and performance in harsh environments further drives interest. As the integration of perovskite solar cells is poised to expand, fostering innovation and efficiency in space exploration.
The smart glass segment is expected to have the highest CAGR during the forecast period
The smart glass segment is expected to have the highest CAGR during the forecast period due to advanced energy-harvesting capabilities into building materials. This technology allows windows to generate electricity while managing light and heat, enhancing energy efficiency in buildings. The combination of smart glass with perovskite cells leverages their lightweight, flexible nature, promoting innovative applications in architecture and urban design, the synergy between smart glass and perovskite solar cells is driving market growth and paving the way for smarter energy solutions.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increasing demand for efficient and cost-effective renewable energy solutions. Advances in technology and ongoing research initiatives, particularly in the U.S. and Canada, are driving innovation and commercialization. Government incentives and environmental regulations further support the adoption of perovskite cells, as they promise higher efficiency and versatility compared to traditional solar technologies.
Region with highest CAGR:
Asia Pacific is projected to witness the highest CAGR over the forecast period owing to the region's growing demand for renewable energy and government incentives for sustainable technologies. Perovskite cells offer advantages like lower production costs and higher efficiency compared to traditional solar cells, attracting significant investment and research. This growth not only boosts energy security but also contributes to regional efforts in combating climate change.
Key players in the market
Some of the key players in perovskite solar cell market include 8minutenergy Renewables, Canadian Solar, Enel Green Power, First Solar, GCell, Hanwha Q CELLS, Heliatek, JinkoSolar, Kalyon Solar Technologies, LONGi Solar, Microquanta Semiconductor, Oxford PV, Perovskite Solar Cells (PSCs), Siva Power, Solar Frontier, Solaronix, SolarWorld, Swift Solar and Trina Solar.
Key Developments:
In September 2024, Canadian Solar Inc. announced that it has entered into a partnership agreement with SOLARCYCLE. This agreement positions Canadian Solar as one of the first crystalline silicon solar module manufacturers to offer comprehensive recycling services to its U.S. customers.
In June 2024, Canadian Solar Inc. announced that it has entered into a partnership agreement with leading renewable energy supplier Lifestyle Solar Inc. to provide solar and energy storage solutions to homebuilders in California.
In June 2024, Solaronix and EPFL Prof. Gratzel’s Laboratory of Photonics and Interfaces (LPI) started together a CTI-sponsored project aiming at efficient and low-cost Perovskite Solar Cells, a novel breed of hybrid photovoltaic technology which efficiency recently soared up in the scientific literature.
Products Covered:
• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells
Types Covered:
• Organic-inorganic Perovskite Solar Cells
• All-inorganic Perovskite Solar Cells
• Hybrid Perovskite Solar Cells
Structures Covered:
• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
Methods Covered:
• Solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method
Applications Covered:
• Smart Glass
• Solar Panel
• Perovskite in Tandem Solar Cells
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)
• Other Applications
End Users Covered:
• Manufacturing
• Energy
• Industrial Automation
• Aerospace
• Consumer Electronics
• 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 2022, 2023, 2024, 2026, and 2030
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 Product
- 5.1 Introduction
- 5.2 Rigid Perovskite Solar Cells
- 5.3 Flexible Perovskite Solar Cells
- 6 Global Perovskite Solar Cell Market, By Type
- 6.1 Introduction
- 6.2 Organic-inorganic Perovskite Solar Cells
- 6.3 All-inorganic Perovskite Solar Cells
- 6.4 Hybrid Perovskite Solar Cells
- 7 Global Perovskite Solar Cell Market, By Structure
- 7.1 Introduction
- 7.2 Planar Perovskite Solar Cells
- 7.3 Mesoporous Perovskite Solar Cells
- 8 Global Perovskite Solar Cell Market, By Method
- 8.1 Introduction
- 8.2 Solution Method
- 8.3 Vapor-Deposition Method
- 8.4 Vapor-Assisted Solution Method
- 9 Global Perovskite Solar Cell Market, By Application
- 9.1 Introduction
- 9.2 Smart Glass
- 9.3 Solar Panel
- 9.4 Perovskite in Tandem Solar Cells
- 9.5 Portable Devices
- 9.6 Utilities
- 9.7 BIPV (Building-Integrated Photovoltaics)
- 9.8 Other Applications
- 10 Global Perovskite Solar Cell Market, By End Users
- 10.1 Introduction
- 10.2 Manufacturing
- 10.3 Energy
- 10.4 Industrial Automation
- 10.5 Aerospace
- 10.6 Consumer Electronics
- 10.7 Other End Users
- 11 Global Perovskite Solar Cell Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
- 12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
- 13 Company Profiling
- 13.1 8minutenergy Renewables
- 13.2 Canadian Solar
- 13.3 Enel Green Power
- 13.4 First Solar
- 13.5 GCell
- 13.6 Hanwha Q CELLS
- 13.7 Heliatek
- 13.8 JinkoSolar
- 13.9 Kalyon Solar Technologies
- 13.10 LONGi Solar
- 13.11 Microquanta Semiconductor
- 13.12 Oxford PV
- 13.13 Perovskite Solar Cells (PSCs)
- 13.14 Siva Power
- 13.15 Solar Frontier
- 13.16 Solaronix
- 13.17 SolarWorld
- 13.18 Swift Solar
- 13.19 Trina Solar
- List of Tables
- Table 1 Global Perovskite Solar Cell Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Perovskite Solar Cell Market Outlook, By Product (2022-2030) ($MN)
- Table 3 Global Perovskite Solar Cell Market Outlook, By Rigid Perovskite Solar Cells (2022-2030) ($MN)
- Table 4 Global Perovskite Solar Cell Market Outlook, By Flexible Perovskite Solar Cells (2022-2030) ($MN)
- Table 5 Global Perovskite Solar Cell Market Outlook, By Type (2022-2030) ($MN)
- Table 6 Global Perovskite Solar Cell Market Outlook, By Organic-inorganic Perovskite Solar Cells (2022-2030) ($MN)
- Table 7 Global Perovskite Solar Cell Market Outlook, By All-inorganic Perovskite Solar Cells (2022-2030) ($MN)
- Table 8 Global Perovskite Solar Cell Market Outlook, By Hybrid Perovskite Solar Cells (2022-2030) ($MN)
- Table 9 Global Perovskite Solar Cell Market Outlook, By Structure (2022-2030) ($MN)
- Table 10 Global Perovskite Solar Cell Market Outlook, By Planar Perovskite Solar Cells (2022-2030) ($MN)
- Table 11 Global Perovskite Solar Cell Market Outlook, By Mesoporous Perovskite Solar Cells (2022-2030) ($MN)
- Table 12 Global Perovskite Solar Cell Market Outlook, By Method (2022-2030) ($MN)
- Table 13 Global Perovskite Solar Cell Market Outlook, By Solution Method (2022-2030) ($MN)
- Table 14 Global Perovskite Solar Cell Market Outlook, By Vapor-Deposition Method (2022-2030) ($MN)
- Table 15 Global Perovskite Solar Cell Market Outlook, By Vapor-Assisted Solution Method (2022-2030) ($MN)
- Table 16 Global Perovskite Solar Cell Market Outlook, By Application (2022-2030) ($MN)
- Table 17 Global Perovskite Solar Cell Market Outlook, By Smart Glass (2022-2030) ($MN)
- Table 18 Global Perovskite Solar Cell Market Outlook, By Solar Panel (2022-2030) ($MN)
- Table 19 Global Perovskite Solar Cell Market Outlook, By Perovskite in Tandem Solar Cells (2022-2030) ($MN)
- Table 20 Global Perovskite Solar Cell Market Outlook, By Portable Devices (2022-2030) ($MN)
- Table 21 Global Perovskite Solar Cell Market Outlook, By Utilities (2022-2030) ($MN)
- Table 22 Global Perovskite Solar Cell Market Outlook, By BIPV (Building-Integrated Photovoltaics) (2022-2030) ($MN)
- Table 23 Global Perovskite Solar Cell Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 24 Global Perovskite Solar Cell Market Outlook, By End Users (2022-2030) ($MN)
- Table 25 Global Perovskite Solar Cell Market Outlook, By Manufacturing (2022-2030) ($MN)
- Table 26 Global Perovskite Solar Cell Market Outlook, By Energy (2022-2030) ($MN)
- Table 27 Global Perovskite Solar Cell Market Outlook, By Industrial Automation (2022-2030) ($MN)
- Table 28 Global Perovskite Solar Cell Market Outlook, By Aerospace (2022-2030) ($MN)
- Table 29 Global Perovskite Solar Cell Market Outlook, By Consumer Electronics (2022-2030) ($MN)
- Table 30 Global Perovskite Solar Cell Market Outlook, By Other End Users (2022-2030) ($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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