Global Perovskite Solar Cell Market Report and Forecast 2024-2032

Perovskite Solar Cell Market Outlook

The global perovskite solar cell market size is expected to grow at a CAGR of 30.50% during the forecast period between 2024-2032. The growth of the market is likely to be driven by the rise in demand for solar cells.

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Perovskite Solar Cell Market Trends

The active layer of a perovskite solar cell (PSC) is made up of a material with a perovskite structure. These substances offer outstanding charge-carrier mobilities and light absorption. As the light-harvesting active layer, hybrid organic-inorganic lead is primarily used in perovskite solar cells. Perovskite solar cells are preferable to commercial silica and other organic or inorganic solar energy due to their high effectiveness and inexpensive manufacturing processes and components.

• One of the key trends aiding the perovskite solar cell market growth is the increase in demand for solar cells due to its flexibility and lightweight power. Additionally, the market also benefits from the rise in applications across different sectors.
   
• The market is expanding faster due to rising economic growth and energy security. Further, the necessity to use modern energy services to combat poverty and enhance quality of life is contributing to the market's growth.
   
• The perovskite solar cell market expansion is being impacted by the rise in solar system installations. The market is expanding as a result of the rising demand for perovskite solar cells due to the growing need to reduce the cost of solar cell modules.
   
• The capacity of the product to produce clean energy by utilising solar energy, along with the desire to reduce carbon footprint, are some of the key factors that are anticipated to propel the growth of the market. It is a substitute energy source for fossil fuels, reducing both the carbon footprint and global greenhouse gas emissions.

Global Perovskite Solar Cell Market Analysis 

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Based on structure, the market is divided into planar perovskite solar cells and mesoporous perovskite solar cells. The market on the basis of product can be segmented into rigid perovskite solar cells and flexible perovskite solar cells. On the basis of method, the market can be bifurcated into solution method, vapour-deposition method, and vapour-assisted solution method. 

Based on end-use, the market segmentations include aerospace, industrial automation, consumer electronics, and energy, among others. The regional markets for perovskite solar cell can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global perovskite solar cell market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Oxford PV 
   
• Greatcell Energy Pty Ltd
   
• Saule Technologies 
   
• Swift Solar Inc.
   
• Hubei Wonder Solar LLC 
   
• Others

Market Share by Structure

During the forecast period, the planar perovskite solar cell market is anticipated to experience high growth rate owing to its use in thin-film photoelectric systems and extraordinary electrical and optical capabilities. When the layer's breadth is zero, it can be made without using a high-temperature process and is used in mesoporous structures.

Due to their extensive use in product manufacturing and higher than 20% efficiency in power conversion, mesoporous perovskite solar cells are expected to have a market value more than expected during the projection period. Due to increasing demand, perovskite-based flat solar cells are anticipated to fuel the market growth.

Market Share by Region

During the forecast period, it is anticipated that the Asia Pacific region will witness robust growth. The Asia Pacific region dominates the global market in terms of revenue due to the region’s rapid urbanisation, the need for alternative energy to reduce dependency on fossil fuels, and increased government support in various countries. 

Additionally, the well-developed consumer electronics industry in countries such as India, China, and Japan is fostering the perovskite solar cell market development.

On the other hand, North America is anticipated to account for a major portion of the market because of its robust consumer electronics industry. The region's robust automotive industry, increasing end-use sector demand, and the presence of significant market competitors in the region is further propelling the market growth.

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Competitive Landscape  

Oxford PV, the inventor, and global leader in perovskite solar cell technology is headquartered in the United Kingdom. The business was founded in 2010 as an Oxford University spin-out. It is creating the first volume manufacturing line for perovskite-on-silicon tandem solar cells in the world and has the largest global staff solely dedicated to developing and commercialising a perovskite-based solar technology.

Greatcell Energy Pty Ltd, with its headquarters in Australia, is a world leader in the development and commercialisation of perovskite solar cell (PSC) technology, a third-generation photovoltaic technology used to create cement, glass, metal, or polymers. The company's main business is supplying micro-power supplies to the USD 1 trillion Internet of Things industry.

Swift Solar Inc. is a startup company headquartered in the United States that creates lightweight solar panels and systems that are more affordable and effective than other solutions. International leaders in perovskite technology established the business in 2017 with a common aim for the development of solar energy.

Other market players include Hubei Wonder Solar LLC and Saule Technologies, among others.

Key Highlights of the Report