Perovskite solar cells are crucial in the renewable energy landscape due to their remarkable efficiency and low-cost potential. Their unique crystal structure allows for easy fabrication, making them commercially attractive. With rapid advancements, perovskite solar cells have shown the potential to surpass traditional silicon-based cells in terms of efficiency. This technology holds promise for scalable, cost-effective solar energy production, contributing significantly to the global shift towards sustainable and clean energy sources.
According to Data Bridge Market Research analyses the Global Perovskite Solar Cell Market which was USD 79.05 million in 2022, is expected to reach USD 120.29 million by 2030, and is expected to undergo a CAGR of 56.5% during the forecast period 2023-2030.
"Rise in sustainable energy solution demand boosts the market growth"
The increasing demand for sustainable energy solutions is a key driver propelling the global perovskite solar cell market. As awareness of environmental concerns grows, there is a heightened focus on clean and renewable energy sources. Perovskite solar cells, with their high efficiency and lower production costs, are emerging as a promising technology to meet the rising demand for sustainable energy. Their potential to revolutionize the solar industry by providing a more efficient and cost-effective alternative contributes significantly to the global shift towards cleaner and greener energy solutions.
What restraints the growth of the global perovskite solar cell market?
“Variations associated with the market hinder its growth”
Variations in raw materials pose a significant restraint to the global perovskite solar cell market. The market's growth is hindered by the inconsistent availability and quality of essential raw materials required for perovskite solar cell production. Fluctuations in the supply chain, coupled with potential geopolitical tensions affecting resource access, contribute to market uncertainties. These challenges can lead to increased production costs, and supply chain disruptions, and hinder the scalability of perovskite solar cell technology, impeding its widespread adoption and market expansion.
Segmentation: Global Perovskite Solar Cell Market
The global perovskite solar cell market is segmented on the basis of structure, product, method, application, end-use industry, and type.
- On the basis of structure, the global perovskite solar cell market is segmented into planar perovskite solar cells, and mesoporous perovskite solar cells
- On the basis of product, the global perovskite solar cell market is segmented into rigid perovskite solar cells, and flexible perovskite solar cells
- On the basis of method, the global perovskite solar cell market is segmented into solution method, vapor-deposition method, and vapor-assisted solution method
- On the basis of application, the global perovskite solar cell market is segmented into smart glass, solar panel, perovskite in tandem solar cells, portable devices, utilities, and BIPV (building-integrated photovoltaics)
- On the basis of end-use industry, the global perovskite solar cell market is segmented into manufacturing, energy, industrial automation, aerospace, and consumer electronics
- On the basis of type, the global perovskite solar cell market is segmented into hybrid PSCs, flexible PSCs, and multi-junction PSCs
Regional Insights: Asia-Pacific dominates the Global Perovskite Solar Cell Market
The Asia Pacific dominates the global perovskite solar cell market, driven by a confluence of factors. Rapid urbanization has spurred an increased demand for energy, prompting a shift towards alternative sources such as perovskite solar cells. Supportive government initiatives further amplify this trend by incentivizing and promoting renewable energy projects. The region's well-established consumer electronics sector acts as a catalyst, with perovskite solar cells gaining prominence for their potential in high-efficiency and cost-effective energy production.
North America is expected to experience significant growth during the forecast period 2023-2030 due to its strategic adoption of silicon materials, which enables cost-effective production. Silicon, a key component in solar cell manufacturing, is abundant and widely utilized in the region, contributing to reduced production costs. This cost-efficiency positions North America as a significant player in the perovskite solar cell market, allowing for greater market share and competitiveness.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-perovskite-solar-cell-market
Recent Developments in the Global Perovskite Solar Cell Market
- In November 2022 witnessed a significant milestone as Hubei Wandu Solar Co. Ltd. welcomed Sun Bing, Secretary of the Municipal Party Committee, and Chen Ping to explore their large-scale test line demonstration project for solar photovoltaic modules in mines
- In May 2022, Saule Technology and Columbus Energy joined forces with Google Cloud, signing an agreement to develop innovative products utilizing perovskite solar cells. Their focus spans across sectors such as distributed energy and the Internet of Things (IoT)
The Prominent Key Players Operating in the Global Perovskite Solar Cell Market Include:
- First Solar. (U.S.)
- SunPower Corporation (U.S.)
- Suniva Inc (U.S.)
- Tata Power Solar Systems Ltd. (India)
- SHARP CORPORATION (Japan)
- ALPS Technology Inc. (U.S.)
- Solaris Technology Industry, Inc. (India)
- GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
- Trina Solar (China)
- Canadian Solar. (Canada)
- sJinko Solar (China)
- Alfa Aesar (U.S.)
- IDTechEx Ltd (U.K.)
- Panasonic Corporation (Japan)
- Solliance solar research (Netherlands)
- Toshiba Corporation (Japan)
- G24 Power Ltd. (U.K.)
- Microquanta Simiconductor Co. Ltd. (China)
- FrontMaterials Co. Ltd (Taiwan)
Above are the key players covered in the report, to know about more and exhaustive list of global perovskite solar cell market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Perovskite Solar Cell Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
