Global Perovskite Solar Cell Market – Industry Trends and Forecast to 2030

Global Perovskite Solar Cell Market, By Structure (Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells), Product (Rigid Perovskite Solar Cells, Flexible Perovskite Solar Cells), Method (Solution Method, Vapor-Deposition Method, Vapor-Assisted Solution Method), Application (Smart Glass, Solar Panel, Perovskite in Tandem Solar Cells, Portable Devices, Utilities, BIPV (Building-Integrated Photovoltaics)), End Use Industries (Manufacturing, Energy, Industrial Automation, Aerospace, Consumer Electronics), Type (Hybrid PSCs, Flexible PSCs, and Multi-Junction PSCs) - Industry Trends and Forecast to 2030.

Perovskite Solar Cell Market Analysis and Size

The global perovskite solar cell market is segmented on the basis of structure, product, method, application, end user industries, and type. BIPV (Building-Integrated Photovoltaics) dominate the application segment of the global perovskite solar cell market due to its dual purpose: serving as the structure’s outer layer and generating electricity for on-site use or export to the grid. BIPV systems can save on material and electricity costs, reduce pollution, and increase a building’s architectural appeal.

Data Bridge Market Research analyses that 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. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Perovskite Solar Cell Market Scope and Segmentation

Market Definition

The global perovskite solar cell market refers to the global industry involved in the design, manufacturing, and distribution of integrated circuits specifically engineered to operate at microwave and millimeter-wave frequencies. perovskite solar cell  are used in various applications, including telecommunications, radar systems, satellite communication, defense electronics, and more. This market encompasses the production and sale of perovskite solar cell, as well as the research and development efforts to advance the technology, meet specific industry needs, and cater to a wide range of high-frequency applications.

Global Perovskite Solar Cell Market Dynamics

Drivers

• The Market for Solar Cells is Growing

The growth of the crystalline solar cell industry is primarily driven by the increased demand for solar energy due to its versatility and portability. Furthermore, the market is also experiencing growth from various sectors utilizing solar energy for various applications.

• Growing Energy Services Today

The market is growing faster due to increased economic activity and energy stability. Additionally, the necessity to use current energy supplies to combat poverty and enhance the superiority of lifecycle has increased, which has helped the industry grow.

• Increase in the Installation of Solar Systems

The market is being influenced by the increasing installation of solar systems. This growth in the market is driven by the growing demand for perovskite solar cells, driven by the need to reduce the cost of solar panels. Additionally, factors such as urbanization, lifestyle changes, improved reserves, and increased consumer spending are positively affecting the global perovskite solar cell market. perovskite-based solar cells offer greater availability, cost-effectiveness, and manufacturing convenience compared to traditional energy panels. They also deliver exceptional power conversion, leading to outstanding performance. These characteristics are expected to significantly enhance the perovskite solar energy industry, thanks to their growing acceptance.

Opportunities

• They are Flexible and Lightweight

Due to their strong temperature dependence and magnetic characteristics, perovskite solar cells have a very large growth potential in the upcoming years. These devices also provide several additional benefits over traditional storage photovoltaics, such as the capacity to respond to various light wavelengths that are absorbed by the panels. They are also light and flexible, which will likely result in a rise in demand for them in the years to come.

•  Growth in Research and Development

Additionally, the expansion of R&D activities creates lucrative prospects for market participants during the projected timeframe of 2021 to 2030.  The market will grow even more as alternative sources of energy become more common.

Restraints/ Challenges

• Presence of Toxic Substances in Perovskite Solar Cells

Perovskites have a crystal structure like the perovskite material, which consists titanium oxide (CaTiO3). When the perovskite cell breaks down, it produces toxic substances called Pbl, which affects the human respiratory system. This substance also contains lead, which can affect the environment by contaminating air, water, and soil. The harmful effects of perovskite solar cells, hence, act as a restraint for the market growth.

• Variations in Raw Materials

It is anticipated that high production costs will limit market expansion. Additionally, throughout the projected timeframe of 2022–2030, changes in raw material prices are anticipated to pose a challenge to the global perovskite solar energy market. This document on the perovskite solar panel industry information latest developments, import restrictions, import and export examination, business model, value chain enhancement, customer base, the effect of household and local market participants, analyzing possibilities in relations of evolving income compartments, changes in the restrictions, decisive market expansion analysis, market shares, categorization market overgrowth, implementation niche markets, and supremacy, leading to successful, new products, and more.

This global perovskite solar cell market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the variable frequency drive market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In November 2022, Hubei Wandu Solar Co. Ltd., a large-scale test line demonstration project of solar photovoltaic modules in mines, was visited by Sun Bing, Secreyary of the Municipal Party Committee, and Chen Ping
• In May 2022, Saule Technology and Columbus Energy announced their partnership with Google Cloud. The companies had signed an agreement to innovative products with the help of perovskite solar cells for sectors, such as distributed energy and the IoT

Global Perovskite Solar Cell Market Scope

The global perovskite solar cell market is segmented on the basis of structure, product, method, application, end use industries, and type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

Product

• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

Method

• Solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method

Application

• Smart Glass
• Solar Panel
• Perovskite in Tandem Solar Cells
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics

End Use Industries

• Manufacturing
• Energy
• Industrial Automation
• Aerospace
• Consumer Electronics

Type

• Hybrid PSCs
• Flexible PSCs
• Multi-Junction PSCs

Global Perovskite Solar Cell Market Region Analysis/Insights

The global perovskite solar cell market is analyzed and market size insights and trends are provided by structure, product, method, application, end use industries, and type as referenced above.

The regions covered in the global perovskite solar cell market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the Global Perovskite Solar Cell Market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa

The Asia Pacific dominates the global perovskite solar cell market due to increased urbanization, the requirement for alternative energy to minimize reliance on fossil fuels, and supportive government initiatives. Furthermore, the region’s well-developed consumer electronics sector boost the growth global perovskite solar cell market in the region during the forecast period 2023-2030.

North America is projected to observe a significant amount of share in the global perovskite solar cell market as the region is using silicon material to produce these cells at a cheaper cost.  

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Perovskite Solar Cell Market Share Analysis

The global perovskite solar cell market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global perovskite solar cell market.

Some of the major players operating in the global perovskite solar cell market are:

• 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 (Neatherlands)
• Toshiba Corporation (Japan)
• G24 Power Ltd. (U.K.)
• Microquanta Simiconductor Co. Ltd. (China)
• FrontMaterials Co. Ltd (Taiwan)