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With an astounding compounded annual growth rate (CAGR) of 28.7% during 2022-2027, the global perovskite solar cells market is forecast to mark a revenue of US$ 2,012.8 Mn by the end of the year 2027.
The market growth is supported by the increasing use of perovskite solar cells in a variety of applications across numerous industries, and technological advancements that make the cells flexible, light-weight and good light-absorbing capacity across a wide range of visible light spectrum; power conversion efficiencies exceeding 20% in the lab, and relative ease in manufacturing, perovskite solar cells is bagging on the lucrative opportunity in the solar power sector.
Perovskite is a crystal structure and is mostly composed of hybrid organic-inorganic lead or tin halide-based material that functions as the light-harvesting active layer. The technology has intrinsic properties like superconductivity, broad absorption spectrum, magnetoresistance, long transport distance of electrons and holes, and long carrier separation lifetime. Solar perovskite is growing at a rapid pace due to its increasing application in the automotive industry where it is used for the roofs of cars. The technology has various domestic applications like outdoor glass, smart glasses, and numerous electronic appliances like LED lighting, and others.
The global growth opportunity in the perovskite solar cells industry recorded US$ 1,570.4 Mn during 2022-2027. The study provides an insight into the industry with a comprehensive and detailed analysis of the market across different segments and in different regions. Key market players have been profiled in the report with the purpose of providing an understanding of operations across the industry. The research report provides a detailed analysis of the global perovskite solar cells market across 42 chapters, totaling 586 pages, with 153 data tables, and 372 figures.
Under the industry outlook section, the report provides a comparative analysis with types of solar cells on different parameters such as overall cost incurred, the energy payback period of different solar cells and efficiency percentage among others. When compared to Copper indium gallium selenide solar cells, Cadmium Telluride solar cells, and Crystalline silicon solar cells, Perovskite is the cheapest alternative with the overall cost of US$ 0.25 as compared to the high cost associated with other solar cells ranging from US$ 0.43-0.70. Perovskite solar cells also have the lowest energy payback period of 2-3 months as compared to a 1-2 years period with other solar cells.
The report briefly discusses the commercialization status of Perovskite Solar Cells by various companies in the market. Oxford PV claims that it will reach 27% at commercial scale (243 cm2 cells) in 2020, with field tests in progress and aims at larger modules. Sekisui says that the company is 8–10% efficient 900 cm2 modules in field tests. Panasonic claims that it is 21.6%-efficient 6.25 cm2 cells and 12.6% efficient 412 cm2 modules.
The study illustrates global and regional analysis with key recent developments in the industry. In the market dynamics section, forces like Drivers, Restraints, Opportunities, and Trends are described in detail to provide a better interpretation of the market and its effects. For instance, the perovskite tandem cell emits only 10.69 g of carbon dioxide equivalent for every kilowatt-hour of power it generates over its lifetime, which is just 43.4% of the emissions from silicon solar panels. Solar cells made of perovskite also work well in low and diffuse light. These characteristics are especially appealing to specialized industries including building-integrated PV, indoor applications, Internet of Things (IoT) devices, and transportation. Soon, the first commercial perovskite-based IoT solutions are likely to hit the market. Inkjet printing is a viable manufacturing technology for this type of application since it provides for high-volume, large-area production, and custom layouts.
The global perovskite solar cells market is divided into five regions: North America, South America, Asia Pacific, Middle East & Africa, and Europe. The revenue for the global perovskite solar cells market was US$ 203.5 Mn in 2020. In the global marketplace, the Asia Pacific Perovskite Solar Cells Market holds the highest market share of 56% in 2020 and is projected to have the highest CAGR of 31.6% in the forecast period of 2021-2027. This is due to entrepreneurs based in China and other countries are pushing forward the large-scale production of PSCs. For instance, Microquanta Semiconductor, a company based in China has established a 5GW-capacity pilot manufacturing facility for perovskite solar products, which is the first production facility for perovskite PV in the world. Among various countries in the Asia Pacific, China and Japan cumulatively hold a significant market share of 76% and is estimated that India is growing at the highest CAGR of 36% in the forecast period.
The report also offers a detailed study of the impact of the COVID-19 outbreak on the global perovskite solar cells market. Analysis span through various time periods and covers post COVID-19 effects of the perovskite solar cells industry. Countries like the United States, China, India, and Japan hold a major share in the PV capacity, these countries were severely affected in the early stages of the pandemic due to the restrictions of lockdown, strict safety policies, and restricted mobility in many countries, resulting in a remarkable disruption in the collection, transportation, and recycling‑huge amount of PV waste ended in landfills unrecycled of PV modules.
As per the research report, the market is considered monopolistic in nature with an estimated projection towards oligopoly in the forecast period. This is due to the expectation that major players will increase their dominating market shares in the future. The cumulative market share of the five major players in the market is close to 34.2%. Jinkosolar holds the highest market share of 9.50% followed by Alfa Aesar.
In the company profile section, some of the key active players in the market have been identified. Details covered about these players are categorized into Business Overview, Strategic outlook, Product Portfolio, Outline on Company’s Financials and Recent Developments of the company. Some of the key market players profiled in the report are:
The global perovskite solar cells market is segmented based upon Product Type, Module Type, Structure, Application, and Region. Among the key product types, the flexible PSCs grew at the highest CAGR of 29.8% during the forecast period. The favorable technical specification of this technology contributes to its significant growth rate. Flexible perovskite solar cells have also attracted widespread research efforts because of their potential in portable electronics and high-efficiency levels of more than 18 % achieved by various low‐temperature fabrication methods and matching of the interface and electrode materials.
As per the report global perovskite solar cells market is segmented as:
By Product Type
By Module Type
|Market Size Value in 2021||US$ 442.2 Mn|
|Expected Revenue in 2027||US$ 2,012.8 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product Type, By Module Type, By Structure, By Application, and Region|
|Regional Scope||North America; Europe; Asia Pacific; Middle East & Africa; South America|
|Key Companies||BASF SE, Oxford PV, GCL, Hubei Wonder Solar, Swift Solar, Merck, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The market size of Perovskite Solar Cell in 2020 was US$ 352.2 Million.
The report provides market analysis for the forecast period (2021 – 2027), wherein 2020 is the base year and 2017 to 2019 are the historic years.
The market is estimated to grow at CAGR of 28.7% by 2027.
Companies like Alfa Aesar, BASF, Swift Solar, GCL Sozhou Nanotechology are some of the key companies involved in manufacturing of perovskite solar cells.
As per the study, many companies involved in commercial use of perovskite solar cells claims that perovskite solar cells initial efficiency is around 24%.
Growing demand for environmentally friendly energy and technological advancement is playing core role in recovering COVID-19 pandemic impact. Hence, with slight dip during peak of the pandemic, the market is growing positively.
Consumer Electronic Industry has the highest demand for perovskite solar cells with revenue of US$ 37 million in 2020.
Lead from perovskite can pour into ground and infiltrate plants. Lead poisoning can disrupt the food chain and can cause various health problems.
Jinkosolar and Alfa Aesar holds the highest share for Perovskite Solar Cells in the market with cumulative share of 17%, there are also other companies like Oxford PV, GCL, Hubei Wonder Solar, Jinkosolar, Swift Solar and Merck. The CR4 ratio of top four major players in the market is 29.7%.
Asia-Pacific segment holds the highest market share of 57% in 2020.
The Global Perovskite Solar Cells Market is forecast to record a revenue of US$ 2,012.7 Mn by the year 2027.
Jinkosolar holds the highest market share of 9.50% in 2020.