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The global Perovskite Solar Cells Market is expected to witness tremendous growth in the coming years, with a projected compounded annual growth rate (CAGR) of 30.4% from 2023 to 2031. This is expected to result in a revenue of US$ 6,012.48 Mn by the end of 2031 up from US$ 563.3 Mn in 2022. This remarkable growth highlights the increasing demand for perovskite solar cells due to their advantages over traditional silicon solar cells, such as their high efficiency and low production costs. With the growing demand for renewable energy and a need to reduce greenhouse gas emissions, the perovskite solar cells market is poised for significant growth in the future.
The perovskite solar cells market is experiencing substantial growth, driven by a growing demand for this technology across various industries. The use of perovskite solar cells is driven by their unique characteristics, such as their flexibility, lightweight, and good light absorption capacity across the visible light spectrum. With lab-reported power conversion efficiencies surpassing 20% and ease of manufacturing, perovskite solar cells are poised for success in the solar power sector.
Perovskite, a crystal structure composed of hybrid organic-inorganic lead or tin halide-based materials, functions as the light-harvesting active layer. Its inherent properties, such as superconductivity, broad absorption spectrum, magnetoresistance, long electron and hole transport distances, and long carrier separation lifetime, make it a promising technology in the solar powerindustry.
The automotive industry is adopting perovskite technology for use in car roofs, driving the growth of the perovskite solar cells market. Additionally, perovskite has a wide range of domestic applications, such as outdoor glass, smart glasses, and various electronic appliances, such as LED lighting.
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Under the industry outlook section, the report provides a comprehensive comparison of Perovskite solar cells with other types of solar cells based on various parameters such as cost, energy payback period, and efficiency. Perovskite solar cells emerged as the most cost-effective alternative, with an overall cost of US$0.25, compared to other solar cells that incur higher costs ranging from US$0.43 to US$0.70. Additionally, Perovskite solar cells have the shortest energy payback period of 2-3 months, compared to 1-2 years for other solar cells.
The report also highlights the commercialization status of Perovskite Solar Cells by various companies in the market. For instance, Oxford PV aims to reach a 27% efficiency at commercial scale (243 cm2 cells) in 2020 and is in progress with field tests. Sekisui reports an efficiency of 8-10% on 900 cm2 modules in field tests. Panasonic has achieved 21.6% efficiency on 6.25 cm2 cells and 12.6% efficiency on 412 cm2 modules.
The study provides a thorough analysis of the global and regional perovskite solar cell market, including key recent developments in the industry. The market dynamics section sheds light on the driving and restraining factors, opportunities, and trends shaping the market's growth. For example, perovskite tandem cells emit only 10.69 g of carbon dioxide equivalent per kilowatt-hour of power generated over their lifetime, which is 43.4% lower than the emissions from silicon solar panels. Perovskite solar cells also perform well in low and diffuse light, making them an attractive option for specialized industries, including building-integrated photovoltaics, indoor applications, Internet of Things devices, and transportation. The first commercial perovskite-based IoT solutions are expected to hit the market soon, and inkjet printing is a viable manufacturing technology for high-volume, large-area production with custom layouts.
The global perovskite solar cells market is segmented based upon Product Type, Module Type, Structure, Application and Region.
By Product Type
The flexible perovskite solar cell (PSC) segment is poised for significant growth in the forecast period with a projected CAGR of 29.8%. This segment's popularity is driven by its favorable technical specifications, including its potential for use in portable electronics. Researchers have also been drawn to this segment due to the high efficiency levels that have been achieved, with some low-temperature fabrication methods delivering levels over 18%. The matching of interface and electrode materials is also seen as a key factor in this segment's growth potential.
By module, the global perovskite market is segmented into rigid and flexible, wherein, the rigid segment is projected to generate over 82% market revenue. Rigid Perovskite Solar Cells (PSCs) have shown promising results in the field of converting sunlight into electricity. With a champion-cell efficiency of 19.11%, rigid PSCs are more efficient than their flexible counterparts. Additionally, they are capable of processing temperatures over 250°C, making them more versatile in their application.
Most of the consumers around the globe are preferring the product as it offers improved stability and durability, making them suitable for long-term installations. They are more resilient to changes in temperature, humidity, and ultraviolet light and are less likely to suffer from mechanical damage. Furthermore, rigid PSCs offer cost-effectiveness as they require fewer materials and a lower process temperature during fabrication, resulting in a lower cost of production. These advantages make rigid PSCs a more attractive option for many applications.
The global perovskite market is segmented into two main structures: planner perovskite solar cells and mesoporous perovskite solar cells. The planner segment is currently dominating the market, with a market share of over 70%, and is expected to continue its dominance in the years to come.
However, mesoporous perovskite solar cells are also gaining traction in the market, as they offer improved stability and efficiency compared to their planner counterparts. The mesoporous structure enables increased light absorption and improved charge transport, leading to higher conversion efficiency. Additionally, research and development efforts are underway to further improve the efficiency and stability of mesoporous perovskite solar cells. With the advancements in technology, the mesoporous segment is expected to grow at a significant rate in the coming years.
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The global perovskite solar cells market is segmented into five regions: North America, South America, Asia Pacific, Middle East & Africa, and Europe. In 2022, the global revenue of the market was $563.3 million. Asia Pacific has the highest market share of 56% in 2022 and is projected to have the highest growth rate of 31.6% during 2023-2031. This growth is due to the efforts of entrepreneurs in China and other countries to advance large-scale production of PSCs. For example, Microquanta Semiconductor, a company based in China, has established a 5GW-capacity pilot manufacturing facility for perovskite solar products, which is the world's first production facility for perovskite PV. China and Japan cumulatively hold a significant market share of 76%, and India is expected to grow at the highest rate of 36% during the forecast period.
The report also examines the impact of the COVID-19 pandemic on the global perovskite solar cells market. The analysis covers various time periods and post-pandemic effects on the industry. Countries like the United States, China, India, and Japan hold a major share of PV capacity and were severely affected by the pandemic in the early stages due to lockdown restrictions, strict safety policies, and restricted mobility, resulting in significant disruption in the collection, transportation, and recycling of large amounts of PV waste, which ended up in unrecycled landfills.
The North American region is a prominent market for perovskite solar cells, with significant contributions from the United States and Canada. The region is characterized by a strong focus on renewable energy sources, making it an ideal market for perovskite solar cells. In recent years, the North American region has seen an increase in the adoption of perovskite solar cells, especially in the residential and commercial sectors. This is driven by favorable government initiatives, supportive policies and the presence of a large number of key players in the market. The region is expected to see steady growth in the perovskite solar cells market in the coming years, due to the increasing demand for energy-efficient and cost-effective solar solutions.
In the United States, the perovskite solar cells market is expected to grow at a significant pace, driven by the growing demand for clean and renewable energy. The country has a strong focus on reducing carbon emissions, and this has led to the growth of the perovskite solar cells market. Companies in the region are investing in research and development of perovskite solar cells to improve their efficiency and reduce costs. With supportive government policies and a large pool of skilled professionals, the North American region is well-positioned to become a leading market for perovskite solar cells in the coming years.
The perovskite solar cell market is largely dominated by a few large players, resulting in a monopolistic market structure. However, with the increasing interest and investment in the technology, it is expected to move towards an oligopolistic market in the forecast period. This shift is due to the growing market share of the major players, who are anticipated to expand their dominance in the future.
As per the research report, the five leading companies in the market hold a combined market share of approximately 34.2%. The largest player in the market, Oxford PV, has a market share of 9.50%, followed closely by Alfa Aesar. The concentration of market share among a few players indicates a highly competitive market, with limited opportunities for new entrants.
By Product Type
By Module Type
|Market Size Value in 2022||US$ 563.3 Mn|
|Expected Revenue in 2031||US$ 2,012.8 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product Type, By Module Type, By Structure, By Application, By Region|
|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 2022 was US$ 563.3 Million.
The report provides market analysis for the forecast period (2023 – 2031), wherein 2022 is the base year and 2018 to 2022 are the historic years.
The market is estimated to grow at CAGR of 30.4% by 2031.
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 2022.
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 2022.
The Global Perovskite Solar Cells Market is forecast to record a revenue of US$ 6,012.48 Mn by the year 2031.
Jinkosolar holds the highest market share of 9.50% in 2022.
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