Perovskite Solar Cells Market Size Worth USD 2,012.7 Million by 2027 | CAGR 28.7%
According to research study conducted by Astute Analytica, the Global Perovskite Solar Cells Market is estimated to grow at a CAGR of 28.7% during the forecast period of 2021-2027. The market study is for the period of 2017-2027, where 2020 was taken as the base year and 2021-2027 as the forecast period.
Perovskite is a material that has structure similar to the perovskite crystal. Perovskite solar cells are mostly composed of hybrid organic-inorganic lead or tin halide-based material that functions as the light-harvesting active layer. It has intrinsic properties like superconductivity, broad absorption spectrum, magnetoresistance, long transport distance of electrons and holes, and long carrier separation lifetime.
Perovskite solar cells achieved efficiency from less than 4% in 2009 to 27.3% in the recent times. The technology is fast growing due to its dominant advantages like easy manufacture, lightweight, high power conversion efficiency, flexible solar modules, and its application in reduction of carbon emissions. The most recent use of Perovskite solar cells is in the automotive industry where it is used for the roofs of the cars. It also has various domestic applications like outdoor glass, smart glasses, and numerous electronic appliances like Led lightning.
The global perovskite solar cells industry accounted for US$ 352.2 Mn and is anticipated to generate a revenue of US$ 2,012.7 Mn by the end of the year 2027. Some of the manufacturers in the Global Perovskite Solar Cells Market are Oxford PV, GCL, Hubei Wonder Solar, Jinkosolar, Swift Solar and Merck. The cumulative share of top ten major market players is 48% in which Jinkosolar leads the market. The CR4 ratio of the four major players of the market is 29.70% which means that the market is observed to be monopolistic competition. However, the market is projected to shift to Oligopoly during the forecast period as these four major players are expected to increase their market share even more by adopting aggressive competitive strategies.
MARKET DYNAMICS OF GLOBAL PEROVSKITE SOLAR CELLS MARKET:
- The solar cells are made of formamidinium lead iodide, a type of metal halide perovskite popular for its thermal stability and small bandgap. These metal halide perovskite cells became revolutionary in the photovoltaic properties with rapid development in the Power Conversion Efficiency (PCE) to reach above 25%. With this efficiency record and new operational stability, the demand for perovskite cells as solar energy harvesters has risen significantly.
- The need for renewable energy like solar energy has become increasingly crucial. Renewable energy can generate more than 40,000 TWh globally, a significantly large increase over current levels. Solar energy also has cost-efficient properties. In the last decade only the cost of installing solar panels has decreased by 70% making it easier for market to grow. Solar accounted for 43% of all new electric capacity added to the grid in 2020. This is the highest share in history, and is second year in a row that solar accounted for generating highest capacity added to the grid.
- When Perovskite breaks down it produces a toxic substance called Pbl that effects human respiratory system and central nervous system. The toxicity of Pbl limits the Perovskite market.
- Lead when released in the environment contaminates air, water and soil and poses a serious threat to the environment. The lead from perovskite can pour into the ground and has the ability to infiltrate plants at a rate ten times higher than lead from any other human activity. Lead poisoning disrupts the food chain and can cause severe health problems.
- The average carbon footprint is around 4 ton per person globally. The United States leads in the market with around 20 ton per person carbon footprint. There are large number of government regulations in place for environment protection.
- The Central Asia Interstate Commission for Sustainable Development has decided to develop regional network for renewable sources of energy in Central Asia. Photovoltaic solar panels are being installed in national parks and protected regions.
- The perovskite tandem cell is found to emit reduced carbon dioxide equivalent as compared to silicon solar panels.
- Due to the ability to absorb light and PCE exceeding 20%, Perovskite cells are easily manufactured and efficient renewable energy. Solar cells made up of perovskite work well low and diffused light. These features are benefitting to several industries like building integrated PV, Internet of Things devices and transportation.
- The commercial perovskite-based Internet of Things solutions are likely to be very popular in the near future.
- Their advantages over silicon based solar cells in terms of internal flaw tolerance and processing ease makes them highly suitable for electronic appliances. This application of perovskite in electronic devices has gained a lot of popularity recently. For instance, Saule Technologies signed an agreement with Hideo Sawada with the purpose of combining perovskite solar cells with commercially available products.
KEY DEVELOPMENTS IN THE PEROVSKITE SOLAR CELLS MARKET:
- April 2021: A team of researchers from South Korea’s Ulsan National Institute of Science and Technology and the Swiss Federal Institute of Technology Lausanne recorded a new PCE of 25.6% in a single junction of perovskite solar cell. This exceeds the previous record holder of PCE 25.2% achieved by scientist from MIT in February 2021.
- April 2021: NREL scientists created a new design of perovskite solar cells to increase the area exposed to the sun and effectively create camouflage effect for more efficient solar cells. The new design increases efficiency by 10% with the capacity for 28%.
- May 2021: Graphene Flagship launched the GRAPES Spearhead Project to create Graphene-enabled perovskite panels. The purpose of this project is to test and develop solar panels that are cost effective and easily manufactured.
- Sept 2021: Researchers from ITMO's School of Physics and Engineering and Tor Vergata University of Rome discovered a way to increase the PCE of perovskite-based solar cells. The experiments were conducted on halide perovskite to bring the efficiency up to 21% by using titanium dioxide-based paste to act as an additional layer in producing solar panels.
The Global Perovskite Solar Cells Market is segmented based on Applications, Module Type, Product Type, and Structure.
- Smart glass
- Solar panel
- Perovskite in tandem solar cells
- Portable devices
- BIPV (Building-integrated photovoltaics)
- Defense and Aerospace
- Power Station
By Module type:
- Rigid Module
- Flexible Module
Based on type:
- Hybrid PSCs
- Flexible PSCs
- Multi-junction PSCs
- Planar Perovskite solar cells
- Mesoporous Perovskite solar cells
- North America
- South America
- Rest of South America
- Asia Pacific
- Australia & New Zealand
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- The UK
- Rest of Western Europe
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