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Global Perovskite Solar Cell Market Size, Share, Analysis: By Structure: Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells; By Product: Rigid Perovskite Solar Cells, Flexible Perovskite Solar Cells; By Method: Solution Method, Others; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Perovskite Solar Cell Market Outlook
The global perovskite solar cell market size is expected to grow at a CAGR of 30.50% during the forecast period between 2024-2032. The growth of the market is likely to be driven by the rise in demand for solar cells.
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Perovskite Solar Cell Market Trends
The active layer of a perovskite solar cell (PSC) is made up of a material with a perovskite structure. These substances offer outstanding charge-carrier mobilities and light absorption. As the light-harvesting active layer, hybrid organic-inorganic lead is primarily used in perovskite solar cells. Perovskite solar cells are preferable to commercial silica and other organic or inorganic solar energy due to their high effectiveness and inexpensive manufacturing processes and components.
- One of the key trends aiding the perovskite solar cell market growth is the increase in demand for solar cells due to its flexibility and lightweight power. Additionally, the market also benefits from the rise in applications across different sectors.
- The market is expanding faster due to rising economic growth and energy security. Further, the necessity to use modern energy services to combat poverty and enhance quality of life is contributing to the market's growth.
- The perovskite solar cell market expansion is being impacted by the rise in solar system installations. The market is expanding as a result of the rising demand for perovskite solar cells due to the growing need to reduce the cost of solar cell modules.
- The capacity of the product to produce clean energy by utilising solar energy, along with the desire to reduce carbon footprint, are some of the key factors that are anticipated to propel the growth of the market. It is a substitute energy source for fossil fuels, reducing both the carbon footprint and global greenhouse gas emissions.
Global Perovskite Solar Cell Market Analysis
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Based on structure, the market is divided into planar perovskite solar cells and mesoporous perovskite solar cells. The market on the basis of product can be segmented into rigid perovskite solar cells and flexible perovskite solar cells. On the basis of method, the market can be bifurcated into solution method, vapour-deposition method, and vapour-assisted solution method.
Based on end-use, the market segmentations include aerospace, industrial automation, consumer electronics, and energy, among others. The regional markets for perovskite solar cell can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global perovskite solar cell market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Oxford PV
- Greatcell Energy Pty Ltd
- Saule Technologies
- Swift Solar Inc.
- Hubei Wonder Solar LLC
- Others
Market Share by Structure
During the forecast period, the planar perovskite solar cell market is anticipated to experience high growth rate owing to its use in thin-film photoelectric systems and extraordinary electrical and optical capabilities. When the layer's breadth is zero, it can be made without using a high-temperature process and is used in mesoporous structures.
Due to their extensive use in product manufacturing and higher than 20% efficiency in power conversion, mesoporous perovskite solar cells are expected to have a market value more than expected during the projection period. Due to increasing demand, perovskite-based flat solar cells are anticipated to fuel the market growth.
Market Share by Region
During the forecast period, it is anticipated that the Asia Pacific region will witness robust growth. The Asia Pacific region dominates the global market in terms of revenue due to the region’s rapid urbanisation, the need for alternative energy to reduce dependency on fossil fuels, and increased government support in various countries.
Additionally, the well-developed consumer electronics industry in countries such as India, China, and Japan is fostering the perovskite solar cell market development.
On the other hand, North America is anticipated to account for a major portion of the market because of its robust consumer electronics industry. The region's robust automotive industry, increasing end-use sector demand, and the presence of significant market competitors in the region is further propelling the market growth.
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Competitive Landscape
Oxford PV, the inventor, and global leader in perovskite solar cell technology is headquartered in the United Kingdom. The business was founded in 2010 as an Oxford University spin-out. It is creating the first volume manufacturing line for perovskite-on-silicon tandem solar cells in the world and has the largest global staff solely dedicated to developing and commercialising a perovskite-based solar technology.
Greatcell Energy Pty Ltd, with its headquarters in Australia, is a world leader in the development and commercialisation of perovskite solar cell (PSC) technology, a third-generation photovoltaic technology used to create cement, glass, metal, or polymers. The company's main business is supplying micro-power supplies to the USD 1 trillion Internet of Things industry.
Swift Solar Inc. is a startup company headquartered in the United States that creates lightweight solar panels and systems that are more affordable and effective than other solutions. International leaders in perovskite technology established the business in 2017 with a common aim for the development of solar energy.
Other market players include Hubei Wonder Solar LLC and Saule Technologies, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Structure |
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| Breakup by Product |
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| Breakup by Method |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Perovskite Solar Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Perovskite Solar Cell Historical Market (2018-2023)
8.3 Global Perovskite Solar Cell Market Forecast (2024-2032)
8.4 Global Perovskite Solar Cell Market by Structure
8.4.1 Planar Perovskite Solar Cells
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Mesoporous Perovskite Solar Cells
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Perovskite Solar Cell Market by Product
8.5.1 Rigid Perovskite Solar Cells
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Flexible Perovskite Solar Cells
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Perovskite Solar Cell Market by Method
8.6.1 Solution Method
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Vapour-Deposition Method
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Vapour-Assisted Solution Method
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend 2024-2032)
8.7 Global Perovskite Solar Cell Market by End Use
8.7.1 Aerospace
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Industrial Automation
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Consumer Electronics
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend 2024-2032)
8.7.4 Energy
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Others
8.8 Global Perovskite Solar Cell Market by Region
8.8.1 North America
8.8.2 Europe
8.8.3 Asia Pacific
8.8.4 Latin America
8.8.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Oxford PV
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Greatcell Energy Pty Ltd
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Saule Technologies
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Swift Solar Inc.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Hubei Wonder Solar LLC
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Perovskite Solar Cell Market: Key Industry Highlights, 2018 and 2032
2. Global Perovskite Solar Cell Historical Market: Breakup by Structure (USD Million), 2018-2023
3. Global Perovskite Solar Cell Market Forecast: Breakup by Structure (USD Million), 2024-2032
4. Global Perovskite Solar Cell Historical Market: Breakup by Product (USD Million), 2018-2023
5. Global Perovskite Solar Cell Market Forecast: Breakup by Product (USD Million), 2024-2032
6. Global Perovskite Solar Cell Historical Market: Breakup by Method (USD Million), 2018-2023
7. Global Perovskite Solar Cell Market Forecast: Breakup by Method (USD Million), 2024-2032
8. Global Perovskite Solar Cell Historical Market: Breakup by End Use (USD Million), 2018-2023
9. Global Perovskite Solar Cell Market Forecast: Breakup by End Use (USD Million), 2024-2032
10. Global Perovskite Solar Cell Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Perovskite Solar Cell Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Perovskite Solar Cell Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Perovskite Solar Cell Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Perovskite Solar Cell Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Perovskite Solar Cell Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Perovskite Solar Cell Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Perovskite Solar Cell Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Perovskite Solar Cell Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Perovskite Solar Cell Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Perovskite Solar Cell Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Perovskite Solar Cell Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Major Exporting Countries by Value
23. Major Importing Countries by Value
24. Major Exporting Countries by Volume
25. Major Importing Countries by Volume
26. North America Historical Price Trends and Forecast 2018-2032
27. Europe Historical Price Trends and Forecast 2018-2032
28. Asia Pacific Historical Price Trends and Forecast 2018-2032
29. Latin America Historical Price Trends and Forecast 2018-2032
30. Middle East and Africa Historical Price Trends and Forecast 2018-2032
31. Global Perovskite Solar Cell Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 30.50% between the forecast period of 2024-2032.
The major drivers of the market include the rise in economic growth and energy security, rise in demand of perovskite solar cell because of growing need to decline prices of solar cells, growing environmental concerns, and growing requirement for alternative energy to minimise reliance on fossil fuels.
The rise in demand for solar cells and increase in the number of installations of solar system are the key industry trends propelling the growth of the market.
The major players in the industry are Oxford PV, Greatcell Energy Pty Ltd, Saule Technologies, Swift Solar Inc., and Hubei Wonder Solar LLC, among others.
Perovskite solar cells function similarly to conventional solar panels: a semiconductor absorbs solar energy and starts an electron flow, which is then collected by wire and transformed into useful electricity.
The main problems with perovskite solar cells are film thickness and quality. The perovskite material is poisonous by nature and will degrade quickly when exposed to heat, moisture, and snow.
The capping layer could extend the outdoor operation lifetime of perovskite solar cells to up to 30 years, making them the first of their kind to surpass the commercial threshold of a 20-year lifetime.
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