Burlingame, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global Perovskite Solar Cell Market Size to Grow from USD 188.4 Million in 2024 to USD 4,392.1 Million by 2031, at a Compound Annual Growth Rate (CAGR) of 56.8% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Perovskite solar cells are a promising form of thin film solar technology that can potentially compete with silicon-based solar panels. Perovskite solar cells have relatively high power conversion efficiency and low cost production.
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Market Dynamics:
Perovskite solar cells are rapidly gaining traction as a viable alternative to commercially available silicon-based solar cells due to their flexibility, light weight and transparency. These next-generation photovoltaic cells could help reduce the cost of solar power close to conventional fossil fuel sources owing to their low production cost and high power conversion efficiency. With the growing emphasis on renewable and clean energy sources to meet increasing energy demands and for reduction in carbon emissions, investment in perovskite solar cell technology is expected to significantly rise over the coming years. Furthermore, ongoing research and development activities aimed at improving the stability and efficiency of perovskite solar cells will further support market growth.
Perovskite Solar Cell Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $188.4 million |
| Estimated Value by 2031 | $4,392.1 million |
| Growth Rate | Poised to grow at a CAGR of 56.8% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Structure, By Product Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Potential for Improvement in Efficiency • Potential for Lower Cost Production |
| Restraints & Challenges | • Instability issues • Lack of infrastructure for mass production |
Market Trends:
The emergence of tandem solar cell technology is one of the key trends witnessed in the global perovskite solar cell market. Tandem solar cells that combine perovskite materials with other materials like silicon, Cadmium Telluride and organic materials have the potential to achieve conversion efficiencies above 30%. Several companies are actively focusing on developing commercially viable perovskite-silicon tandem solar cells. In addition, many organizations and research institutes across countries like China, Japan, UK and USA are working towards improving perovskite processing techniques like low-temperature spin coating and scalable deposition methods such as slot-die coating and inkjet printing to enable mass manufacturing of cost-effective perovskite modules. These ongoing efforts aimed at enhancing efficiency, stability and scalability of perovskite solar cell technology will significantly support the market growth over the forecast period.
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Planar perovskite solar cells are expected to dominate the market over the forecast period. Planar cells have a simple structure that allows for scalable manufacturing using high-throughput processes such as slot-die coating and spray coating. This makes them an attractive technology for commercialization. Additionally, planar cells can achieve power conversion efficiencies comparable to mesoporous cells while offering benefits such as reduced cost and design flexibility. Key players are focusing their R&D efforts on improving the stability and efficiency of planar perovskite solar cells to drive their adoption in the market.
The flexible perovskite solar cells segment is anticipated to grow at a high CAGR during the forecast period. This is attributed to the increasing demand for lightweight, portable, and bendable solar panels for applications such as power generation at the edge in IoT devices, smart homes, and electric vehicles. Flexible perovskite cells can be manufactured via low-cost solution processing techniques on flexible plastic and metal foil substrates. Manufacturers are exploring the potential of flexible perovskite solar modules as an alternative to crystalline silicon modules for building integrated photovoltaics. The development of stable and highly efficient flexible perovskite solar technologies offers significant market opportunities.
Key Market Takeaways:
The global perovskite solar cell market is anticipated to witness a CAGR of 56.8% during the forecast period 2024-2031, owing to rapid technological advancements in perovskite material synthesis and device architecture.
On the basis of structure, planar perovskite solar cells segment is expected to hold a dominant position, accounting for over 70% of the market share by 2031 due to their simple design and potential for scale-up using industry compatible processes.
On the basis of product type, the rigid segment currently dominates the market but flexible perovskite solar cells are gaining ground rapidly, driven by expanding applications in wearables, portable devices and building-integrated photovoltaics.
On the basis of end user, the aerospace segment is expected to grow at the highest pace during the forecast period driven by the increasing integration of perovskite solar cells in CubeSats and satellites.
By region, North America is anticipated to dominate the global market through 2031, supported by strong government funding for research in the US and emergence of domestic solar panel manufacturers.
Some of the leading players operating in the perovskite solar cell market include Saule Technologies, FrontMaterials Co. Ltd., Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Polyera Corporation, Solaronix SA, Dyesol, FlexLink Systems Inc. and New Energy Technologies Inc. These players are focusing on scaling up production capacities and advancing perovskite material properties to cater to the growing demand.
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Recent Developments:
In April 2024, Solaires and XLYNX collaborated to build high efficiency perovskite solar cell.
In January 2024, RenShine Solar announced the completion of its 150MW perovskite PV tanden cell, with a predicted conversion efficiency of 27% and an energy yield of 24%.
Detailed Segmentation-
By Structure:
- Planar perovskite solar cells
- Mesoporous perovskite solar cells
By Product Type:
- Rigid
- Flexible
By End User:
- Aerospace
- Industrial automation
- Consumer Electronics
- Energy
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
