New York, United States , June 29, 2023 (GLOBE NEWSWIRE) -- The Global Perovskite Solar Cell Market Size is to grow from USD 0.82 Billion in 2022 to USD 11.75 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period.
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Perovskite solar cells are a promising type of photovoltaic device that has gained significant attention in recent years. They are named after the perovskite crystal structure and offer high power conversion efficiency and low fabrication costs. Perovskite solar cells can be easily synthesized using low-temperature solution-based methods, making them a potential alternative to traditional silicon-based solar cells. However, stability issues, particularly in the presence of moisture and heat, remain a challenge. Nonetheless, ongoing research and development efforts aim to overcome these limitations and make perovskite solar cells a commercially viable option for renewable energy generation.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on "Global Perovskite Solar Cell Market Size, Share, and COVID-19 Impact Analysis, By Structure Type (Planar Perovskite Solar Cells and Mesoporous Perovskite Solar Cells), By Product Type (Rigid Perovskite Solar Cells and Flexible Perovskite Solar Cells), By Method (Solution Method, Vapor-Deposition Method, and Vapor-Assisted Solution Method), By End-User (Aerospace, Industrial Automation, Consumer Electronics, Energy, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here:
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The energy segment is expected to grow at a CAGR of around 30.2% during the forecast period.
Based on end-user, the global perovskite solar cell market is segmented into aerospace, industrial automation, consumer electronics, energy, and others. The energy segment is anticipated to experience significant growth in the forecast period for several reasons due to growing global demand for clean and renewable energy sources to address climate change concerns and reduce reliance on fossil fuels. Perovskite solar cells offer high efficiency and cost-effectiveness, making them an attractive option for energy generation. The advancements in perovskite materials and manufacturing techniques are continuously improving the stability, durability, and scalability of perovskite solar cells, making them more suitable for large-scale energy production. Additionally, governments and regulatory bodies are implementing supportive policies and incentives to encourage the adoption of renewable energy technologies, further driving the growth of the energy segment in the perovskite solar cell market.
The flexible perovskite solar cells segment held the largest market of around 60.5% in 2022.
Based on the product type, the global perovskite solar cell market is segmented into rigid perovskite solar cells and flexible perovskite solar cells. The flexible perovskite solar cells segment has emerged as the leader in the market, holding the largest market share. This can be attributed to several factors such as flexible perovskite solar cells offer advantages such as lightweight, thinness, and bendability, enabling their integration into various applications, including wearable devices, building-integrated photovoltaics, and portable electronics. The advancements in flexible substrate materials and encapsulation techniques have improved the stability and durability of these cells, addressing concerns regarding their long-term performance. Additionally, the growing demand for portable and lightweight power sources has boosted the adoption of flexible perovskite solar cells.
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Asia-Pacific expected to have the highest CAGR of around 34.6% over the projected period.
Based on region, Asia-Pacific is expected to experience the highest growth in the forecast period for several reasons. The region has a rapidly growing population and increasing energy demand, driving the need for sustainable and affordable energy sources. The governments in countries like China, Japan, and South Korea are actively promoting renewable energy policies and providing incentives for the adoption of solar power. Additionally, Asia-Pacific has a strong manufacturing base and technological capabilities, allowing for efficient production and deployment of perovskite solar cells. Overall, the region benefits from a favorable climate with abundant sunlight, making it an ideal market for solar energy solutions. These factors collectively contribute to the anticipated high growth of the perovskite solar cell market in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global perovskite solar cell market include Hanwha Q CELLS, CubicPV, EneCoat Technologies, Microquanta Semiconductor, Greatcell Energy, Oxford PV, P3C, PEROVSKIA SOLAR AG, Xiamen Weihua Solar Co. Ltd, Saule Technologies, and FlexLink Systems Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global perovskite solar cell market based on the below-mentioned segments:
Perovskite Solar Cell Market, By Structure Type
- Planar Perovskite Solar Cell
- Mesoporous Solar Cell - Better Efficiency
Perovskite Solar Cell Market, By Product Type
- Rigid Perovskite Solar Cell - Better Efficiency
- Flexible Perovskite Solar Cell
Perovskite Solar Cell Market, By Method
- Solution Method
- Vapor-Deposition Method
- Vapor-Assisted Solution Method
Perovskite Solar Cell Market, By End-User
- Aerospace
- Industrial Automation
- Consumer Electronics
- Energy
- Others
Perovskite Solar Cell Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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