Perovskite Solar Cell Market Size to Reach Around USD 7.2 Bn by 2030

Tokyo, Sept. 30, 2022 (GLOBE NEWSWIRE) -- In 2021, the flexible product segment has captured 56% market share.

In 2021, the energy segment has captured 54% revenue share.

The global perovskite solar cell market size was valued at USD 0.60 billion in 2021. The perovskite-based solar cells (PSC) industry has a strong chance of expanding throughout the forecast period thanks to rising PSC research and development efforts as well as growing public awareness of the benefits these cells have over silicone photovoltaic technology. A PSC is a type of solar cell that combines superconductivity and magnetic properties with a perovskite-structured substance. Due to the growing use of these solar panels in window panes to turn the absorbed sunlight onto power, a sizable demand is anticipated to emerge from smart building applications.

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Regional Snapshots

Due to India's and China's growing investments in renewable power sources, Asia-Pacific is predicted to control the perovskite solar panel share of the market. With increased financing for the study and development of alternative sources of energy, the US is a market leader in North America.

North American market participants are searching for ways to streamline the production of these solar panels and lower their costs even further. As nations like Germany and France actively reduce their carbon dioxide emissions through sustainable energy measures, the solar business in Europe is booming. Last but not least, due to the country receiving focused sunshine for most of the year, Africa is showing bright potential.

Report Highlights

• Perovskite solar cells are used in a variety of situations and include perovskite-organized compounds as an effective light-absorbing surface. Features of perovskite, including its adaptability, simplicity of customization, translucency, and low weight, among others, are anticipated to lead to a wide range of uses for photovoltaic devices.
• The capacity of this cell to absorb photons throughout a broad spectrum of the visible spectrum of light, good energy conversion efficiency exceeding 20% in the laboratory, and comparative ease of manufacture all contribute to their enormous potential in the solar energy industry.
• The capacity of the item to produce clean energy by utilizing solar energy, along with the desire to reduce carbon footprint, are factors that are anticipated to propel the growth of the worldwide perovskite solar cell industry.
• By providing a different energy source to fossil fuels, it lowers both the global carbon footprint and greenhouse gas emissions. Since they surpassed other third-generation photoelectric techniques in terms of energy conversion, perovskite cells are in high demand.
• The worldwide economy for perovskite solar cells is anticipated to continue growing as a result of consumers being more aware of the advantages the product offers.
• During the projected period, improvements in manufacturing technology for perovskite solar cells are anticipated to drive market expansion.

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Scope of the Report

Market dynamics:

Drivers

The increasing demand for solar energy due to its versatility and low weight is one of the main factors driving the amorphous solar cell sector. The market also gains from the increase of applications from various industries. The market is expanding more quickly as a result of stable energy prices and increased economic activity. The sector has expanded as a result of the growing need to employ present energy resources to fight poverty and improve quality of life. The increase in solar systems affects the market as well. Due to the increased need for perovskite cells and the consequent need to reduce the price of solar cell panels, the market is expanding.

Additionally, the perovskite solar cells market is benefited from changes in lifestyle, improved investments, expanding urbanization, and rising consumer spending. Perovskite-based solar panels are easier to obtain, more affordable, and easier to build than conventional energy panels. High performance is achieved by the amazing power conversion that these cells offer. These qualities are projected to greatly enhance the perovskite-based solar electricity market due to their growing adoption.

Restraints:

The use of these cells may be hampered by the potential environmental effects of lead-based perovskite absorbers. As a result, research is being done to evaluate current and potential substances to diminish or perhaps completely remove toxicity. Perovskite cell technology remains in the early stages of commercialization compared to other established solar systems because of several processing issues, even though these cells show potential and may be beneficial in the future.

Perovskite materials that are already on the market are susceptible to moisture and deteriorate rapidly in the presence of moisture. If broken, these items further corrode metal electrodes, restricting outdoor use, which could impede the market growth.

Opportunities:

Perovskite solar cells have a very high growth potential in the coming years because of their substantial temperature dependency and magnetic properties. In comparison to conventional storage photovoltaics, these devices also offer several additional advantages, such as the ability to react to different light wavelengths that are absorbed by the panels. They are also flexible and light, which will probably lead to an increase in demand for them in the upcoming years.

Additionally, throughout the anticipated period of 2021 to 2030, the increase in R&D activities opens up profitable opportunities for market participants. The market will expand even further as more people start using alternative forms of energy.

Challenges

High production costs are expected to restrict the market growth. Changes in raw material prices are also likely to present a challenge to the perovskite solar energy market throughout the estimated period of 2022–2030 This report on the perovskite solar panel market provides information on recent developments, import restrictions, import-export analysis, business model, value chain enhancement, customer base, the impact of household and local market participants, and analysis of possibilities in terms of changing income compartments, changes in the restrictions. It also includes decisive market expansion analysis, market shares, categorization of market overgrowth, implementation of niche markets, and supremacy, leading.

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Recent developments:

• In August 2019, Oxford PV, a perovskite-focused company based in the UK, purchased the first piece of solar cell production machinery from Meyer Burger, a Swiss technology company. By the end of 2020, Oxford PV intends to acquire a 250 MW perovskite special assembly facility.
• To conduct a test, Saule Technologies formally presented an industrial assembly line of inkjet-printed solar cells in February 2019. The company aims to have built 180,000 sq m of solar cells by the end of 2020.

Market Segmentation

By Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

By Product

• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

By Method

• Solution Method
• Vapor-Assisted Solution Method
• Vapor-Deposition Method
  
  

By Application

• Smart Glass
• Perovskite in Tandem Solar Cells
• Solar Panel
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)

By End-Use

• Manufacturing
• Energy
• Aerospace
• Industrial Automation
• Consumer Electronics
• Others

By Type

• Flexible PSCs
• Hybrid PSCs
• Multi-Junction PSCs
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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