Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The global perovskite solar cell market size was valued at USD 79.05 million in 2022 and is expected to be worth USD 120.29 million in 2023. The industry is projected to reach USD 2,759.16 million by 2030, recording a CAGR of 56.5% during the forecast period. Perovskite solar cells refer to cells produced from a perovskite structured compound, such as a tin halide-based material or hybrid organic-inorganic lead. These materials are known to have a crystal-like structure that can convert sun rays into electricity.
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These solar cells are gaining immense traction among end-users from various industries as they offer high efficiency in power conversion, are easy to fabricate, and lower production costs. Perovskite solar cells are said to have made incredible progress in recent years as many reports have claimed that their efficiency has gone up from 3% in 2009 to more than 25% in 2021. These factors are expected to boost the perovskite solar cell market growth.
Fortune Business Insights™ displays this information in a report titled, "Global Perovskite Solar Cell Market, 2023-2030."
Perovskite Solar Cell Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 56.5% |
| 2030 Value Projection | USD 2,759.16 million |
| Base Year | 2022 |
| Market Size in 2022 | USD 79.05 million |
| Historical Data for | 2019-2021 |
| No. of Pages | 190 |
| Segments covered | By Type, End-user, and Region |
| Growth Drivers | Cost-Effectiveness and High-Efficiency Features Likely to Enhance Market Growth |
| Flexibility Coupled with Sustainability to Boost Technology Demand & Adoption |
Drivers & Restraints:
High Efficiency and Cost Effectiveness to Boost Product Demand
Perovskite solar cells have attracted the attention of a wide range of industrial and commercial end-users as they are highly efficient and cost-effective. The efficiency of these cells has increased tremendously in recent years and are said to have great power generation capabilities. They can also perform better than other solar panels and convert sunlight into electrical energy, irrespective of whether the sun rays are real or artificial. These features have made these cells a lucrative option for renewable energy developers.
However, usage of toxic materials and instability of these cells can restrict their demand among end-users.
COVID-19 Impact:
Energy Consumption Slumped in Industrial and Commercial Sectors During COVID-19 Pandemic
The COVID-19 pandemic had a severe impact on industrial and commercial operations across the globe. This crisis also caused a significant decline in the economic progress of many countries. The initial dearth of vaccines and cures for this viral infection forced many industrial and commercial sector end-users to adopt extreme measures to mitigate the spread of the virus. Also, this outbreak exposed some serious challenges, such as the overdependence of various countries’ renewable energy sector on the imports from other countries, especially China. Therefore, the pandemic caused a major slump in the demand for electricity as the production of solar PV panels decreased significantly and import-export of raw materials to produce devices that generate electricity also dropped.
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Segmentation:
Flexible Perovskite Solar Cells to Gain Traction for Their Lightweight and Innovative Research Technology
Based on type, the market has been bifurcated into rigid and flexible. The flexible perovskite solar cell segment has captured a leading perovskite solar cell market share as it is lightweight and is equipped with innovative research-grade technology.
BIPV to Dominate Market Due to Their Multipurpose Features
Based on end-user, the market has been segmented into BIPV, power plant, transportation & mobility, consumer electronics, and others. The BIPV segment has held a major market share as it can act as a structure’s outer layer and also generate electricity for either exporting it to the grid or using it on site.
By region, the global market is divided into Asia Pacific, Latin America, North America, the Middle East & Africa, and Europe.
Regional Insights
Growing Requirement for Alternative Energy Sources to Augment APAC Market Growth
The Asia Pacific market growth is expected to accelerate as the region is looking for alternative sources of energy that are sustainable and eco-friendly. The region is also witnessing rapid urbanization and industrialization, which has only added to the demand for a consistent supply of power. These factors will help the regional market share grow.
Europe is expected to capture the second-largest share in the market due to factors, such as growing demand for sustainable energy generation, robust automotive sector, and presence of leading market players.
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Competitive Landscape:
Key Companies to Improve Their Production Capacities
The top organizations operating in this market are focusing on improving their production capacities to cater to the rising demand for alternative and green sources of energy generation. These firms are also producing various materials, components, and final PCFC for multiple end-users, boosting the market’s growth.
Key Industry Development:
February 2022 – Microquanta Semiconductor revealed that it had started construction on a 12 MW ground-mounted solar park in Quzhou City, Zhejiang Province. The facility was anticipated to be China's first utility-scale solar energy project using perovskite solar modules with an investment of around RMB 60 million (USD 9.48 million).
List of Key Players Mentioned in the Report:
- Saule Technologies (Poland)
- GCL Suzhou Nanotechnology Co., Ltd. (China)
- Wuxi UtmoLight Technology Co., Ltd. (China)
- Hunt Perovskite Technologies (HPT) (U.S.)
- Heiking PV Technology Co., Ltd. (China)
- Hubei Wonder Solar (China)
- Microquanta Semiconductor (China)
- Oxford PV (Germany)
- Greatcell Energy (Australia)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Perovskite Solar Cell Market
- Global Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Rigid
- Flexible
- Market Analysis, Insights and Forecast – By End-user
- BIPV
- Power Station
- Transportation & Mobility
- Consumer Electronics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Rigid
- Flexible
- Market Analysis, Insights and Forecast – By End-user
- BIPV
- Power Station
- Transportation & Mobility
- Consumer Electronics
- Others
- Market Analysis, Insights and Forecast – By Country
- US
- Canada
- Europe Perovskite Solar Cell Market (USD Million, MW) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Rigid
- Flexible
- Market Analysis, Insights and Forecast – By End-user
- BIPV
- Power Station
- Transportation & Mobility
- Consumer Electronics
- Others
- Market Analysis, Insights and Forecast – By Country
- UK
- Germany
- France
- Italy
- Rest of Europe
- Competitive Analysis
- Company Market Share Analysis, 2023
- Company Profile
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- Business Overview
- Product & Services Offering
- Recent Developments
- Financials (Based on Availability)
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Continued…
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