Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global perovskite solar cell market size was valued at USD 79.05 million in 2022. The market is anticipated to grow from USD 120.29 million in 2023 to USD 2,759.16 million by 2030, exhibiting a CAGR of 56.5% over the estimated period. Some of the major factors contributing to their robust demand are their ease of fabrication, high efficiency in power conversion, and decreased production costs. These cells have made great progress over the years as several reports have claimed that their efficiency has increased from a mere 3% in 2009 to more than 25% in 2021. These aspects may boost the perovskite solar cell market growth.
Perovskite solar cells are typically made from a perovskite structured compound, such as a hybrid organic-inorganic lead or tin halide-based material. These raw materials have a crystal-like structure that can transform sunlight into electrical power. These cells have gained notable popularity among end-users from many industries in recent years. Perovskite Solar Cell Market Fortune Business Insights™ displays this information in a report titled, "Global Perovskite Solar Cell Market, 2023-2030."
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Perovskite Solar Cell Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 56.5 % |
| 2030 Value Projection | 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 & Adoptioz |
Perovskite Solar Cell Market Drivers and Restraints:
Sustainability and Flexibility of Perovskite Solar Cells to Boost Their Demand
Perovskite solar cells are usually manufactured from flexible materials that can be made in different shapes and sizes including transparent and flexible versions. This feature has made them suitable for use in many end-use sectors, such as clothing, portable electronics, and Building-Integrated Photovoltaics (BIPV). Perovskite solar panels also have a lower carbon footprint as compared to silicone solar cells, which makes them a more sustainable alternative to produce green energy.
However, usage of toxic materials, instability of these cells, and their quick degradation due to contact with moisture and heat can restrict the market growth.
COVID-19 Impact:
Industrial and Commercial Sectors Stopped Operations During COVID-19 Pandemic
The COVID-19 pandemic put a halt to many industrial and commercial operations across the world. This period was also responsible for causing a major slowdown in the economic progress of many nations. As cures and vaccines for this viral infection were not yet made available, many end-users in the industrial and commercial sectors adopted various measures to decrease the spread of the virus. This outbreak also shed light on some important challenges. One of these challenges was that the renewable energy sector of different countries was heavily dependent on imports from other countries, China in particular. These factors caused a serious slump in the demand for electricity as solar PV panels witnessed a dramatic slowdown in their production. The import-export of raw materials to produce devices that generate electricity also dropped, further restricting the market growth.
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Perovskite Solar Cell Market Segmentation:
Flexible Perovskite Solar Cells Will Gain Momentum in Demand for Their Innovative Research Technology and Lightweight Nature
In terms of type, the market has been divided into rigid and flexible. The flexible segment accounted for a dominant perovskite solar cell market share as these cells are lightweight and have innovative research-grade technology.
BIPV to Dominate Market Due to Their Attractive Benefits
Based on end-user, the market has been segmented into BIPV, power plant, transportation & mobility, consumer electronics, and others. The BIPV segment has captured the largest market share as this system can decrease electricity & material costs, enhance a building’s architectural appeal, and decrease pollution levels.
By region, the global market is divided into Asia Pacific, Latin America, North America, the Middle East & Africa, and Europe.
Report Coverage:
The global market report analyzes the industry in depth and highlights key aspects, such as prominent companies, top end-users of the system, and leading product types. Additionally, the report offers valuable insights into the most recent market trends and covers top industry developments. Besides the factors mentioned above, the report encompasses multiple factors that have contributed to the market’s growth in recent years.
Perovskite Solar Cell Market Regional Insights:
Growing Demand for Sustainable Energy Sources to Boost APAC Market Growth
The Asia Pacific market is expected to show notable growth as the region is focusing on developing alternative sources of energy that can help it combat various environmental challenges. The APAC region is also seeing a robust rise in industrialization and urbanization, thereby spurring the need for a continuous energy supply. These aspects might help the regional market share grow.
North America is expected to hold a major market share as the region is famous for using silicone-based materials to make perovskite cells at an affordable price.
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Perovskite Solar Cell Market Competitive Landscape:
Key Companies to Increase Focus on Producing Various Product-Related Components
The key companies involved in the market are focusing on manufacturing a wide range of raw materials, components, and final PCFC for many industrial and commercial end-users. They are also focused on improving the technologies of their fuel cells to cater to the ever-growing demand for sustainable energy.
Perovskite Solar Cell Industry Development:
September 2021 - Wuxi Co., Ltd. announced the achievement of a new world record of 20.5% conversion of power efficiency for their mini module with a reported area of 63.98cm2. The mini module was certified by the Japan Electrical Safety & Environment Technology Laboratory (JET).
List of Perovskite Solar Cell 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
- Competitive Analysis
- Company Market Share Analysis, 2022
- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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Continued…
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