Perovskite Solar Cell Market Size to Surpass USD 2,479.2 Million by 2032

The global perovskite solar cell market size is estimated to surpass around USD 2,479.2 million by 2032, increasing from USD 135.6 million in 2023, According to Precedence Research.

Ottawa, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global perovskite solar cell market size was valued at USD 94.8 million in 2022 and is expanding at a remarkable CAGR of 38.1% from 2023 to 2032. Asia Pacific led the global market with the largest market share in 2022.

The perovskite solar cell market is driven by increasing emphasis on renewable energy, growing investments, rising collaboration and partnerships and others. In addition, the rising government initiatives are expected to propel the market expansion during the forecast period.

Perovskite solar cells are a type of solar photovoltaic technology that uses perovskite materials as the active layer to generate electricity from sunlight. The term “perovskite” refers to the crystal structure of the light-absorbing material, which is typically composed of organic-inorganic hybrid lead or tin halide-based compounds. One of the potential advantages of perovskite solar cells is their potential for low-cost production. The manufacturing processes are relatively simple, and the materials used are abundant and cost-effective. However, challenges related to long-term stability and environmental concerns need to be addressed for widespread commercial adoption. The growing technological advancement by the key players is expected to propel the market growth during the forecast period.

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For instance, in November 2023, the industry-leading provider of solar technology, LONGi Green Energy Technology Co., Ltd., declared that it has achieved a new global record for crystalline silicon perovskite tandem solar cell efficiency, reaching 33.9%. The prior global record, according to reports, was set by King Abdullah University of Science & Technology (KAUST) in May of this year and stood at 33.7%.

Key Insights:

  • The planar perovskite solar cells segment is expected to capture a significant revenue share over the forecast period.
  • The BIPV (Building-Integrated Photovoltaics) segment is expected to hold a significant revenue share over the forecast period.
  • The consumer electronics segment is expected to capture a substantial market share over the forecast period.

Report Highlights:

Global Perovskite Solar Cell Market, By Structure, 2022-2032 (USD Million)

By Structure 2022 2023 2027 2032
Planar Perovskite Solar Cells 46 65.9 250.3 1,220.80
Mesoporous Perovskite Solar Cells 48.8 69.6 261.5 1,258.40

The planar perovskite solar cells segment is expected to capture a significant revenue share over the forecast period. The planar design offers a simplified fabrication process, making it easier to manufacture compared to mesoscopic designs. This simplified fabrication can contribute to cost-effectiveness and scalability. Moreover, these solar cells are well-suited for integration into tandem solar cell structures, where multiple solar cell layers are stacked to enhance overall efficiency. Tandem structures can combine different materials to capture a broader range of sunlight wavelengths. Thus, these properties are expected to propel the market growth.

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Global Perovskite Solar Cell Market, By Application, 2022-2032 (USD Million)

By Application 2022 2023 2027 2032
Smart Glass 24.6 35.3 133.6 649.7
Solar Panel 37 53 202.2 990.2
BIPV (Building-Integrated Photovoltaics) 33.2 47.3 176 839.3

The BIPV (Building-Integrated Photovoltaics) segment is expected to hold a significant revenue share over the forecast period. Perovskite solar cells, being thin and flexible, offer opportunities for more seamless and aesthetically pleasing integration into building materials compared to traditional rigid solar panels. This is particularly advantageous for BIPV applications where the appearance of the building is a critical consideration. In addition, the lightweight nature of perovskite solar cells makes them well-suited for BIPV, as they can be integrated into existing structures without requiring significant reinforcement. This is beneficial for both new construction projects and retrofitting existing buildings. Thereby, driving the segment expansion.

End-Use Insights

The consumer electronics segment is expected to capture a substantial market share over the forecast period. Perovskite solar cells can be incorporated into wearable technology, including smart clothes, fitness trackers, and other wearables. This integration can provide a self-sustaining power source for these devices, reducing the need for frequent charging. In addition, the growing collaboration between perovskite solar cell developers and consumer electronics manufacturers is another crucial aspect of the market expansion during the forecast period.

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Regional Stance

Asia Pacific is expected to hold the largest market share over the forecast period. The region has seen increasing adoption of solar technologies, driven by a growing demand for clean energy and a desire to reduce dependence on conventional fossil fuels. This increasing market demand creates opportunities for the deployment of advanced solar technologies like perovskite solar cells. According to the China Electricity Council, with non-fossil fuel energy sources like wind and solar power predicted to account for about 60% of China’s installed electricity generating capacity by the end of 2023, the country is likely to develop additional green energy sources in 2023. 90 percent of China’s rise in power consumption this year is predicted to come from newly installed non-fossil power generation, and solar power is forecast to have a record annual gain in comparison to the about 85 GW of capacity added in 2022.

Additionally, many countries in the region have recognized the importance of renewable energy and have implemented supportive policies and incentives. Governments provide funding, subsidies, and regulatory frameworks to encourage the development and deployment of solar technologies such as perovskite solar cells. For instance, the Indian government made around USD 4.3 billion in renewable energy investments in 2023.

North America is expected to grow at a substantial rate during the forecast period. The region’s countries, particularly the United States and Canada, are home to leading research institutions, universities, and companies that are actively involved in perovskite solar cell research and development. Ongoing innovation efforts contribute to advancements in the technology. For instance, researchers at Northwestern University have once again lifted the bar for perovskite solar cells with a recent discovery that has allowed the developing technology to achieve all-time high-efficiency levels. The research, which was published in the journal Science, outlines a dual-molecule method for reducing efficiency losses throughout the solar energy conversion process. The team achieved a 25.1% certified efficiency by the National Renewable Energy Lab (NREL) by incorporating a molecule to address surface recombination, which occurs when electrons are trapped by defects – missing atoms on the surface – and another molecule to disrupt recombination at the interface between layers. Previous approaches only managed to achieve efficiencies of 24.09%. Thus, this is expected to drive the market expansion in the region.

Perovskite Solar Cell Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 38.1%
Market Size in 2023 USD 135.6 Million
Market Size by 2032 USD 2,478.2 Million
Asia Pacific Market Size in 2023 USD 72.5 Million
Asia Pacific Market Size by 2032 USD 1,337.6 Million
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Structure, Product, Method, Application, End Use, Type, and Geography

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Market Dynamics:

Drivers

High efficiency and low cost of production

Perovskite solar cells have demonstrated remarkable progress in terms of conversion efficiency. Some laboratory-scale perovskite solar cells have achieved efficiency levels comparable to traditional silicon solar cells. The potential for high efficiency is a significant driver for the adoption of perovskite solar technology. Moreover, these solar cells are manufactured using cost-effective and relatively simple processes. The materials used in perovskite cells are abundant, and the manufacturing techniques, such as solution processing, can be less complex than those of traditional silicon solar cells. This contributes to the potential for low-cost production. Thus, the high efficiency and low cost of production are expected to drive market growth over the forecast period.

Restraint

Adverse impact on the environment

Some perovskite materials contain lead, raising concerns about their environmental impact and potential toxicity. For instance, lead is known to be toxic to humans and animals. Exposure to lead can lead to a range of health issues, particularly affecting the nervous system, kidneys, and reproductive system. Additionally, improper disposal or leaching of lead-containing materials can result in soil contamination. Lead does not break down easily in the environment, and its accumulation in soil can have long-lasting effects on ecosystems. Researchers are actively exploring lead-free alternatives to address environmental and health concerns. Developing environmentally friendly and sustainable perovskite materials is crucial for wider acceptance. Thus, the adverse impact on the environment might be a major restraint to the market expansion over the forecast period.

Opportunity

Growing collaboration           

The growing collaboration in the perovskite solar cell industry is expected to offer an attractive opportunity for market revenue development during the forecast period. For instance, in August 2023, based in Burlington, Vermont, Verde Technologies Inc. is a thin-film solar company that specializes in perovskite technology. Recently, the company announced a new and exclusive partnership with Northern Illinois University and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to jointly work on the commercialization of perovskite solar cells. Through the integration of the latest discoveries from NREL and NIU with Verde’s advanced production methodologies, the partnership seeks to unleash the possibilities of cost-effective, secure, and safe perovskite solar energy systems on an unparalleled scale.

Related Reports:

  • Printable Solar Cells Market: The global printable solar cell market size reached USD 30.32 billion in 2022 and is projected to hit around USD 47.31 billion by 2032, registering a CAGR of 4.60% during the forecast period from 2023 to 2032.
  • Polycrystalline Solar Cell Market: The global polycrystalline solar cell market size accounted for USD 3.1 billion in 2022 and is expected to hit around USD 6.18 billion by 2032, poised to grow at a CAGR of 7.20% during the forecast period from 2023 to 2032.
  • Biohybrid Solar Cell Market: The global biohybrid solar cell market size surpassed USD 431.8 billion in 2022 and is projected to hit around USD 853.36 billion by 2032, expanding at a CAGR of 7.1% during the forecast period from 2023 to 2032.
  • Monocrystalline Solar Cell Market: The global monocrystalline solar cell market size is projected to hit around USD 12.60 billion by 2032 from USD 5.6 billion in 2022 and is growing at a CAGR of 8.5% during the forecast period from 2023 to 2032.
  • Thin Film Solar Cell Market: The global thin film solar cell market size is expected to hit around USD 27.27 billion by 2032 from USD 12.23 billion in 2022 and is poised to grow at a CAGR of 8.4% during the forecast period from 2023 to 2032.

Recent Developments:

  • In May 2023, a leading provider of all-inclusive sustainable energy solutions worldwide, Qcells, committed $100 million to speed up the commercialization of next-generation solar cell technology called perovskite-based tandem cells, which increases the efficiency of solar panels.
  • In August 2023, the global investment company Temasek led a $12 million Series A3 funding round led by Caelux, a leader in using perovskites to make solar energy more potent and affordable, opening the door for the next wave of solar innovation. Other investors in the round included Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures. With this round, the firm has collected $24 million in total for its Series A funding. To enable Caelux to introduce its more potent, effective, and reasonably priced solar solution to the market at a crucial moment when environmental concerns are becoming more urgent, the financing will mainly be used to assist the company’s manufacturing ramp, research and development, and product launch. The investment is in line with Caelux’s perovskite technological breakthroughs, which have made a more immediate solution than previously believed and enabled large-scale deployment right away. The business is constructing a manufacturing plant in Baldwin Park, California, and scaling up to reach 100MW of perovskite-coated glass to commercialize this discovery.

Market Key Players:

  • Oxford Photovoltaics
  • Dyesol
  • Polyera Corporation
  • Fraunhofer ISE
  • Xiamen Weihua Solar Co. Ltd.
  • Solaronix SA
  • FlexLink Systems Inc.
  • Saule Technologies
  • FrontMaterials Co. Ltd.
  • New Energy Technologies Inc

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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