June 21, 2024
Perovskite Solar Cell Market

Perovskite Solar Cell Market is Estimated to Witness High Growth Owing to Cost Competitiveness

Perovskite solar cells are made with a material called perovskite which has the potential to be cheaper, flexible, and potentially more efficient than silicon solar panels. Perovskite solar cells are lightweight and can be easily produced in different shapes and sizes, making them ideal for integration into building structures like windows or rooftops. The advantages of perovskite solar cells are their higher efficiency, lower costs per watt, and flexibility in design to fit different surfaces as compared to silicon solar panels. The flexibility enables their use in building-integrated photovoltaics and wearable or portable electronics devices. The increasing demand for off-grid power generation boosted by improved efficiency and lower costs have been driving the adoption of perovskite solar cells.

The Global Perovskite Solar Cell Market is estimated to be valued at US$ 4,392.1 Mn in 2024 and is expected to exhibit a CAGR of 56% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Perovskite Solar Cell Market Growth are Saule Technologies, FrontMaterials Co. Ltd., Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Polyera Corporation, Solaronix SA, Dyesol, FlexLink Systems Inc., New Energy Technologies Inc, Oxford Photovoltaics, Hanwha Q CELLS, CubicPV, EneCoat Technologies, Microquanta Semiconductor, Greatcell Energy, Oxford PV, P3C, Perovskia Solar AG.

The key opportunities in the market include increased research and development activities by governments and private players to improve efficiency and stability of perovskite solar cells. Also, initiatives by companies to develop commercial production of perovskite solar modules will help boost adoption.

The increasing investments and collaborations between companies have enabled expansion of perovskite solar cell production facilities globally especially in Asia Pacific and Europe. The global deployment of perovskite solar modules and Power Purchase Agreements are likely to accelerate over the forecast period.

Market drivers

The major driver for the perovskite solar cell market is its cost competitiveness as compared to silicon solar panels. Perovskite solar cells have the potential to be 10-50 percent cheaper to manufacture than existing technologies. In the coming years, as efficiency improvement continues, perovskite solar cells are projected to reach grid parity with traditional solar panels in many regions of the world. This will further boost their demand for both on and off-grid applications globally.

PEST Analysis

Political: Regulatory landscape for solar policies and incentives will affect the adoption of perovskite solar cells technology. Favorable government policies towards renewable energy adoption can drive the market growth.

Economic: Cost competitiveness of perovskite solar cells compared to other mainstream solar technologies will be a key driver. Mass production at lower costs can boost the commercial acceptance of this technology.

Social: Growing environmental consciousness and demand for clean energy sources can positively influence the social acceptance of perovskite solar cells. Increased awareness about climate change issues supports the use of renewable technologies.

Technological: continuous R&D investments are being made to improve the efficiency, stability and manufacturing processes of perovskite solar cells. Advances in material composition, device architecture and processing techniques will enable performance enhancement and commercial viability. Scalable roll-to-roll manufacturing capabilities need to be developed.

Geographical regions with high market value

The Asia Pacific region currently accounts for the largest share of the global perovskite solar cell market in terms of value. This is attributed to strong growth in the renewable energy sector across major APAC economies like China, Japan, and South Korea. Growing investments towards developing indigenous solar manufacturing capacity and deployment of solar farms drives the demand.

Fastest growing region

Europe is projected to witness the fastest growth during the forecast period. Stringent regulations regarding carbon emissions and focus on achieving renewable energy targets provide impetus to renewable technology adoption. Supportive government initiatives and incentives schemes in countries like Germany, UK, France, and Italy boost investments in perovskite solar cell research and pilot production facilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it