The Perovskite solar cell market is witnessing significant growth owing to higher power conversion efficiencies and lower production costs compared to silicon-based solar panels. Perovskite solar cells utilize perovskite material, usually a hybrid organic-inorganic lead or tin halide-based material, as the light-harvesting active layer. These cells are flexible, light weight and can be manufactured using low-cost solution-based processes like spray coating and inkjet printing.
Global Perovskite Solar Cell Market is estimated to be valued at USD 188.4 Mn in 2024 and is expected to reach USD 4,392.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 56.8% from 2024 to 2031.
Key Takeaways
Key players operating in the Perovskite solar cell market 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 growing demand for renewable energy sources along with supportive government policies promoting solar energy adoption is boosting the Perovskite Solar Cell Market Size . Furthermore, perovskite solar cells have attracted huge investments from key players due to their potential as a cheaper alternative to silicon-based photovoltaics.
The market is witnessing significant expansion globally with growth witnessed across regions including Asia Pacific, Europe, North America, South America and Middle East & Africa. Rapid industrialization and increasing initiatives towards solar energy across major economies will continue to drive the global demand.
Market key trends
One of the key trends gaining traction in the perovskite solar cell market is the development of tandem cell structures combining perovskite with other photovoltaic materials like silicon to achieve higher efficiencies. Manufacturers are focusing on improving the stability and extending the lifespan of perovskite materials through modifications in composition, fabrication processes and cell architectures. Additionally, ongoing R&D for commercialization at scale and reducing manufacturing costs will be crucial for widespread adoption of this emerging solar technology.
Porter’s Analysis
Threat of new entrants: New companies can enter the perovskite solar cell market easily as the technology required is not very complex but established players have significant competitive advantages in terms of manufacturing experience and supply chain.
Bargaining power of buyers: Buyers have moderate bargaining power as perovskite solar cell is a niche market currently and there are limited manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials required for perovskite solar cells such as lead, tin, organic-inorganic metal halide compounds have many uses not limited to solar industry.
Threat of new substitutes: Threat from new alternatives is high as solar technology is evolving rapidly and new materials such as CIGS thin films may emerge as better substitutes.
Competitive rivalry: Competition is intense as market is growing rapidly and attracting many new entrants globally with proprietary fabrication methods and material composition.
In 2024, the largest geographical region for perovskite solar cell market in terms of value is expected to be Asia Pacific region primarily due to presence of leading solar cell manufacturers in China, and government support for renewable energy adoption in various countries.
The fastest growing region for perovskite solar cell market between 2024-2031 is projected to be Europe. Many European countries have set ambitious solar installation targets and also provide attractive regulatory and financial incentives for renewable technology developers and manufacturers in the region.
Geographical Regions
In 2024, the largest geographical region for perovskite solar cell market in terms of value is expected to be Asia Pacific region primarily due to presence of leading solar cell manufacturers in China, and government support for renewable energy adoption in various countries.
The fastest growing region for perovskite solar cell market between 2024-2031 is projected to be Europe. Many European countries have set ambitious solar installation targets and also provide attractive regulatory and financial incentives for renewable technology developers and manufacturers in the region.
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