Perovskite Solar Cell Market Size, Share, Growth, Trends, Analysis, By Structure Type (Planar Perovskite Solar Cells and Mesoporous Perovskite Solar Cells), By Product Type (Rigid Perovskite Solar Cells and Flexible Perovskite Solar Cells), By Method (Solution Method, Vapor-Deposition Method, and Vapor-Assisted Solution Method), By End-User (Aerospace, Industrial Automation, Consumer Electronics, Energy, and Others), and Regional Insights and Forecast to 2031
global perovskite solar cell market size was USD 0.85 billion in 2022 and to reach USD 8.71 billion in 2031, exhibiting at a CAGR of 29.5% during the forecast period.
Perovskite solar cells are a new type of photovoltaic technology that has received a lot of interest in recent years. They get their name from the perovskite crystal structure, which is made up of a hybrid organic-inorganic lead halide substance. These solar cells have piqued the interest of researchers because of their amazing qualities, which include high power conversion efficiency and cheap fabrication costs. Perovskite solar cells are a possible alternative to traditional silicon-based solar cells since they can be easily synthesized by utilizing low-temperature solution-based processes. They have a wide absorption spectrum, allowing them to absorb more of the sun spectrum. Perovskite materials also have good charge transport characteristics, allowing for the effective conversion of sunlight into energy.
PEROVSKITE SOLAR CELL MARKET: REPORT SCOPE & SEGMENTATION
|
Report Attribute |
Details |
|
Estimated Market Value (2022) |
0.85 Bn |
|
Projected Market Value (2031) |
8.71 Bn |
|
Base Year |
2022 |
|
Forecast Years |
2023 - 2031 |
|
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Structure Type, By Product Type, By Method, By End-User, & Region |
|
Segments Covered |
By Structure Type, By Product Type, By Method, By End-User, & Region |
|
Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
|
Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
|
Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
|
Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
|
Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Perovskite Solar Cell Market Dynamics
Perovskite solar cells have shown the capacity to attain efficiencies equivalent to, if not exceeding, that of classic silicon-based solar cells. Because of their efficiency, they are an appealing alternative for renewable energy generation. Perovskite solar cells' cheap manufacturing costs contribute to their market expansion. These cells' manufacturing methods are very straightforward and can be carried out at lower temperatures, lowering production costs as compared to silicon-based alternatives. This cost advantage has the potential to make perovskite solar cells more affordable and competitive in the market. The adaptability of perovskite materials is driving commercial innovation. Perovskite solar cells may be synthesized in a variety of compositions and architectures, allowing for customization for specific purposes and the creation of flexible and transparent solar cells.
Global Perovskite Solar Cell Market Drivers
Perovskite solar cells offer the potential for high energy conversion efficiencies and low production costs compared to traditional silicon-based solar cells. This combination of high efficiency and low cost makes perovskite solar cells an attractive option for renewable energy deployment, as they can provide a cost-effective solution for meeting the growing global energy demand while reducing reliance on fossil fuels.
Restraints:
Perovskite solar cells face strong competition from well-established solar technologies, particularly silicon-based solar cells, which have a mature market presence. The dominance of established technologies poses a challenge for the adoption and market growth of perovskite solar cells, requiring them to demonstrate superior performance, reliability, and cost-effectiveness to compete effectively in the solar industry.
Opportunities:
Building-integrated photovoltaics refers to the integration of solar cells into building materials, such as windows, facades, or roofs, to generate electricity while maintaining the building's functionality. Perovskite solar cells, due to their flexibility, lightweight nature, and semi-transparency, offer architectural integration opportunities for BIPV applications, enabling buildings to generate clean energy while seamlessly blending with their design aesthetics.
Segment Overview
By Structure Type
Based on the structure type, the global perovskite solar cell market is divided into planar perovskite solar cells and mesoporous perovskite solar cells. The planar perovskite solar cells category dominates the market with the largest revenue share of around 53.4% in 2022. Planar perovskite solar cells are more economically feasible than their predecessors due to their simpler device design and fabrication techniques. Material engineering and device optimization breakthroughs have considerably enhanced their power conversion efficiency.
By Method
Based on the method, the global perovskite solar cell market is divided into solution method, vapor-deposition method, and vapor-assisted solution method. The vapor-deposition method dominates the market with the largest revenue share of around 47.5% in 2022. The vapor-deposition approach provides fine control over the deposition process, allowing for the creation of uniform and high-quality perovskite films. This improves gadget performance and efficiency. Thermal evaporation and sputtering, for example, make it possible to produce perovskite layers on a variety of substrates, including flexible and stiff materials. The adaptability of perovskite solar cells broadens their potential uses.
By Product Type
Based on product type, the global perovskite solar cell market is divided into rigid perovskite solar cells and flexible perovskite solar cells. The flexible perovskite solar cells dominate the market with the largest revenue share of around 58.5% in 2022. This may be due to a number of things, including the fact that flexible perovskite solar cells have benefits like low weight, thinness, and bendability that make it possible for them to be integrated into a wide range of applications, such as wearable technology, photovoltaics that are built into buildings, and portable electronics. Concerns about these cells' long-term performance have been allayed because of improvements in flexible substrate materials and encapsulation methods, which have also increased the stability and toughness of these cells.
By End-User
Based on end-user, the global perovskite solar cell market is divided into aerospace, industrial automation, consumer electronics, energy, and others. The energy category is anticipated to grow at a higher CAGR of 30.6% during the forecast period. The increasing need for clean energy on a global scale in order to combat climate change concerns and wean the world off fossil fuels. Perovskite solar cells are a desirable alternative for generating energy due to their high efficiency and low cost. Perovskite solar cells are becoming more suited for large-scale energy generation due to ongoing improvements in stability, scalability, and durability brought about by improvements in perovskite materials and manufacturing processes.
Global Perovskite Solar Cell Market Share, By Region, 2022 (%)
Global Perovskite Solar Cell Market Overview by Region
The global perovskite solar cell market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World based on regions. In 2022, Asia-Pacific emerged as the leading region, capturing the largest share of approximately 32.8% in the global market. This can be attributed to the rapid growth of solar energy in countries like China, Japan, and South Korea. These nations have made significant investments in renewable energy infrastructure and implemented favorable regulations and incentives to promote the adoption of solar technology. With a substantial population and increasing energy demand, Asia-Pacific presents a significant market for clean and sustainable energy solutions. Perovskite solar cells, known for their high efficiency and potential for cost-effective manufacturing, are seen as a promising alternative in this region.
Global Perovskite Solar Cell Market Competitive Landscape
The global perovskite solar cell market is dominated by a small number of prominent players who possess strong regional presence and exert significant market influence. These key participants are dedicated to continuous research and development endeavors and actively engage in strategic growth initiatives such as product innovation, launching new offerings, establishing joint ventures, and forming partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base, capturing a substantial share of the market.
Among the leading companies in the global perovskite solar cell market are Greatcell Energy, Hanwha Q CELLS, CubicPV, EneCoat Technologies, Microquanta Semiconductor, P3C, PEROVSKIA SOLAR AG, Xiamen Weihua Solar Co. Ltd., Oxford PV, Saule Technologies, and various other key players.
Global Perovskite Solar Cell Market Recent Developments
In February 2022, Microquanta Semiconductor, a prominent player in the perovskite solar cell market, has recently unveiled plans to construct a large-scale perovskite solar power facility in Quzhou, located in Zhejiang Province, China. The facility aims to harness the power of perovskite solar cells to generate clean and renewable energy, contributing to the region's sustainable development goals. This ambitious project demonstrates Microquanta Semiconductor's commitment to expanding their presence in the rapidly growing renewable energy market.
Scope of the Global Perovskite Solar Cell Market Report
Perovskite Solar Cell Market Report Segmentation
|
ATTRIBUTE |
DETAILS |
|
By Structure Type |
|
|
By Product Type |
|
|
By Method |
|
|
By End-User |
|
|
By Geography |
|
|
Customization Scope |
|
|
Pricing |
|
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global perovskite solar cell market segmented by structure type, by product type, by method, by end-user, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of Perovskite Solar Cell between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global perovskite solar cell market
To find out the factors which are affecting the sales of perovskite solar cell among consumers
To identify and understand the various factors involved in the global perovskite solar cell market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
