by Perovskite solar cells are a promising photovoltaic technology that can convert sunlight into electricity. The cells have a unique layered structure with organic-inorganic hybrid perovskite materials as the light absorbers. Perovskite solar cells offer benefits like low production cost, flexibility, semitransparency and the potential for very high efficiencies. The cells have demonstrated efficiencies over 25% in laboratories, making them a viable alternative to existing commercial solar technologies.
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 from 2024 to 2031.
The growing need for renewable energy sources and advantages offered by perovskite solar cells over other PV technologies are driving the market. The application potential of perovskite solar cells in BIPV and portable solar panels is also fueling demand.
Key Takeaways
Key players operating in the Perovskite Solar Cell Market Demand 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 affordable renewable energy sources from the industrial and commercial sectors is expected to boost market growth during the forecast period. Perovskite solar cell manufacturers are expanding globally to cater to the increasing adoption in various countries including the US, China, Japan, and across Europe.
Market Key Trends
One of the key trends in the perovskite solar cell market is the focus on developing large-area, high-efficiency perovskite modules through scalable manufacturing techniques. Companies are targeting to achieve an efficiency of over 25% in commercial-sized modules which can help reduce costs further. Another trend is the development of flexible and semitransparent perovskite cells suitable for applications in BIPV and portable devices. Continuous R&D into developing stable perovskite materials for longer lifetimes is also crucial to market growth over the next few years.
Porter’s Analysis
Threat of new entrants: The perovskite solar cell market requires high technological expertise and capital investments to enter.
Bargaining power of buyers: The buyers have less bargaining power as the market is highly competitive with presence of multiple suppliers.
Bargaining power of suppliers: The suppliers have moderate bargaining power owing to the availability of substitutes in the market.
Threat of new substitutes: New materials like quantum dots are emerging as potential substitutes which can pose threat to perovskite solar cells.
Competitive rivalry: The competition is very high in the perovskite solar cell market with presence of international and local players.
Geographical regions
Europe accounts for the largest share in the global perovskite solar cell market in terms of value. Countries like Germany, UK, France are early adopters of perovskite solar cell technologies and have presence of leading research institutes.
Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like China, Japan, South Korea are investing heavily in research activities to commercialize perovskite solar cells. Rising energy demand and presence of domestic manufacturers are driving the market in the region
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
