U.S. Perovskite Solar Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Rigid and Flexible), and By End-user (BIPV, Power Station, Transportation and Mobility, Consumer Electronics, and Others), and Country Forecast, 2023-2030

The U.S. perovskite solar cell market size was valued at USD 13.17 million in 2022 and is projected to grow at a CAGR of 48.52% during the forecast period. 

Perovskite solar cells are a photovoltaic technology type that incorporates perovskite-structured materials to convert sunlight into electricity. The perovskite structure refers to a specific arrangement of atoms that displays remarkable efficiency in capturing solar energy. Moreover, the product has gained significant attention and research interest due to its potential to revolutionize the solar energy industry. These cells have demonstrated the potential for high power conversion efficiencies comparable to traditional silicon-based solar cells. This makes them an attractive option for generating electricity from sunlight. In addition, they can be manufactured using low-cost materials and processes, potentially reducing the overall cost of solar energy production.

The solar industry, such as many others, experienced disruptions in supply chains due to lockdowns, restrictions, and other measures implemented to curb the spread of COVID-19. Delays in the production and transportation of materials and components affected the manufacturing of perovskite solar cells. Many solar projects faced delays or postponements as a result of lockdowns, labor shortages, and economic uncertainties caused by the COVID-19 pandemic. The slowdown in project implementation impacted the demand for cells.

U.S. Perovskite Solar Cell Market Trends

Global Shift Toward Renewable Energy Sources to Drive Market Growth

The shift toward renewable energy sources is expected to significantly impact the U.S. perovskite solar cell market growth, as it aligns with the country's goals to transition to cleaner and more sustainable energy solutions. The U.S. has been increasingly focused on expanding its renewable energy capacity and reducing carbon emissions. Federal and state-level policies, incentives, and renewable energy targets can create a favorable environment for the adoption of emerging technologies such as the product. Moreover, silicon-based photovoltaic technologies have traditionally dominated the U.S. solar energy market. The introduction of perovskite solar cells can offer a new dimension by providing a complementary technology that could enhance overall energy generation and contribute to achieving renewable energy goals. Furthermore, the U.S. has a robust research and innovation ecosystem. Continued funding and support for research initiatives in this cell technology can accelerate advancements, address challenges, and drive the commercialization of these cells for practical applications.

U.S. Perovskite Solar Cell Market Growth Factors

Technological Advancements in the Product to Bolster Market Growth

Technological advancements have the potential to play a crucial role in driving the growth of this market. As researchers and engineers continue to make progress in improving the efficiency, stability, scalability, and commercial viability of the product, the market for these innovative solar technologies is likely to expand. Enhancing the efficiency of the product is a primary focus of research and development. Higher efficiency means that more sunlight can be converted into electricity, leading to increased power output and improved overall energy generation. Moreover, technological advancements that boost efficiency make these cells more competitive with other solar technologies, attracting more interest from consumers and investors. Technological innovations are actively addressing the issue of lead toxicity in the product. Developing lead-free perovskite materials without sacrificing efficiency is an important step toward wider market acceptance, especially in regions with strict environmental regulations.

In the year 2022, net solar power generation in the U.S. attained its highest point at 145.6 terawatt hours of solar thermal and photovoltaic power.

RESTRAINING FACTORS

Stability and Durability Issues in the Product May Restrain Market Growth

Over the past years, perovskite solar cells have struggled with stability and durability issues, particularly in the face of moisture, heat, and UV exposure. These cells tend to degrade faster than traditional silicon solar cells, making them less suitable for long-term use in various environments. In addition, some perovskite materials contain lead, which raises concerns about the potential environmental impact and long-term toxicity. This has led to regulatory and public perception challenges, especially in regions with strict environmental regulations. While the product has displayed great promise in the lab, scaling up production to commercial levels has proven to be a significant challenge. Achieving consistent quality and large-scale manufacturing at competitive costs has also been a hurdle for the U.S. market growth.

Moreover, the perovskite solar cell field is still evolving, and there have been intellectual property and patent disputes that can slow down research and development efforts. Standardization of materials, fabrication processes, and testing protocols is important for ensuring the reliability and comparability of the product. Furthermore, a lack of standardization can also hinder widespread adoption.

U.S. Perovskite Solar Cell Market Segmentation Analysis

By Type Analysis

Based on type, the market is segmented into rigid and flexible.

The flexible segment accounted for the largest U.S. perovskite solar cell market share in 2022, owing to the adoption of flexible products into a wide range of surfaces, including curved or irregular shapes, such as clothing, backpacks, tents, vehicles, and even wearable devices. This versatility opens up new possibilities for solar energy generation in environments where rigid panels would be impractical or impossible to use. In addition, flexibility allows for easy transportation and deployment. These lightweight and portable solar cells can be rolled or folded, making them suitable for temporary installations or on-the-go power generation.

Ongoing research and development efforts in the field of perovskite solar cells have led to advancements in technology, improving the efficiency and stability of these cells. Technological progress can make rigid perovskite solar cells more competitive and attractive for various applications. These cells have displayed improvements in efficiency and performance over time. Higher efficiency means better energy conversion, making them more appealing for practical applications.

By End-user Analysis

Based on end-user, the market is segmented into BIPV, power station, transportation and mobility, consumer electronics, and others.

The BIPV segment accumulated the largest market share in 2022. The building-integrated photovoltaics (BIPV) segment is indeed gaining traction and showing potential for this type of solar cells. BIPV refers to the integration of solar panels directly into building materials and structures, such as windows, roofs, facades, and walls. The product can be customized to match various building designs and styles, offering seamless and visually appealing integration with the architecture. Perovskite solar cells can be integrated into building materials, offering a dual function of power generation and structural support. This innovative approach is appealing for power station designs that prioritize efficient land use. These cells can be designed to be lightweight and flexible, making them suitable for integration into various surfaces and structures on vehicles, such as cars, buses, and drones.

List of Key U.S. Perovskite Solar Cell Market Companies

In terms of the competitive landscape, the market depicts the presence of established and emerging perovskite solar cell companies in the U.S. Swift Solar dominated the U.S. market in the year 2023. The company declared that it secured around USD 8 million in Series Seed 2 funding, with an added USD 1.5 million anticipated to close soon, for a total of USD 9.6 million funding with deep tech and climate tech investors.

Some of the other companies with a considerable presence in the U.S. market include Swift Solar, Swift Coat, Hunt Energy, Panasonic, Suniva Inc., First Solar, and others.

LIST OF KEY COMPANIES PROFILED:

• Swift Solar (U.S.)


• Natcore Technology (U.S.)


• Saule Technologies (U.S.)


• Hunt Energy (U.S.)


• Oxford PV (U.S.)


• Panasonic (U.S.)


• Greatcell Energy (U.S.)


• Suniva Inc (U.S.)


• Alps Technology Inc. (U.S.)


• First Solar (U.S.)

KEY INDUSTRY DEVELOPMENTS: 

• July 2023: Silicon and perovskite worked excellently in collaboration to produce 30% + well-regulated solar cells. The two designs utilize various procedures to lower losses and altogether account for a crucial milestone on the road to demonstrating the value of perovskite top layers to silicon solar cells.


• May 2023: Evolar, a Sweden-based photovoltaics startup with expertise in perovskite and other thin-film materials, announced that it is poised to be acquired by First Solar. The deal, worth USD 80 million, is considered to increase Arizona-based First Solar’s development of so-called tandem cells, providing much higher conversion efficiencies as compared to CdTe alone.


• April 2021: Dallas located Hunt Perovskite Technologies was selected to receive USD 2.5 million in funding from the U.S. Department of Energy. The company declared that the new program is devoted to funding projects that could make solar cells more effective at a remarkably lower cost.

REPORT COVERAGE

The U.S. market research report provides a detailed analysis of the market. It focuses on key aspects such as an overview of the technological advancements, the prevalence of the product in the U.S., and pricing analysis. In addition, it includes information about new product launches, key industry developments such as mergers, partnerships, acquisitions and the impact of COVID-19. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation