Perovskite Solar Cell Market Size, Share & Industry Analysis, By Type (Rigid and Flexible), By End-user (BIPV, Power Station, Transportation & Mobility, Consumer Electronics, and Others) and Regional Forecast, 2024-2032

The global perovskite solar cell market size was valued at USD 64.05 million in 2023. The market is projected to grow from USD 105.23 million in 2024 to USD 1,760.59 million by 2032, exhibiting a CAGR of 42.21% during the forecast period. 

Perovskite solar cell is made from a perovskite-structured compound, typically a hybrid organic-inorganic lead or tin halide-based material. This class of materials has a unique crystal structure that efficiently converts sunlight into electrical energy. These cells have gained significant attention due to their potential to provide high power conversion efficiencies, low manufacturing costs, and easy fabrication processes. However, some challenges still need to be addressed, such as improving the stability and durability of the materials in real-world conditions.

These solar cells have made remarkable progress, with rapid increases in efficiency, from around 3% in 2009 to over 25% in 2021. Despite their high efficiency, several challenges remain to be addressed before they may become a competitive commercial technology.

The impact of COVID-19 pandemic was negative during 2020-21, due to the downfall in the construction of residential, commercial, and industrial sectors. Additionally, the manufacturing of perovskite solar cells also faced significant challenges regarding the shortages of raw materials and workforce caused due to supply chain disruptions and strict government regulations. However, after 2021 the rising awareness about clean & renewable energy has led to a sudden growth in the demand for perovskite solar cells.

Perovskite Solar Cell Market Trends

Shift Toward Renewable Sources and Heavy Investments Propels Market Development

Innovations in the solar industry, such as enhanced materials and design developments, create opportunities for the perovskite solar cell market growth. The ongoing advances in affordable and sustainable solar technologies position the market to leverage technological innovations and meet evolving demands in the solar energy sector. Considering all these factors, many private and government bodies are investing heavily in the perovskite solar cell owing to its popularity and advantages.

For instance, in 2023, perovskite solar technology trailblazer Tandem PV secured an additional USD 6 million in funding, bringing its total capital and government support to USD 27 million. The company's tactics involve channeling resources toward advanced research and development initiatives, alongside commitments to build its inaugural manufacturing facility.

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Perovskite Solar Cell Market Growth Factors

Integration of Modern BIPV Products in the Market are Driving Demand for Solar Technologies

The perovskite market is driven by an increase in intrinsic attractiveness for more favorable market conditions. One of the major end-users of the perovskite solar cell is the BIPV (building integrated photovoltaic) market, which incorporates modern technologies with renewable sources. Products such as windows, roofs, and walls are combined with perovskite solar cells to generate power without any complex operations. Besides power generation and consumption, this also helps protect the building interior from harsh environments and has drawn attention from government and other organizations' to invest in the development of perovskite solar cell technology. For instance, in September 2023, a New Version of PV cells, known as perovskite solar cells, started industrialization with a focus on new technology. Private investment in perovskite modules amounts to approximately 500 million RMB/GW (USD ~5,753 million), marking a notable economy in contrast to the old-style investment of 1.1 billion RMB/GW (USD ~12.6 billion) in polysilicon, cell, wafer, and module.

Supportive Government Measures and Incentives Accelerate Growth in the Solar Energy Sector

Solar energy is becoming a favorable renewable source for several applications driven by increased awareness among businesses. In addition, many companies and locals are installing solar panels, with perovskite solar cells emerging as a modern energy solution. These cells are experiencing growing demand due to its rising integration into building components, such as windows, roofs, and open walls to convert sun rays to energy. However, installing solar panels and farms is a complex process, involving adherence to numerous standards for solar panels, structures, piles, and geotechnical surveys. Government standards and policies guide LPAs (Layered Process Audits) to take into account environmental considerations and community feedback when selecting sites and equipment, such as perovskite solar cells.

For instance, on March 9, 2023, the Uttarakhand state government launched two agendas to provide self-employment opportunities to enterprising youth and farmers to meet the demand for energy in rural areas by developing alternative energy sources such as solar. In addition to this, upcoming years are expected to witness perovskite becoming the most used product in residential owing to its applications.

RESTRAINING FACTORS

Technical Fabrication Issues May Impede Market Development

Utility-scale solar installations are experiencing global growth, providing a range of benefits for consumers. However, they also pose significant challenges, especially in areas such as system design, ground-level installation, and the selection of materials. In recent years, perovskite technology has taken a step toward production and explored commercializing perovskite solar cell devices in residential and commercial sectors. However, several issues hinder market growth while exploring the products and materials associated with solar energy.

Installation of the perovskite solar cells comes with technical challenges such as the fabrication of bottom and top electrodes using low-cost processes, choice and deposition of charge extraction layers, lower efficiency of large cell modules, and imperfect designs of the products. These challenges must be focused on building small and large-scale perovskite solar cell devices. Lack of imperfection leads to project failures, posing significant obstacles to overcome.

Perovskite Solar Cell Market Segmentation Analysis

By Type Analysis

Flexible Segment Hold a Dominant Market Share Due to Their Lightweight and Attractive Research-Grade Technology

Based on type, the market is bifurcated into rigid and flexible. The flexible segment holds a dominant market share currently as these solar cells are designed to be fabricated on flexible substrates, such as plastic or metal foils, allowing them to conform to curved surfaces or be integrated into flexible electronics. These cells offer versatility and lightweight properties, making them suitable for applications where traditional rigid solar panels are impractical or portability is essential.

Rigid perovskite solar cell is anticipated to be the fastest growing segment over the projected period due to its higher efficiency and stability. The higher stability makes them ideal for traditional rooftop installations, solar farms, and other stationary applications. The rigidity of the substrate provides structural support, ensuring the integrity of the solar panel over time.

By End-user Analysis

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BIPV Segment leads Owing to their Beneficial Properties

Based on end-user, the market has been segmented into BIPV, power plant, transportation & mobility, consumer electronics, and others. The BIPV is the dominating as well as fastest growing segment in the market. Building-Integrated Photovoltaics (BIPV) has a dual purpose: serving as the structure's outer layer and generating electricity for on-site use or export to the grid. BIPV systems can save on material & electricity costs, reduce pollution, and increase the architectural appeal of buildings.

Power stations is also holding considerable share of the market due to the growing adoption of perovskite solar cells due to higher efficiency, cost-effectiveness, and potential for scalable production. These cells have achieved power conversion efficiencies exceeding 25% in laboratory settings, making them competitive with traditional silicon-based solar cells.

REGIONAL INSIGHTS

Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific is holding the dominant perovskite solar cell market share and is expected to grow at the fastest rate during the forecast period due to increasing urbanization, the requirement for alternative energy to reduce reliance on fossil fuels, and supportive government initiatives. Furthermore, this market is growing due to the region's well-developed consumer electronics sector.

Europe is the second leading region propelled by stringent environmental regulations and initiatives framed by the governments of the regional countries and European Unions for curbing carbon emissions and fostering sustainable energy practices have resulted in the expansion of Europe’s market. Environment regulations such as European Climate Law, Green Deal, 8th EAPs (Environment Action Programmes), and others have been implemented to achieve a carbon-neutral economy by 2050.

North America holds a significant share of the global market as the region is using silicon material to produce these cells at a cheaper cost.

The Latin America and Middle East & Africa are also growing at a notable rate due to the higher efficiency of these cells compared to standard solar cells.

Key Industry Players

Technological Advancements and Increased Product Portfolio Assists in Company’s Leading Market Share

In the global market, major players compete across national, regional, and international levels. They are focused on manufacturing various components, materials, and final PCFC for numerous end-users. SOLIDPower is expected to capture a significant market share for its protonic ceramic fuel cells due to its established presence in the SOFC industry and technological lead over other competitors. The company’s proactive engagement in collaborative initiatives and successful project execution strengthen its competitive stance.

In addition, competitors, such as Adaptive Energy strive to expand their horizons with innovative breakthroughs and new orders for PCFC use. In addition, Bosch is investing in its fuel cell technologies for product improvement and development to enable scalable production. Other key players including STC Superior and Nexceris are developing and supplying significant fuel cell components and materials based on protonic ceramics.

LIST OF KEY COMPANIES PROFILED:

• Saule Technologies (Poland)


• GCL Suzhou Nanotechnology Co., Ltd. (China)


• Wuxi UtmoLight Technology Co., Ltd. (China)


• Hunt Perovskite Technologies (HPT) (U.S.)


• Heiking PV Technology Co., Ltd. (China)


• Hubei Wonder Solar (China)


• Microquanta Semiconductor (China)


• Oxford PV (Germany)


• Greatcell Energy (Australia)


• Enecoat Technologies Co. Ltd. (Japan)

KEY INDUSTRY DEVELOPMENTS:

• June 2024 – A U.S. solar technology company Swift Solar secured USD 27 million in Series A funding to develop its perovskite tandem solar cell manufacturing. The round was led by Eni Next, the venture capital arm of Eni, with participation from Stanford University, Good Growth Capital, and Fontinalis Partners. .


• May 2022 - Microquanta launched the world's first commercial-sized perovskite module, α, which uses Microquanta's proprietary solution printing technology. It boasts high power, good stability, a low temperature coefficient, a small hot spot effect, and resistance to cracking. It comes with a 12-year warranty for materials and processes and a 25-year linear power output warranty.


• May 2022 - Saule Technologies and Columbus Energy announced their partnership with Google Cloud. The companies signed an agreement to innovative products with the help of perovskite solar cells for sectors, such as distributed energy and the Internet of Things (IoT).


• July 2021 - Oxford Photovoltaics announced the completion of its production facility in Germany. The site hosted the first global mass production line for Oxford PV's ingenious perovskite-on-silicon tandem solar cells with a yearly production capacity target of 100 MW.


• March 2021 - Saule Technologies, Columbus Energy, and Somfy Polska signed a strategic cooperation agreement. Through this agreement, the companies aimed to propose innovative solutions for buildings and ongoing construction projects.

REPORT COVERAGE

The report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, types, and end-users of the system. Besides this, the report also offers insights into the latest market trends and highlights key industry developments. In addition to the abovementioned factors, the report encompasses several factors that have contributed to the market’s growth in recent years.

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