The global perovskite solar cells market is expected to reach USD 3,926.0 Million by 2028, according to a new report by Reports and Data. These products comprise a perovskite-organized compound as an active light-absorbing layer and are deployed in a variety of end-user applications. Higher efficiency delivered by perovskite solar cells than conventional ones is one of the major factors influencing market growth. It is an evolving thin-film class photovoltaics also popular as 3rd generation photovoltaics having the potential to deliver improved current efficiency and performance limits. The product intends to enhance the efficiency of the cells and reduce the cost of solar energy. These types of solar cells can reach a wide spectrum of light and hence can convert more solar power into electricity.
Growing environmental concerns about reduction of carbon emission may drive the market in the upcoming years. The product provides clean energy by tapping solar energy, and thereby benefitting the environment. It acts as an alternative source of energy to fossil fuels, thus reducing carbon footprint, as well as reducing greenhouse gas across the globe. In the past years, the product has outperformed all other third-generation photovoltaic technologies in terms of conversion efficiency.
Market Synopsis
The global perovskite solar cells market size was USD 450.1 Million in 2020 and is expected to reach a value of USD 3,926.0 Million by 2028, and register a CAGR of 30.8% during the forecast period. Growing demand for perovskite solar cells owing to properties such as light weight and flexibility, increasing scope of product applications in various industrial verticals, rising concerns regarding carbon emissions, and ample availability of clean and natural energy source are some major factors expected to drive market growth to a significant extent. In addition, increasing investments for research and development by manufacturers and constant technological advancements are factors expected to support growth of the global perovskite solar cell market during forecast period.
Further key findings from the report suggest
- By structure, mesoporous perovskite held a major market share in 2018. At present, the mesoporous structure is one of the most popular structures in the fabrication of the product, with a power conversion efficiency of over 20%.
- By product type, flexible perovskite solar cells are expected to grow at a faster rate of 32.8% in the forecast period. These are a potential photovoltaic technology attributed to their intrinsic advantages such as lightweight and bendability, making them very convenient for transportation, installation, and integration with wearable electricity generating devices and architectures.
- The vapor-assisted solution method is forecasted to witness the highest growth rate of 33.3% in the forecast period. This method is a relatively economical synthesis method of high-quality light-absorbing perovskite layers and was developed to avoid the disadvantages of the solution method and the vapor deposition method.
- The Asia Pacific region dominated the market in 2018 and is expected to grow at a rate of 32.7% in the period 2019-2026. Rapid urbanization and increasing demand in the region for sustainable energy is likely to drive the market growth in the upcoming years. Also, rapid advancement and adoption of the technology in the countries of this region are adding to the growth of the market.
Major Companies:
- Oxford Photovoltaics
- FrontMaterials Co. Ltd.
- Solaronix SA.
- Xiamen Weihua Solar Co. Ltd.
- Fraunhofer ISE
- Dyesol, Saule Technologies
- FlexLink Systems Inc.
- Polyera Corporation
- New Energy Technologies Inc.
Market Segmentation:
Structure Outlook (Revenue, USD Million; 2018-2028)
- Planar Perovskite Solar Cells
- Mesoporous Perovskite Solar Cells
Industry Verticals Outlook (Revenue, USD Million; 2018-2028)
- Aerospace
- Industrial Automation
- Consumer Electronics
- Energy
- Others
