Perovskite Solar Cell Market (By Structure: Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells; By Product; By Method: Solution Method, Vapor-Assisted Solution Method, By Application: Smart Glass, Perovskite in Tandem Solar Cells; By End Use; By Type) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global perovskite solar cell market size was estimated at around USD 94.83 million in 2023 and it is projected to hit around USD 2,399.61 million by 2033, growing at a CAGR of 38.14% from 2024 to 2033.

Key Pointers

• By Structure, the planar perovskite solar cells held the largest revenue share in 2023.
• By Product, the rigid perovskite-based solar cell market is predicted to grow at the remarkable CAGR from 2024 to 2033.
• By End-User, the consumer technology sector is expected to grow at the fastest CAGR from 2024 to 2033.
• By Type Mixed, the perovskite solar cells are projected to capture the largest market share, accounting for approximately 52% in 2023.

Perovskite Solar Cell Market Overview

The perovskite solar cell market is experiencing notable growth and attention within the renewable energy sector. Perovskite solar cells, characterized by their unique crystal structure, offer promising potential for efficient and cost-effective solar energy generation.

Perovskite Solar Cell Market Growth Factors

The growth of the perovskite solar cell market is driven by several an advancements in perovskite solar cell technology, particularly in improving efficiency and stability, have significantly boosted their attractiveness as a viable alternative to traditional silicon-based solar cells. Secondly, increasing investments in research and development initiatives aimed at enhancing perovskite solar cell performance have accelerated innovation and commercialization efforts in the industry. Thirdly, supportive government policies and incentives promoting renewable energy adoption have created a conducive environment for the growth of the perovskite solar cell market, driving demand from both residential and commercial sectors. Moreover, growing environmental awareness and concerns about climate change have led to a greater emphasis on sustainable energy solutions, further propelling the adoption of perovskite solar cells.

Perovskite Solar Cell Market Trends:

• Increased Efficiency: Perovskite solar cells are witnessing a trend of continuous improvement in efficiency, with researchers consistently achieving higher conversion rates, making them more competitive with traditional silicon-based solar cells.
• Enhanced Stability: Efforts to enhance the stability of perovskite solar cells are a prominent trend in the market. Researchers are focusing on developing materials and fabrication techniques that mitigate degradation issues, thereby improving the long-term performance and reliability of these cells.
• Scale-Up Initiatives: The market is seeing increased focus on scaling up production processes to enable mass commercialization of perovskite solar cells. Efforts are underway to develop scalable manufacturing methods that can meet the growing demand for renewable energy solutions.
• Diversification of Applications: Perovskite solar cells are finding applications beyond traditional solar panels, including in building-integrated photovoltaics (BIPV), wearable devices, and consumer electronics. This trend reflects the versatility and adaptability of perovskite technology to various industries.
• Emergence of Tandem Solar Cells: Tandem solar cells, which combine perovskite with other materials like silicon or organic polymers, are emerging as a promising trend. These hybrid structures offer the potential to achieve even higher efficiencies by leveraging the complementary properties of different materials.
• Investment and Funding: Increasing investment from both public and private sectors is fueling research and development activities in the perovskite solar cell market. Venture capital funding, government grants, and corporate partnerships are providing financial support to drive innovation and commercialization efforts.

Perovskite Solar Cell Market Challenges:

• Stability and Durability: One of the primary challenges confronting perovskite solar cells is their inherent instability and susceptibility to degradation over time, especially in the presence of moisture, heat, and light. Ensuring long-term stability and durability remains a key hurdle for widespread commercial adoption.
• Scalability: While laboratory-scale production of perovskite solar cells has shown promising results, scaling up manufacturing processes to industrial levels without compromising performance and quality presents a significant challenge. Achieving high-throughput and cost-effective production methods is essential for mass-market penetration.
• Material and Device Reproducibility: Consistency and reproducibility in manufacturing perovskite solar cells pose challenges due to variations in materials, fabrication techniques, and environmental conditions. Addressing these issues is critical to ensuring uniform performance and reliability across large-scale production.
• Toxicity and Environmental Impact: Some of the materials used in perovskite solar cells, such as lead-based compounds, raise concerns regarding their toxicity and potential environmental impact, particularly during the manufacturing process and end-of-life disposal. Developing environmentally friendly alternatives without compromising performance is imperative.
• Commercialization Barriers: Despite significant technological advancements, the commercialization of perovskite solar cells faces regulatory, certification, and market acceptance barriers. Demonstrating reliability, safety, and compliance with industry standards is essential to gain traction in the mainstream solar market.

Structure Insights

In 2023, planar perovskite solar cells dominated the revenue shares, and they are expected to continue experiencing significant revenue growth rates over the projected period. The layered structure sector has seen rapid expansion owing to its application in thin-film photoelectric structures and impressive electrical and optical properties. This type of cell can be manufactured without high-temperature methods and is utilized in mesoporous structures when the layer thickness is minimal.

By 2033, the market value for mesoporous perovskite solar cells is expected to surpass USD 1.2 billion due to their extensive application in product manufacturing and efficiency of over 21% in power conversion. The category of flat solar cells incorporating perovskite is anticipated to drive market expansion due to increasing demand.

Product Insights

With its rising demand across various applications, the inflexible modules segment is expected to claim a disproportionately large share of the market. Additionally, the flexible module market is poised to expand rapidly due to several technical advancements.

In 2023, the rigid perovskite-based solar cell market is projected to experience the fastest compound annual growth rate (CAGR), while the flexible perovskite-based solar cell sector is anticipated to have the largest proportion.

Application Insights

The Building Integrated Photovoltaics (BIPVs) sector is projected to dominate the major market segment due to the growing demand for solar cells using perovskite in constructing buildings and various construction materials like roofs, windows, and facades. By 2030, the consumer devices category, particularly portable media players, is expected to surpass the entire market in terms of growth.

End-User Insights

The consumer technology sector is anticipated to demonstrate the highest compound annual growth rate (CAGR) during the forecast period, driven by the rising demand for wearable technology. However, the energy sector claimed the largest share in terms of revenue, comprising over two-fifths of the global perovskite solar panel industry. This dominance is attributed to the increasing demand for sustainable and renewable energy sources.

Type Insights

Mixed Perovskite Solar Cells (PSCs) are projected to capture the largest market share, accounting for approximately 52%. This dominance is attributed to their widespread use and versatility. Furthermore, Flexible PSCs are expected to experience the highest Compound Annual Growth Rate (CAGR) of approximately 29.9%. This growth is driven by increasing demand in wearable power sources and their integration into various architectural designs. Additionally, Flexible PSCs offer several advantages such as portability, flexibility, lightweight, and compatibility with non-standard electronic devices, further fueling their market expansion.

Regional Insights

The revenue growth of the Asia Pacific industry is expected to significantly accelerate during the projection timeframe. This dominance is attributed to several factors, including rapid urbanization in the region, the increasing demand for alternative energy sources to reduce reliance on fossil fuels, and supportive government initiatives. Additionally, the Asia Pacific region leads the global industry in terms of revenue share.

Moreover, the region's market is bolstered by its well-established consumer electronics sector. In 2023, North America held the second-largest market share in the global crystalline solar cell market. This was driven by the region's robust automotive industry, rising demand from end-use sectors, and the presence of major market players competing in North American nations.

Recent Developments: 

• In August 2019, Meyer Burger, a Swiss engineering firm, made its first sale of solar cell production equipment to Oxford PV, a UK-based company specializing in perovskite technology. Through this acquisition, Oxford PV aims to establish a 250 MW perovskite special assembly plant by the end of 2020.
• Saule Technologies unveiled an industrial assembly line for inkjet-printed solar cells using perovskite on a trial basis in February 2019. By the end of 2020, the company aims to have completed the construction of 180,000 square meters of solar cells.

Perovskite Solar Cell Market Key Companies

• Alfa Aesar (US)
• Dyenamo AB (Sweden)
• Energy Materials Corp
• Fraunhofer ISE (Germany)
• Frontier Energy Solution
• FrontMaterials Co. Ltd. (Taiwan)
• FUJIFILM Wako Pure Chemical Corporation (US)
• G24 Power Ltd. (UK)
• Greatcell Energy (Australia)
• IDTechEx Ltd (UK)
• Microquanta Semiconductor Co. Ltd. (China)
• Oxford PV (UK)

Perovskite Solar Cell Market Segmentations:

By Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
• By Product
• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

By Method

• Solution Method
• Vapor-Assisted Solution Method
• Vapor-Deposition Method

By Application

• Smart Glass
• Perovskite in Tandem Solar Cells
• Solar Panel
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)

By End-Use

• Manufacturing
• Energy
• Aerospace
• Industrial Automation
• Consumer Electronics
• Others

By Type

• Flexible PSCs
• Hybrid PSCs
• Multi-Junction PSCs

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)