Perovskite Solar Cell Market Size & CAGR (2024-2031)
The Perovskite Solar Cell Market is expected to register a CAGR of 47.2% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Type of Structure (Planar, Mesoporous); Type (Hybrid, Multi-Junction); Product (Rigid, Flexible), Technology (One-step Method, Two-step Method, Vapor-assisted Solution Method, Thermal Vapor Deposition Method); Application (Smart Glass, Solar Panel, Building-integrated Photovoltaics (BIPV), Others); Vertical (Aerospace & Defense, Residential, Commercial, Industrial, and Utility). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
Purpose of the ReportThe report Perovskite Solar Cell Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Perovskite Solar Cell Market Segmentation
Type of Structure- Planar
- Mesoporous
- Hybrid
- Multi-Junction
- Rigid
- Flexible
- One-step Method
- Two-step Method
- Vapor-assisted Solution Method
- Thermal Vapor Deposition Method
- Smart Glass
- Solar Panel
- Building-integrated Photovoltaics
Strategic Insights
Perovskite Solar Cell Market Growth Drivers- Customers Demand for High Efficiency and Performance Potential: Perovskite solar cells have demonstrated exceptional power conversion efficiencies, often exceeding 25% in laboratory settings. These efficiencies rival those of traditional silicon solar cells, with the potential for further improvement. The remarkable performance of perovskite materials makes them an attractive alternative to silicon-based technology, which has reached a plateau in terms of efficiency gains. This potential for high-efficiency solar cells drives significant research, investment, and interest from both academia and the solar industry.
- Industries Demand for Cost Efficient Solutions: Perovskite solar cells are made from inexpensive materials and can be processed using low-cost techniques such as solution-based deposition or roll-to-roll printing. This makes PSCs cheaper to manufacture compared to traditional silicon-based cells, which require expensive high-temperature processes. As manufacturing technologies scale up, the cost per watt of perovskite solar cells is expected to be significantly lower than that of conventional silicon-based solar panels, offering a compelling economic advantage in the renewable energy market.
- Urban Solar Applications: The ability of perovskite solar cells to be made transparent or semi-transparent provides a unique opportunity for urban solar energy solutions. Transparent perovskite solar cells could be integrated into building windows, creating "solar windows" that generate electricity while allowing natural light to pass through. This could revolutionize the way cities harness solar energy, enabling the installation of solar cells on existing infrastructure without compromising aesthetics or functionality. This opens up vast new opportunities in urban areas, particularly in regions with high energy demands and limited space for traditional solar installations.
- Research Advancements in Stability and Durability: One of the key challenges facing perovskite solar cells has been their long-term stability and resistance to environmental degradation (e.g., moisture, heat, and UV radiation). However, recent advancements in material science and encapsulation technologies are improving the longevity of perovskite solar cells. Research trends indicate that efforts to enhance the stability of PSCs are a central focus, with breakthroughs in halide composition, encapsulation materials, and protective coatings, making perovskite solar cells more commercially viable for long-term applications.
- Regulatory and Policy Support for Renewable Energy: Governments worldwide are setting ambitious renewable energy targets and offering incentives for solar energy adoption. The perovskite solar cell market is expected to benefit from these policy shifts as the technology matures. Countries like China, the United States, and the European Union are implementing regulatory frameworks that support the development and deployment of emerging solar technologies. This policy trend provides financial and regulatory backing for companies working to bring perovskite solar cells to market, ensuring they receive the necessary support to transition from research and development to widespread deployment.
- Integration with Existing Solar Technologies: Perovskite solar cells are being explored for tandem solar cell applications, where they are combined with silicon-based solar cells to create hybrid devices that maximize efficiency. By using a perovskite layer in conjunction with silicon, these tandem cells can theoretically surpass the 30% efficiency threshold. This hybrid approach could be a key opportunity for boosting the performance of existing solar infrastructure and accelerating the transition to higher-efficiency solar power generation.
- Commercialization and Large-Scale Manufacturing: While perovskite solar cells have achieved impressive lab results, scaling up to industrial-level production remains a significant challenge. However, as manufacturing techniques improve, economies of scale will drive down costs, creating opportunities for large-scale production. With continued investment and collaboration between researchers, manufacturers, and companies in the solar energy sector, commercialization of perovskite solar technology will open new markets, particularly in developing regions with abundant sunlight and a need for affordable solar solutions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Perovskite Solar Cell Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Perovskite Solar Cell Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Research advancements in stability and durability and regulatory and policy support for renewable energy is likely to remain a key trend in the market.
Customers demand for high efficiency and performance potential, industrial demand for cost efficient solutions, and urban solar applications are the major factors driving the perovskite solar cell market.
Global perovskite solar cell market is expected to grow at a CAGR of 47.2% during the forecast period 2024 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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