The global perovskite solar cell market is expected to grow at a registered CAGR of 31.8% from 2022 to 2030. The demand for electrical energy is increasing across the world. The perovskite solar cells are used in personal care industries, cosmetics and supplements, but the demand in such applications has reduced due to the pandemic.
The perovskite solar cell consists of perovskite structured compound which is a tin halide-based material or a hybrid inorganic organic lead. Its structure is just like the mineral of calcium titanium oxide. The demand for electrical energy is increasing across the world. There is a need for alternative sources in order to produce this energy. As the governments are ambitious in order to meet the green targets, they're focusing on renewable sources of energy. Many countries like USA, Germany and China have come up with solar power houses and increased the supply of electricity.
The perovskite solar cells are used in personal care industries, cosmetics and supplements, but the demand in such applications has reduced due to the pandemic. The disrupted supply chains and transport across various countries has led to a scarcity of the raw materials and resources required for the manufacturing activities. Perovskite is an organized compound which has light absorbing layer and it is used in various applications. Perovskite solar cell is extremely flexible and versatile as it can be roof mounted, ground mounted, it is portable and it can be used on watches.
The global perovskite solar cell market size was estimated at USD 0.60 billion in 2021 and is expected to hit around USD 7.2 billion by 2030 with a registered CAGR of 31.8% from 2022 to 2030.
By product, the flexible perovskite solar cell segment has held 56% revenue share in 2021.
By end user, the energy segment has generated 54% market share in 2021.
The perovskite solar cell market is expected to grow during the forecast period as the solar cells are flexible and lightweight and it has applications in many different industries as the governments are taking initiatives in order to create awareness regarding the environment pollution due to the carbon emissions and the prevalence of various alternative energy sources which are available in the market. All of these factors help in the growth of the solar cell market. Governments are investing in research and development for technological advancements in this industry. Initiatives are taken in order to support the growth of the global solar cell market during the forecast period. The active light absorbing layer of this product is able to absorb a wide range of visible light spectrum and provides good conversion efficiency.
In terms of conversion efficiency the solar cells were able to outperform the photovoltaic technology. This product uses solar energy to produce clean energy and it also is an alternative source for fossil fuels, which helps in reducing the carbon footprint by inhibiting the Greenhouse gas emissions. When the solar cells are compared with the existing copper Indium gallium selenide solar cell or cadmium telluride solar cells they are able to provide an increased efficiency which has led to an increase in the demand in the market.
On the basis of the structure, there are two types which are planar and mesoporous. The planar Perovskite solar cells segment had the largest market share in recent years and it accounts for two third of the global market share. It provides high efficiency and it provides low temperature processing therefore the segment is expected to grow. The benefits of the Perovskite Solar Cell segment is that it is able to provide Optimal bandgaps and high absorption coefficients which are also expected to help in the growth of the market. The mesoporous solar cell segment helps in fabrication of the product which provides 20% power conversion efficiency.
On the basis of the method, the Vapor assisted solution Method segment is expected to grow with the highest CAGR during the forecast period, although the vapor deposition method had the largest share in the previous years.
On the basis of the product, flexible perovskite solar cell segment had the largest share until the year 2020, but during the forecast period, there shall be a growth in the rigid perovskite solar cells segment, which shall be growing at a CAGR of 32.7%. The rising demand for various applications that uses the rigid module are estimated to increase the market share.
End User Insights
On the basis of the end users, the consumer segment is expected to grow during the forecast. It shall have the highest CAGR of 33.6% as there is a demand for the variable technology amongst the consumers. Followed by the consumer segment the energy segment is also expected to grow as there is an increase in demand for the renewable energy sources, with the help of sustainable means.
Perovskite solar cell market on the basis of the regional segments shall see the largest growth in the Asia Pacific region. In other countries like South Korea, Japan and China, the market is expected to grow during the forecast period. Germany is the largest solar energy producer in the European region. The growing urbanization and well developed consumer electronics industry is leading to an increase in the demand in the Asia Pacific region.
- Planar Perovskite Solar Cells
- Mesoporous Perovskite Solar Cells
- Rigid Perovskite Solar Cells
- Flexible Perovskite Solar Cells
- Solution Method
- Vapor-Assisted Solution Method
- Vapor-Deposition Method
- Smart Glass
- Perovskite in Tandem Solar Cells
- Solar Panel
- Portable Devices
- BIPV (Building-Integrated Photovoltaics)
- Industrial Automation
- Consumer Electronics
- Flexible PSCs
- Hybrid PSCs
- Multi-Junction PSCs
- North America
- Latin America
- Middle East & Africa (MEA)
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