The advancement in solar cell technology is expected to provide opportunities for the global perovskite solar cells market growth
Perovskites is a type of material made up of crystal structure used in solar cells to produce electricity with high performance and low production costs. The perovskites solar cells have remarkable growth in recent years as it is becoming popular in conversion into electricity with high efficiency in a very short time. As a result of these impressive factors the global perovskite solar cells market size is expected to exceed 4.48 billion by 2028.
The perovskite solar cells market registered a CAGR of 24%. Perovskite solar cells are usually used to efficiently convert ultraviolet lights and visible light efficiently into electricity requiring low production cost. While the perovskite solar cells have become highly efficient within years of its introduction in the market a number of challenges are hampering its chance of becoming more growth sufficient. Furthermore, subsequent improvements in performance and stability have come due to study and invention of new materials, architectures, fabrication processes that are increasing its efficiency and anticipated to be an opportunity to the perovskite solar cells.
The future of the global perovskite solar cells market is very attractive due many factors such as increasing applications in various industries, targets set by governments to reduce carbon footprint and prevalence of alternative energy sources. Also, other factors such as high returns on investments, zero harm to environments, public and private funding for projects, and cost reduction comparative to conventional solar cells are driving the perovskite solar cells. The purpose of the perovskite solar cells is to produce electricity utilizing low resources and minimize construction costs. The solar cells used to respond to different layers in the solar spectrum by modifying the material composition and incorporating a variety of formulations can also be classed under perovskite solar cells.
Adroit Market Research report on the global perovskite solar cells market presents a holistic study of the market from 2018 to 2028 covering the key factors having a major influence on the market such as driving forces, threats, opportunities, and challenges. This research report has examined each aspect of the market considering the historic years 2018-2020 with base year 2020 and market estimates for the year 2021-2028. Crucial financial details about the market such as market size, CAGR, GDP, and all other information based on region, country, applications, type, and end users to better understand market position of each segment and its underlying opportunities have been critically examined. All the segments with their current status are assessed with Porter’s Five Forces Model. The findings from this study thus help to position the market players based on their market capitalization.
Market players to address the structural and technical problems facing the perovskite solar cells have demonstrated a variety of formulations making the conversion into electricity highly efficient. They have introduced cost-effective applications particularly competitive in many areas including energy, aerospace, industrial, manufacturing, and consumer electronics. Durability, stability, and many such factors are improved by the developer helping them lead in the competitive market.
Depending upon the application segment, the market is bifurcated into six key categories namely BIPV (building-integrated photovoltaics), Utilities, Portable devices, Perovskite in tandem solar cells, Solar panel, and Smart glass. The use of portable perovskite cells is becoming common in niches applications like portable electric chargers, etc. This has accounted for measurable share of this segment in the market. Interestingly, the market is expected to witness good growth in the forthcoming years.
Depending upon the end user segment, the market is bifurcated into key categories namely Manufacturing, Energy, Industrial automation, Aerospace, and Consumer electronics. The manufacturing segment witnessed highest share in the global Perovskite Solar Cells Market as the Perovskite Solar Cells are helping potentially exceed the levelized cost of electricity targets. The other segments such as Industrial automation and Aerospace also gathered remarkable revenue in the market.
Depending upon the application segment, the market is bifurcated into six key categories namely hybrid PSCs, flexible PSCs, and multi-junction PSCs. The hybrid PSCs accounted for highest market capital as they have potential to not only cut costs by roll-to-roll processing bust also efficient solar power conversion.
The North American region witnessed major growth and is poised to capture good growth in the forecasted years. This is due to presence of well-established research and development firms, high disposable incomes, and research studies undertaken at a huge level in this region. The South America and MEA accounted for moderate share in the market as the PSCs are not being used so commonly in the region, lesser government funding and support, etc.
The key companies that dominate the Perovskite Solar Cells innovations include FrontMaterials, Xiamen Weihua Solar, Oxford Photovoltaics, Fraunhofer ISE, Saule, Raynergy Tek, Ubiquitous Energy, New Energy Technologies, Solaronix, Dyesol, SolarPrint, Polyera, G24, FlexLink, Xeger Sweden, AB, and Alta Devices among others. These companies have brought a lot of innovations and revolved around the core concepts of the perovskite solar cell technologies. These companies have made a valuable contribution in accelerating and scaling the Perovskite solar cell technologies thereby boosting the Global Perovskite Solar Cells Market.
Key Segments of the Global Perovskite Solar Cells Market
Application Overview, 2018-2028 (USD Billion)
- BIPV (building-integrated photovoltaics)
- Portable devices
- Perovskite in tandem solar cells
- Solar panel
- Smart glass
End-user Overview, 2018-2028 (USD Billion)
- Industrial automation
- Consumer electronics
Type Overview, 2018-2028 (USD Billion)
- Hybrid PSCs
- Flexible PSCs,
- Multi-junction PSCs
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa