Perovskite Solar Cells Market Expected to CAGR of 30.8% by 2028 and Key Insights, Profiling Companies and Growth Strategies
Market Overview: The global market for perovskite solar cells reached a size of USD 450.1 Million in 2020 and is projected to grow substantially, reaching USD 3,926.0 Million by 2028, with a remarkable Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period. The surge in demand for perovskite solar cells can be attributed to their unique properties such as light weight and flexibility, making them versatile for various industrial applications. Additionally, the increasing awareness about environmental concerns and carbon emissions has led to a growing preference for clean and natural energy sources like perovskite solar cells. Moreover, ongoing research and development efforts by manufacturers and continuous technological advancements are anticipated to drive the global perovskite solar cell market's growth during the forecast period.
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Market Drivers: Perovskite solar cells, which utilize a perovskite-organized compound as an active light-absorbing layer, offer several advantages, including flexibility, easy customization, and lightweight, enabling a wide range of applications. The cells have significant prospects in the solar power industry due to their ability to absorb light across a broad visible light spectrum, achieve power conversion efficiencies surpassing 20% in lab conditions, and exhibit relative ease of fabrication.
The demand for perovskite solar cells is further fueled by growing environmental concerns and the need to reduce carbon footprint. These cells serve as an alternative to fossil fuels, mitigating greenhouse gas emissions and contributing to a cleaner energy ecosystem. As perovskite solar cells outperform other third-generation photovoltaic technologies in terms of efficiency, consumer awareness about their benefits is increasing, bolstering the market's growth.
Moreover, advancements in technology to produce perovskite solar cells are expected to drive market expansion. For instance, research projects like CHEOPS aimed to upscale perovskite photovoltaic technology and produce high-efficiency solar cells in a tandem configuration.
Market Restraints: The potential environmental impacts of lead-based perovskite absorbers are a concern that might hinder the widespread adoption of these cells. Researchers are actively exploring and assessing alternative materials to reduce or eliminate the toxicity associated with lead-based compounds.
Additionally, despite their potential, perovskite solar cell technology is still in its early stages of commercialization compared to other mature solar technologies, primarily due to processing issues. Perovskite materials currently available are sensitive to moisture and degrade rapidly in its presence. This sensitivity limits their outdoor use and may adversely affect the market's growth.
Market Opportunities: Major players in the global market are investing significantly in research and development to enhance efficiency, stability, and lifespan of perovskite solar cells. Additionally, they are striving to replace toxic materials with non-toxic alternatives. These efforts are expected to create revenue opportunities for companies and drive further market growth.
Market Insights: Structure Outlook: Among the different structure segments, planar perovskite solar cells accounted for the largest revenue share (69.3%) in 2020 and are projected to experience substantial growth during the forecast period. The planar structure's popularity stems from its use in thin-film photovoltaic structures and its exceptional electrical and optical characteristics. It can be fabricated without high-temperature processes and is even utilized in extreme cases of mesoporous structures where the width of the mesoporous layer is zero.
Region Outlook: The Asia Pacific market, with a size of USD 184.5 Million in 2020, is expected to witness significant revenue growth during the forecast period. The region's dominance is attributed to rapid urbanization, the need for clean energy sources to reduce reliance on fossil fuels, and increasing government support. Moreover, the well-developed consumer electronics industry in Asia Pacific is bolstering market growth.
North America accounted for the second-largest revenue share in the global perovskite solar cells market in 2020. This is mainly due to growing demand from end-use industries, a well-established automotive sector, and the presence of key market players.
Key Companies and Strategies: Key players in the market, including Oxford Photovoltaics, FrontMaterials Co. Ltd., Solaronix SA, Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Dyesol, Saule Technologies, FlexLink Systems Inc., Polyera Corporation, and New Energy Technologies Inc., are adopting various strategies such as mergers, acquisitions, partnerships, and new product developments to maintain a competitive edge and expand their market footprint.
For instance, Solaronix SA achieved a significant breakthrough in perovskite industrialization by fabricating efficient large-area all-printed perovskite solar modules in July 2016. Saule Technologies established its first prototype manufacturing unit by the fourth quarter of 2019, aimed at producing flexible, semi-transparent, lightweight, single-junction solar substrates with 10% conversion efficiencies.
Segmentation: The global perovskite solar cells market report covers segments based on structure, product type, method, industry vertical, and region. This report provides historical data and forecasts for revenue growth at the global, regional, and country levels from 2018 to 2028. It includes insights into industry trends, consumption patterns, and revenue contributions for each segment. The competitive landscape encompasses revenue share, financials, and strategies adopted by key players.
The report outlines the following segments:
- Structure Outlook: Planar Perovskite Solar Cells, Mesoporous Perovskite Solar Cells
- Product Type Outlook: Rigid Perovskite Solar Cells, Flexible Perovskite Solar Cells
- Method Outlook: Solution Method, Vapor-Deposition Method, Vapor-Assisted Solution Method
- Industry Vertical Outlook: Aerospace, Industrial Automation, Consumer Electronics, Energy, Others
- Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Conclusion: The global perovskite solar cells market is set to witness substantial growth during the forecast period, driven by increasing demand for clean energy sources, advancements in technology, and the flexibility and efficiency of these cells. However, environmental concerns and processing challenges pose potential restraints. Companies are investing in research and development to overcome these limitations and seize growth opportunities. The Asia Pacific region holds a significant share due to urbanization, government support, and a well-established consumer electronics industry. Overall, the market is dynamic and poised for growth with constant advancements and investments by key players.
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