Powering Progress: Perovskite Solar Cell Market Forecasted to Surge to USD 8.71 Billion by 2031, Propelled by an Astonishing 29.5% Compound Annual Growth Rate (CAGR) | EMR

The global Perovskite Solar Cell Market is projected to reach USD 8.71 billion by 2031, at a CAGR of 29.5%, from USD 0.85 billion in 2022. The perovskite solar cell market is expected to continue to grow in the coming years due to the high efficiency, low-cost potential, and government incentives and policies.

Perovskite solar cells have shown great promise as a renewable energy invention in the recent past. These solar cells convert light into electrical energy by means of perovskite-structured materials, which are often organic-inorganic lead halide-based compounds. Their exceptional solar energy harvesting efficiency which approaches that of conventional silicon-based solar cells but is more affordable and simpler to manufacture is the reason for their growing popularity. Research and development efforts have surged in the perovskite solar cell market since their introduction with the goal of improving their stability, efficiency, and scalability for commercial application. Their versatility in manufacturing methods, low weight, and potential transparency allow them to be used in a wide range of applications, including as portable electronics and photovoltaics integrated into buildings. Although they hold great potential, issues with long-term stability, toxicity, and production scale prevent their widespread commercial use. However, perovskite solar cells are still seen with hope due to continuous developments and investments in this technology, which positions them as a major participant in the renewable energy market.

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In July 2021, to enhance the stability and efficiency of perovskite solar cells, researchers from the University of Arizona have developed a novel printing technique known as Restricted Area Printing by Ink Drawing, or RAPID.

Segment Analysis and Market Dynamics

Based on product type, the global perovskite solar cell market is divided into rigid perovskite solar cells and flexible perovskite solar cells. The flexible perovskite solar cells category dominates the market with the largest revenue share. Flexible perovskite solar cells are manufactured on flexible substrates like plastic, metal foils, or other bendable materials. These cells can conform to various shapes and surfaces. They are lightweight, bendable, and adaptable, making them suitable for applications requiring flexibility, such as integration into wearable devices, curved surfaces, or portable electronics. Flexible cells offer versatility and can be utilized in unconventional or dynamic environments where rigid panels are impractical. Rigid perovskite solar cells are manufactured on inflexible substrates such as glass or rigid plastic. These cells maintain their form and structure without significant flexibility. They offer stability and robustness, making them suitable for traditional solar panel applications on rooftops or large-scale installations where the rigidity of the panel is not a limitation. The planar perovskite solar cell segment is the largest segment of the perovskite solar cell market, based on structure type.

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Planar cells have a simpler architecture with a compact layer of perovskite material sandwiched between the electron and hole transport layers. The layers are deposited in a more straightforward sequence compared to mesoporous cells. Fabricating planar cells involves a relatively easier process, typically employing techniques like spin-coating or vapor deposition to create a smooth and continuous perovskite layer.  Mesoporous cells feature a scaffold-like structure with a mesoporous layer, typically composed of materials like titanium dioxide (TiO2), providing a larger surface area for the perovskite layer to adhere to. Fabricating mesoporous cells involves additional steps to create the porous scaffold, often using techniques like templating or imprinting before depositing the perovskite layer. Mesoporous cells tend to achieve higher efficiencies due to their larger surface area, allowing for more light absorption and better electron transport

These cells were first praised for their great efficiency and potential for low-cost manufacturing. However, problems with stability and scalability hindered their commercial acceptance. Nonetheless, there is now more attention due to continuing research initiatives aimed at improving stability, durability, and commercial viability. Increased investment and collaborations between academics and business have sped up innovation, tackling important issues and building a stronger presence in the market. The market has been further supported by government initiatives that support carbon neutrality objectives and renewable energy sources. Perovskite cells’ scalability and possible affordability complement the global movement toward renewable energy sources. Partnerships between well-known producers of solar cells and emerging companies focused on perovskite technology have expedited the scaling up of production and eased the process of commercialization. The dynamics of competition are also quite important. A combination of long-standing competitors and recent entries are fighting for supremacy in the market through innovations in manufacturing, intellectual property rights, and business alliances. Perovskite solar cells are also subject to market swings in material costs, regulatory changes, and competition from other renewable energy sources. In spite of these circumstances, continued innovation and calculated partnerships are essential to determining the direction of the perovskite solar cell industry’s expansion and uptake.

Regional Analysis

The perovskite solar cell market in Asia Pacific is expected to lead globally. China, Japan, South Korea, Taiwan, and other countries in the Asia-Pacific region have strong research infrastructures and significant expenditures in renewable energy technologies. Leading the way in perovskite solar cell research, these nations are advancing innovations and breakthroughs in cost-effectiveness, stability, and efficiency. Efficient commercialization of perovskite solar cells is made possible by the region’s excellent manufacturing skills and emphasis on scaling up production. These solar cells are more affordable and widely available because to mass production facilities and well-established supply chains. The adoption of renewable energy has been actively promoted by the governments of the Asia Pacific area. Perovskite solar cells are one of the cutting-edge solar technologies that are being developed and used thanks to encouraging policies, incentives, and aggressive targets for renewable energy. The demand for clean and efficient energy solutions is driven by the Asia Pacific region’s densely populated countries’ fast increasing energy demand as well as a growing consciousness of sustainability. Perovskite solar cells are a good fit for this expanding market demand because of their potential for high efficiency and cheaper production costs. Research institutes, businesses, and international stakeholders working together create a favorable environment that supports the development of perovskite solar technology. The research and commercialization of these cells are further accelerated by strategic partnerships and funding from the public and private sectors.

The report “Perovskite Solar Cell Market Size, Share & Trends Analysis Report by Structure Type (Planar Perovskite Solar Cells and Mesoporous Perovskite Solar Cells), by Product Type (Rigid Perovskite Solar Cells and Flexible Perovskite Solar Cells), by Method (Solution Method, Vapor-Deposition Method, and Vapor-Assisted Solution Method), by End-User (Aerospace, Industrial Automation, Consumer Electronics, Energy, and Others), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/

Further key findings from the report suggest:

• The global perovskite solar cell market is predicted to register a compound annual growth rate (CAGR) of 29.5% over the projected period of 2023-2031.
• Asia Pacific will be the leading region of the global perovskite solar cell market during the forecast period of 2023-2031.
• The major key players in the global perovskite solar cell market are: Fraunhofer ISE, New Energy Technologies Inc, Polyera Corporation, FrontMaterials Co. Ltd., Solaronix SA, Xiamen Weihua Solar Co. Ltd., Dyesol, Oxford Photovoltaics, Saule Technologies, and FlexLink Systems Inc.

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Econ Market Research has segmented the global perovskite solar cell market based on structure type, product type, method, end-user and region:

Perovskite Solar Cell Market by Structure Type (Revenue, USD Billion, 2023-2031)

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

Perovskite Solar Cell Market by Product Type (Revenue, USD Billion, 2023-2031)

• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

 Perovskite Solar Cell Market by Method (Revenue, USD Billion, 2023-2031)

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

Perovskite Solar Cell Market by End-User (Revenue, USD Billion, 2023-2031)

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

Perovskite Solar Cell Market Regional Analysis (Revenue, USD Billion, 2023-2031)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of MEA
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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