Global PB-free Perovskite Absorber Market Size (2024 – 2030)

The Global PB-free Perovskite Absorber Market is estimated to be worth USD 6.27 Million in 2023 and is projected to reach a value of USD 9.94 Million by 2030, growing at a CAGR of 6.8% during the forecast period 2024-2030.

Industry Overview

The perovskite-structured material serves as the active layer in perovskite solar cells (PSCs), which are based on solutions that have undergone tin or halide processing. Excellent light absorption, charge-carrier mobilities, and lifetimes provided by perovskite materials lead to high device efficiencies and the potential for a low-cost, commercially viable technology. Due to their extremely high-power conversion efficiency, perovskite solar cells (PSCs) are the newer generation of photovoltaic technologies that are being researched the most (PCE).

Increasing environmental concerns about carbon emission reduction, rising number of applications in various industries, rising demand for flexible and lightweight solar cells, and the prevalence of alternative energy sources are some of the factors anticipated to propel the growth of the perovskite solar cell market throughout the forecast period. Increasing R&D activities and technological advancements can also improve various opportunities, leading to the market's growth over the projection year. The inclusion of harmful materials and high product costs, however, could limit market expansion throughout the anticipated timeframe. These are some of the global market trends for perovskite solar cells. Structure, product, and application are used to segment the Perovskite solar cell market.

The market for perovskite solar cells is being driven by the fastest-evolving solar technology, low-cost and high optical absorption, use of perovskite compounds, and a rise in power conversion efficiency brought about by the conversion of solar energy into electricity. The problems facing the perovskite solar cell market include hysteresis in the photocurrent density-voltage measurement, instability of perovskite, the toxicity of lead in perovskite materials, complex device structure, and cheaper perovskite solar cells with a shorter lifespan and greater cost.

Impact of Covid-19 on the industry

In dietary supplements, cosmetics, industrial products, and personal care, perovskite solar cells are employed. The Covid-19 epidemic, however, severely decreased demand for such uses. The extended lockdown hampered transportation and the supply chain in numerous nations. Furthermore, manufacturing activity was impeded by the lack of resources.

Market Drivers

Perovskite Solar Cells are Revolutionizing Solar Energy with High Efficiency, Flexibility, and Broad-Spectrum Light Absorption

Perovskite solar cells are used in several applications because they have an active light-absorbing layer made of a perovskite-organized chemical. Features of perovskite, including its adaptability, simplicity of customization, translucency, and low weight, among others, are anticipated to lead to a wide range of applications for perovskite solar cells. The capacity of these cells to absorb light throughout a broad range of the visible light spectrum, good power conversion efficiencies exceeding 20% in the lab, and relative ease of manufacture all contribute to their enormous potential in the solar power industry.

Growing environmental concerns will drive the market demand

The capacity of the product to produce clean energy by utilizing solar energy, along with the desire to reduce carbon footprint, are factors that are anticipated to propel the expansion of the global perovskite solar cells market. Providing an alternative energy source to fossil fuels lowers both the global carbon footprint and greenhouse gas emissions. Since they surpassed other third-generation photovoltaic technologies in terms of conversion efficiency, perovskite solar cells have been in high demand. The global market for perovskite solar cells is anticipated to continue growing as a result of consumers being more aware of the advantages the product offers.

Technological advancement is expected to propel the market growth

During the projected period, improvements in manufacturing technology for perovskite solar cells are anticipated to drive market expansion. For instance, the research project CHEOPS (Characterising Exoplanet Satellite), co-funded by the European research and innovation program Horizon 2020, was designed to create materials for scaling up perovskite photovoltaic technology and producing high-efficiency solar cells in tandem. CHEOPS was active from 2016 to 2019 and was funded in part by Horizon 2020.

Market Restraints

Lead-based perovskite absorber has potential environmental impacts which could create restrain the adoption of these cells

The use of these cells may be hampered by the potential environmental effects of lead-based perovskite absorbers. As a result, research is being done to evaluate current and potential materials to diminish or perhaps completely remove toxicity. Perovskite solar cell technology is still in the early stages of commercialization compared to other mature solar technologies because of several processing issues, even though these cells show potential and may be beneficial in the future. Perovskite materials that are already on the market are susceptible to moisture and degrade quickly in the presence of moisture. If damaged, these items further corrode metal electrodes, limiting outdoor use, which could impede the market growth.

GLOBAL PB-FREE PEROVSKITE ABSORBER MARKET REPORT COVERAGE:

This research report on the global PB-free perovskite absorber market has been segmented and sub-segmented based on structure, end-User, and Geography & region.

Global PB-free Perovskite Absorber Market- By Structure

• Planar perovskite solar cells
• Mesoporous perovskite solar cells

Based on structure, the global PB-free perovskite absorber market is segmented into planar perovskite solar cells and mesoporous perovskite solar cells. The planar perovskite solar cells segment is projected to grow with the highest CAGR during the period of analysis.

Global PB-free Perovskite Absorber Market- By End- User

• Aerospace
• Industrial automation
• Consumer Electronics
• Energy
• Others

Aerospace, industrial automation, consumer electronics, energy, and other industries are among the final applications for perovskite solar cells. The energy segment is projected to grow with the highest CAGR for the period of analysis.

Global PB-free Perovskite Absorber Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The Asia Pacific market had a size of USD 184.5 million in 2021, and during the forecast period, revenue growth is anticipated to increase at a very high rate. Due to the region's fast urbanization, the need for renewable energy sources to minimize reliance on fossil fuels, and growing government backing, the Asia Pacific market dominates the global industry in terms of revenue share. Additionally, the region's market is growing due to the region's well-developed consumer electronics industry.

Global PB-free Perovskite Absorber Market- By Companies

1. Oxford Photovoltaics
2. FrontMaterials Co. Ltd.
3. Solaronix SA
4. Xiamen Weihua Solar Co. Ltd.
5. Fraunhofer ISE
6. Dyesol
7. Saule Technologies
8. FlexLink Systems Inc.
9. Polyera Corporation
10. New Energy Technologies Inc.,