Global Perovskite Market Size (2024 – 2030)

In 2023, the Global Perovskite Market was valued at $559 million, and is projected to reach a market size of $3507.64 million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 30%.

Industry Overview

The term "perovskite solar cell" describes a cell made of a chemical with a perovskite structure. The materials used to create the cell compounds are entirely inorganic cesium lead halide, methylammonium lead halide, and tin halide-based substances. These compounds are affordable in terms of price, production method, and accessibility. Perovskite solar cells have been shown to enhance efficiency from 3% in 2006 to 25% in 2020, providing more energy and being recognized as a rapidly rising technology in the solar energy sector, according to statistics provided by the Office of Energy Efficiency & Renewable Energy, United States. Perovskite cells' rising popularity can be due to their effective conversion of solar energy into electricity and low-cost thermal absorption material.

Perovskite solar cell projects and demand have both decreased since the start of lockdown events since they are dependent on the solar energy industry. Obstacles in the solar sector include a lack of skilled labor, adherence to socially unacceptable norms, a lack of raw materials, a lack of construction tools, and operational constraints that cause projects to be delayed. As the government and its ministries continue to implement strategies to maintain the pace of economic activity, the market recovery is anticipated to follow.

The Ministry of New and Renewable Energy (MNRE) in India has expanded exemptions for companies working in the solar energy sector to carry out installations projects, movement of building materials, and other supplies necessary for the overall operations of both the household non-commercial and commercial projects. According to information provided by the International Renewable Energy Agency (IRENA), the African Union Commission (AUC) and IRENA inked a contract in April 2020 for the development of solar panel farms and other renewable technology incorporating decentralized systems. Moreover, to improve the continent of Africa's access to electricity. To ameliorate the state of the healthcare, water supply, and educational sectors and pull the region out of the pandemic's chaos, the cooperation wants to develop multiple energy sources. Such initiatives will boost solar energy demand, which in turn bodes well for cutting-edge technology like perovskite cells.

Impact of Covid-19 on the industry

Due to the stringent lockdowns and social isolation necessary to stop the virus's propagation, COVID-19 hurt the perovskite solar cell business. Perovskite solar cell technology demand was hampered by the uncertain economy, a partial corporate shutdown, and poor consumer confidence. During the epidemic, the supply chain was impeded along with logistics operations. Due to the loosening of the constraints, the perovskite solar cell market is anticipated to pick up speed in the post-pandemic environment.

Market Drivers

An increase in demand for clean and sustainable energy will drive the market growth

The development of perovskite cells has been in the research and development trend and is now gradually entering the commercial market. As the demand for clean energy rises, solar energy demand rises as well, which further increases the demand for innovative materials used to develop solar glass, PV films, and other supporting equipment. The product meets consumer needs by providing them with a material that makes solar energy more affordable and sustainable. Numerous organizations are working on projects to investigate the perovskites solar cell market. For instance, Saule introduced solar panels incorporating perovskite solar cells in October 2020.

Government funding for the development and commercialization of Perovskite Solar Cells

To expand the use of renewable energy sources, the government is setting up organizations and funding initiatives that encourage the commercialization of affordable solar cells. For instance, the US-MAP for US Manufacturing of Advanced Perovskites Consortium was established by the US Department of Energy's National Renewable Energy Laboratory (NREL) to accelerate the development of low-cost perovskite solar cells for both industrial and commercial applications. By layering perovskites on top of a silicon solar cell to produce a multijunction solar cell, the National Renewable Energy Laboratory (NREL) has developed silicon-perovskite cells, which have an efficiency boost of 27% compared to silicon cells' 21%.

Market Restraints

There exist limitations in the fastest emerging and clean solar technology that will challenge the market growth

Even the most cutting-edge, environmentally friendly solar technology has its limitations. The toxicity of the materials used in perovskite cells is a point of contention. There is still a significant amount of lead present, which is of urgent environmental concern. Because they provide less power longevity than their silicon counterpart, solar cells made of perovskites are likewise less useful. The main obstacle to making it commercial is that it might provide less benefit than it would cost.

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 PEROVSKITE MARKET REPORT COVERAGE:

This research report on the global perovskite market has been segmented and sub-segmented based on end-user and Geography & region.

Global Perovskite 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 Perovskite Market- By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

The need for environmentally friendly solar power generators is driving demand for perovskite cells in North American countries including the US and Canada. Demand in North America is anticipated to be driven by the shift in consumer preference toward green energy. The demand is also influenced by the use of cells in the aerospace and automotive industries. Overall, Perovskite Cells are most popular in China, the USA, Canada, and Germany. A sizeable portion of Perovskites and other kinds of solar cells are produced in China. India is regarded as a developing market for cutting-edge solar technologies.

Global Perovskite 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.