Perovskite Solar Cell Market Size, Share & Trends Analysis Report By Product (Flexible, Rigid), By Vertical, By Application (Smart Glass, BIPV, Solar Panel), By Region, And Segment Forecasts, 2024 - 2030

Perovskite Solar Cell Market Size & Trends

The global perovskite solar cell market size was estimated at USD 218.44 million in 2023 and expected to grow at a CAGR of 72.7% from 2024 to 2030. Technological advancements have led to significant improvements in power conversion efficiency, with perovskite PV cells exceeding most thin-film technologies in small-area lab devices. The ability to tune perovskites to respond to different colors in the solar spectrum by changing material composition is another advantage.

The growth of the perovskite solar cell market is driven by several key factors. Technological advancements have led to significant improvements in power conversion efficiency, with perovskite PV cells exceeding 25% in lab devices. The ability to tune perovskites to respond to different colors in the solar spectrum by changing material composition is another advantage. Perovskites also offer the potential for faster capacity expansion than silicon PV due to scalable fabrication approaches like sheet-to-sheet and roll-to-roll processing.

Drivers, Opportunities & Restraints

The perovskite solar cell market is driven by its flexibility and sustainability. Perovskite solar cells can be produced in various sizes and shapes, including flexible and transparent versions, making them suitable for diverse end-uses such as Building-Integrated Photovoltaics (BIPV), portable electronics, and clothing.

The rise of smart technologies and the Internet of Things (IoT) also opens avenues for perovskite applications in energy-efficient systems. Furthermore, advancements in manufacturing techniques, such as roll-to-roll processing, promise to enhance scalability and reduce costs, making perovskite solar cells more accessible for widespread adoption. Overall, the combination of technological advancements, market demand for sustainable solutions, and versatile applications positions the perovskite solar cell market for significant growth and innovation in the near future.

The perovskite solar cell market faces several significant restraints that could impede its growth and widespread adoption. One of the primary challenges is the stability and durability of perovskite materials, which are known to degrade quickly when exposed to moisture and heat. This instability raises concerns about the long-term performance of perovskite solar cells in real-world conditions.

Product Insights

Flexible held the market with the largest revenue share of 65.2% in 2023. The flexible perovskite solar cell market is driven by several compelling factors that enhance its growth potential. One of the primary drivers is the increasing demand for lightweight and flexible solar solutions, which allow for innovative applications in diverse sectors, including automotive, consumer electronics, and building-integrated photovoltaics (BIPV). Flexible perovskite solar cells can be easily integrated into various surfaces, making them ideal for use in unconventional spaces where traditional rigid panels are impractical.

Furthermore, several key factors drive the demand for rigid perovskite solar cells. Technological advancements have led to significant improvements in power conversion efficiency, with rigid perovskite PV cells exceeding 25% in lab devices. Another advantage is the ability to tune perovskites to respond to different colors in the solar spectrum by changing material composition.

Vertical Insights

Residential held the market with the largest revenue share of 35.0% in 2023. The residential perovskite solar cell market is driven by several key factors. Increasing demand for renewable energy solutions, coupled with the need for sustainable living, is propelling homeowners to adopt solar technology. Perovskite solar cells offer high efficiency and lower production costs, making them an attractive option for residential applications. Their lightweight and flexible design allows for easy integration into various home structures, including rooftops and building facades. Additionally, advancements in technology are improving the stability and lifespan of these cells, enhancing their appeal for long-term residential use. The growing emphasis on reducing carbon footprints further supports market growth.

The utility perovskite solar cell market is driven by the increasing demand for renewable energy solutions, the need for sustainable power generation, and the potential for cost-effective manufacturing. Advancements in technology are improving the efficiency and stability of these cells, making them more attractive for large-scale utility applications. The flexibility and lightweight design of perovskite solar cells allow for easy integration into various utility-scale projects, further propelling market growth.

Application Insights

Based on Application, Smart Glass held the market with the largest revenue share of 36.8% in 2023. The smart glass perovskite solar cell market is driven by the increasing demand for energy-efficient and sustainable building solutions, coupled with the need for innovative materials that can generate electricity while providing transparency and aesthetic appeal.

The BIPV (Building-Integrated Photovoltaics) perovskite solar cell market is driven by the increasing demand for sustainable building solutions that combine energy generation with aesthetic design. Perovskite solar cells offer high efficiency and lower production costs, making them ideal for integration into building materials such as facades, windows, and roofs. Their lightweight and flexible nature allows for innovative architectural applications, enhancing energy efficiency while reducing reliance on traditional energy sources. Additionally, the dual functionality of BIPV systems-serving both as structural elements and power generators-enables significant cost savings on materials and energy, further propelling market growth.

Regional Insights

The North America perovskite solar cell market is driven by increasing demand for renewable energy solutions and advancements in solar technology. The region's strong focus on reducing carbon emissions and enhancing energy efficiency supports the adoption of perovskite solar cells, known for their high efficiency and lower production costs. Additionally, ongoing research and development efforts are improving the stability and performance of these cells, making them more attractive for utility-scale and residential applications. Supportive government policies and incentives further bolster market growth.

U.S. Perovskite Solar Cell Market Trends

The demand for perovskite solar cells in the U.S. is driven by a growing emphasis on renewable energy solutions and the need for efficient, cost-effective solar technology.The U.S. government’s supportive policies and incentives for clean energy adoption further stimulate market growth. Additionally, ongoing research and development efforts aim to enhance the stability and performance of perovskite solar cells, making them increasingly attractive for residential, commercial, and utility-scale.

Europe Perovskite Solar Cell Market Trends

The demand for perovskite solar cells in Europe is driven by supportive government policies and ambitious renewable energy targets. The European Union aims to achieve at least 32% renewable energy in its energy mix by 2030, fostering growth in the solar sector.Additionally, the region's strong research and development ecosystem enhances innovation in perovskite technology, leading to improved efficiency and lower production costs. The increasing focus on sustainability and reducing carbon emissions further propels the adoption of perovskite solar cells across residential, commercial, and utility-scale applications, making Europe the largest market for this technology.

The perovskite solar cells in Germany is witnessing demand due to the country's strong commitment to renewable energy and sustainability initiatives. As one of the leading nations in solar energy adoption, Germany's focus on reducing carbon emissions aligns well with the advantages of perovskite technology, which offers high efficiency and lower production costs compared to traditional silicon solar cells.

UK perovskite solar cell market is growing due to UK's strong research and development ecosystem, with institutions like Oxford University leading advancements in perovskite technology, further boosts market growth. Additionally, the increasing focus on building-integrated photovoltaics (BIPV) and the growing popularity of smart home technologies create opportunities for the adoption of perovskite solar cells in residential and commercial applications. However, challenges related to material stability and the presence of lead in some perovskite formulations must be addressed to fully realize the market potential in the UK.

Asia Pacific Perovskite Solar Cell Market Trends

Asia Pacific dominated the global perovskite solar cell market and accounted for the largest revenue share of over 52.2% in 2023. The demand for perovskite solar cells in the Asia Pacific region is significantly driven by the rapid urbanization and increasing energy needs of the population. This region hosts major manufacturing hubs, particularly in China, which is a leader in solar technology research and production. The growing emphasis on renewable energy sources, supported by government initiatives and investments, further propels market growth. Additionally, the high efficiency and lower production costs of perovskite solar cells compared to traditional silicon panels enhance their attractiveness for various applications, including residential and commercial use, thereby boosting overall demand in the region.

China perovskite solar cell market has robust manufacturing capabilities enable large-scale production of perovskite solar cells, making them more accessible for various applications. The potential for perovskite technology to achieve efficiencies exceeding 25% while being adaptable for integration into building materials and flexible applications further enhances its appeal. As research continues to address stability and durability challenges, the demand for perovskite solar cells in China is expected to grow significantly, contributing to the overall expansion of the solar energy market in the region.

India perovskite solar cell market witnessing a demand for significant growth, driven by the country's commitment to expanding its renewable energy capacity and addressing energy accessibility challenges. As India aims to achieve 500 GW of renewable energy by 2030, perovskite solar cells present a promising solution due to their high efficiency and lower production costs compared to traditional silicon cells. These advanced solar technologies can be particularly beneficial in rural and off-grid areas, providing affordable and scalable energy solutions.

Central & South America Perovskite Solar Cell Market Trends

The demand for perovskite solar cells in Central and South America is driven by the region's abundant solar resources and the need for affordable, sustainable energy solutions. Countries like Brazil and Chile are investing in research and development to adapt perovskite technology to their local conditions.

Middle East & Africa Perovskite Solar Cell Market Trends

The demand for perovskite solar cells in the Middle East and Africa is growing, driven by the region's abundant solar resources and increasing energy needs. Countries like the UAE and South Africa are investing in renewable energy technologies to diversify their energy portfolios and reduce reliance on fossil fuels. Perovskite solar cells, known for their high efficiency and lower production costs, present a viable solution for addressing energy challenges in remote and off-grid areas.

Key Perovskite Solar Cell Company Insights

The perovskite solar cell market is experiencing significant growth, driven by a combination of technological advancements and increasing demand for renewable energy solutions. Companies are focusing on partnerships and collaborations to enhance their market positions and drive innovation.

Recent Developments

• In June 2024, LONGi announced achievement of new world record efficiency of 30.1% for commercial M6 size silicon Perovskite Tandem Solar Cells at the 2024 Intersolar Europe in Munich, Germany.

• In August 2023, Panasonic Holdings Corporation announced initiation of world’s first long term implementation & demonstration project BIPV perovskite photovoltaics glass at Fujisawa Sustainable Smart Town located in Fujisawa, Japan.

Perovskite Solar Cell Market Report Scope

Global Perovskite Solar Cell Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented global perovskite solar cell market report on the basis of product, vertical, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Rigid

  • Flexible

• Vertical Outlook (Revenue, USD Million, 2018 - 2030)

  • Aerospace & Defence

  • BIPV

  • Solar Panel

  • Others

  • Smart Glass

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Smart Glass

  • Solar Panel

  • BIPV

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Italy

    • Spain

    • France

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa

    • UAE