Perovskite Solar Cells Market to Grow with a CAGR of 12.19% through 2028
Increasing demand for renewable energy and
technological advancements are likely to drive the market in the forecast
period.
According to TechSci Research report, “Perovskite
Solar Cells Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Perovskite Solar Cells
Market stood at USD 192.08 million in 2022 and is anticipated to grow with a
CAGR of 12.19% in the forecast period. One of the primary drivers propelling
the Perovskite Solar Cells Market is the remarkable efficiency and energy
conversion rates offered by perovskite solar cells. Unlike traditional
silicon-based solar cells, perovskite solar cells have demonstrated the ability
to convert a higher percentage of sunlight into electricity. This enhanced
efficiency is due to their unique crystal structure, which allows for the
efficient capture and conversion of photons into electrical energy. Perovskite
solar cells have achieved power conversion efficiencies exceeding 25%, which is
on par with or even surpasses some of the most efficient silicon solar cells.
This heightened efficiency not only allows perovskite solar panels to generate
more electricity from the same amount of sunlight but also enables the
production of smaller and more compact solar devices with comparable power
output.
This efficiency advantage is particularly appealing in
applications with limited installation space or where maximizing energy
production is crucial. Moreover, the higher efficiency of perovskite solar
cells contributes to a shorter energy payback period, meaning it takes less
time for the energy generated by these cells to offset the energy used in their
production. This feature makes perovskite solar cells economically attractive
and environmentally friendly, aligning with the global push for sustainable and
efficient energy sources. As the demand for clean and renewable energy
continues to grow, the exceptional efficiency and energy conversion rates of
perovskite solar cells position them as a leading contender in the solar energy
market, driving increased research, investment, and adoption.
Another significant driver fueling the Perovskite
Solar Cells Market is the potential for low production costs and the abundance
of materials used in their construction. Perovskite solar cells are composed of
readily available and cost-effective materials, including organic-inorganic
hybrid compounds and metal halides. Compared to traditional silicon-based solar
cells, which require high-purity silicon and energy-intensive manufacturing
processes, perovskite solar cells can be produced at a lower cost. The synthesis
of perovskite materials is relatively straightforward, and some production
methods, such as solution processing, are amenable to large-scale and low-cost
fabrication. This cost advantage has garnered the attention of both researchers
and manufacturers, spurring investments in the development of cost-effective
perovskite solar cell production techniques. Furthermore, the abundance of the
materials used in perovskite solar cells reduces concerns about resource
scarcity, in contrast to silicon, which relies on a limited supply of
high-purity silicon feedstock. This abundance contributes to the long-term
sustainability of perovskite solar cell manufacturing and aligns with the goal
of reducing the environmental impact of renewable energy technologies.
The combination of low production costs and material
abundance positions perovskite solar cells as a cost-competitive alternative to
conventional solar technologies, making them an attractive choice for both
residential and utility-scale solar installations. This economic advantage is a
compelling driver in the transition to renewable energy sources and the
continued growth of the perovskite solar cell market.
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The Global Perovskite Solar Cells Market is segmented
into structure, method, end user, product and region.
Based on product, The Flexible segment held the
largest market share in 2022 & expected to maintain it in the forecast
period. Flexible perovskite solar cells have a distinct advantage in
versatility. They can be integrated into a wide range of applications and
surfaces that rigid solar panels cannot easily accommodate. This versatility
includes applications in building-integrated photovoltaics (BIPV), wearable
technology, portable electronics, and even on irregular or curved surfaces,
making them suitable for a broader spectrum of industries. Flexibility often goes hand in hand with
lightweight design. Flexible perovskite solar cells are lighter than their
rigid counterparts, making them ideal for applications where weight is a
concern, such as portable electronic devices, backpacks, and clothing. Flexible
perovskite solar cells can be seamlessly integrated into various structures and
products. Their conformable nature allows for easy installation without the
need for rigid support structures, reducing installation complexity and costs.
Research and development efforts have been focused on improving the stability
and reliability of flexible perovskite solar cells. Innovations in
encapsulation technologies and materials have made them more resilient to
environmental factors, enhancing their suitability for long-term applications.
Increasing interest in sustainable and renewable energy solutions has driven
demand for flexible solar cells. Applications like BIPV, where solar panels are
integrated into building materials, have gained popularity due to their
aesthetic appeal and potential for energy savings. Flexible perovskite solar
cells are well-suited for such applications. While cost-effectiveness was a
challenge in the past, advancements in manufacturing processes have been
working to make flexible perovskite solar cells more economically competitive.
As production scales up and manufacturing techniques improve, their cost is
likely to decrease further.
Based on end user, The Aerospace segment held the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Perovskite solar cells offer a high power-to-weight ratio,
which is critical in aerospace applications. The aerospace industry demands
lightweight energy solutions to minimize the overall weight of aircraft and
spacecraft. Lighter components contribute to improved fuel efficiency and
greater payload capacity. In space exploration missions, where traditional power
sources like fossil fuels are not viable, solar energy becomes crucial.
Perovskite solar cells have the potential to provide a lightweight and
efficient power source for satellites, space probes, and other spaceborne
equipment. They can efficiently convert solar energy into electricity in the
vacuum of space. Perovskite solar cells can be manufactured in flexible forms,
allowing them to conform to the shape of spacecraft and satellite surfaces.
This flexibility enables the efficient use of available surface area for solar
energy capture. The aerospace industry often explores cutting-edge technologies
for research and development. Perovskite solar cells represent an emerging
technology with the potential to improve the energy efficiency of aerospace equipment.
Research institutions and aerospace companies have been investigating their use
in space applications.
Major companies operating in the Global Perovskite
Solar Cells Market are:
- Microquanta Semiconductor Co. Ltd
- Oxford Photovoltaics Limited
- Saule Technologies
- Heliatek GmbH
- TNO
- Solaronix S.A.
- Swift Current Energy LLC
- Ubiquitous Energy Inc
- Hanergy Holding Group Ltd
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“The Global Perovskite Solar Cells market is expected
to rise in the upcoming years and register a significant CAGR during the forecast
period. Perovskite
solar cells are a promising renewable energy technology that offer high
efficiency, low cost, and flexibility. As the demand for renewable energy
continues to grow, the perovskite solar cell market is expected to benefit. Governments
around the world are providing support for the development and
commercialization of perovskite solar cells. This support is in the form of
research and development funding, tax breaks, and other incentives.
Additionally, Researchers are constantly making advancements in perovskite
solar cell technology. This is leading to improved performance, durability, and
stability of perovskite solar cells. Therefore, the market of Perovskite Solar Cells is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Perovskite Solar Cells Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented By
Structure (Planar and Mesoporous), By Product (Rigid and Flexible), By Method
(Solution Method, Vapor-Deposition Method, Vapor-Assisted Solution Method), By
End User (Aerospace, Industrial Automation, Consumer Electronics, Energy), By
Region, By Competition”, has evaluated the future growth potential of Global
Perovskite Solar Cells Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Perovskite
Solar Cells Market.
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