Global Perovskite Solar Cell Market is estimated to be valued at USD 188.4 Mn in 2024 and is expected to reach USD 4,392.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 56.8% from 2024 to 2031.

Key Takeaways

Key players operating in the Perovskite Solar Cell market are Saule Technologies, FrontMaterials Co. Ltd., Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Polyera Corporation, Solaronix SA, Dyesol, FlexLink Systems Inc., New Energy Technologies Inc, Oxford Photovoltaics, Hanwha Q CELLS, CubicPV, EneCoat Technologies, Microquanta Semiconductor, Greatcell Energy, Oxford PV, P3C, Perovskia Solar AG. The growing demand for renewable energy sources and supportive government policies & initiatives toward solar energy adoption present key opportunities in the market. Advancements in techniques such as vapour-assisted solution process and hybrid tandem structure have improved the efficiency and stability of perovskite solar cells.

Market drivers: Rising energy costs and growing environmental concerns have fuelled the demand for clean and green renewable energy sources such as solar energy. Perovskite solar cells are considered to be an economical and sustainable alternative to traditional silicon-based photovoltaic systems. Properties of perovskite solar cells such as low production costs, light weight, flexibility, high power conversion efficiency especially at lower production costs are the major factors driving the growth of the perovskite solar cell market.
Current challenges in Perovskite Solar Cell Market Growth .

The perovskite solar cell market is still in the nascent stage of development and faces various technical and commercial challenges that need to be addressed for its widespread adoption and commercialization. Some of the key current challenges in the perovskite solar cell market include low stability and durability of perovskite materials, inconsistent performance, lack of standardized fabrication processes, and high production costs. Perovskite materials used in solar cells currently degrade within a few hundred hours under illumination and environmental stresses like moisture and heat. Achieving long term stability comparable to existing solar technologies is crucial before perovskite solar cells can enter the market. In addition, perovskite solar cells still demonstrate batch-to-batch and device-to-device variability in efficiency and performance, which needs to be improved through optimization and standardization of fabrication processes. High manufacturing costs associated with vacuum-based deposition techniques also hinder the large scale commercialization of perovskite solar technology currently. Significant research efforts are ongoing to address these challenges and enable the wide-scale adoption of perovskite solar cells in the coming years.

SWOT Analysis

Strengths: High power conversion efficiency of over 25%, low cost fabrication using solution processing methods, flexibility to fabricate on various substrates including plastic offer design flexibility.

Weaknesses: Low stability and durability of perovskite materials, inconsistent performance during scaling up, lack of standardized manufacturing processes.

Opportunities: Potential to achieve cost parity with silicon solar panels, scope for efficiency improvements, integration with existing solar panel designs for bifacial and tandem solar cells.

Threats: Challenges in commercial manufacturing at scale, intellectual property disputes around perovskite solar cell technology, competition from established solar technologies like silicon and thin-film solar.

Get more insights on Perovskite Solar Cell Market