Perovskite Solar Cell Market Size, Share, Growth 2024 To 2033

Perovskite Solar Cell Market Size and Growth 2024 To 2033

The global perovskite solar cell market size was accounted at USD 250.35 million in 2023 and is expected to reach around USD 7154.53 million by 2033, growing at a compound annual growth rate (CAGR) of 39.83% from 2024 to 2033.

Perovskite solar cells (PSCs) are a type of photovoltaic technology that utilizes perovskite-structured compounds as the light-harvesting active layer. They are known for their high efficiency, low production costs, and flexibility compared to traditional silicon-based solar cells. Key driving factors for the PSC market include the increasing demand for renewable energy, advancements in perovskite material research enhancing cell efficiency and stability, and the push for cost-effective solar solutions. Additionally, government incentives and policies supporting renewable energy adoption further propel the market's growth, along with the growing need for sustainable and clean energy sources to combat climate change.

• In July 2021, Oxford PV announced the completion of its manufacturing facility in Brandenburg an der Havel, Germany. This site is set to become one of the world's first large-scale production lines for Oxford PV’s advanced perovskite-on-silicon tandem solar cells, with an annual manufacturing capacity target of 100 MW.
• In January 2021, Microquanta Semiconductor secured Series C funding, with lead investments from Three George Capitals, Beijing Energy Holding, and Quzhou Financial Holding. The capital raised will facilitate the expansion of a 100 MW production line for their perovskite tandem project.
• In November 2020, Oxford PV received funding from the Brandenburg Ministry of Economics under the EU’s Regional Development Program. This grant was allocated towards the advancement of perovskite solar cell manufacturing. 

Report Highlights

• Asia-Pacific region has dominated the market with revenue share of 53.40% in 2023.
• Europe region has captured market revneure share of 28.10% in 2023.
• By structure, the mesoporous perovskite solar cells segment has highest reported share of 51.80% in 2023. 
• By product, flexible perovskite solar cells segment has garnered 60% of share in 2023.
• By method, the vapor-assisted solution method has accounted 40.68% of share in 2023.

Perovskite Solar Cell Market Growth Factors

• High Efficiency: Perovskite solar cells offer high power conversion efficiencies, often surpassing traditional silicon cells, making them an attractive option for maximizing energy production in a given area.
• Lower Production Costs: The use of inexpensive raw materials and simpler manufacturing processes significantly reduces production costs, making perovskite solar cells economically competitive and accessible for large-scale deployment.
• Advancements in Stability: Continuous improvements in the stability and durability of perovskite materials enhance the lifespan and reliability of these solar cells, increasing their appeal and market adoption.
• Flexibility and Lightweight: Perovskite solar cells' flexibility and lightweight properties allow for innovative applications, including integration into various surfaces and portable devices, expanding their market potential.
• Government Support: Strong governmental incentives, subsidies, and favorable policies for renewable energy adoption drive investments and research in perovskite solar technology, accelerating market growth and development.

Perovskite Solar Cell Market Trends

• Increased R&D Investment: Significant investments in research and development are leading to rapid advancements in perovskite solar cell technology, improving efficiency, stability, and commercial viability.
• Commercialization Efforts: Growing efforts by companies to commercialize perovskite solar cells are resulting in pilot production lines and the first commercial products entering the market.
• Partnerships and Collaborations: Strategic partnerships between academia, industry, and governments are accelerating technological advancements and the commercialization of perovskite solar cells.
• Hybrid Solar Cells: Development of perovskite-silicon tandem cells is gaining momentum, offering higher efficiencies by combining the strengths of both technologies.
• Scale-up Manufacturing: Advances in scalable manufacturing techniques are enabling mass production, reducing costs, and enhancing the availability of perovskite solar cells.
• Integration in Building Materials: Increasing integration of perovskite solar cells in building materials, such as windows and facades, offers new opportunities for energy generation in urban environments.
• Sustainability Focus: Emphasis on environmentally friendly and sustainable production processes for perovskite solar cells is growing, aligning with global green energy goals and reducing the environmental impact of solar energy production.

Report Scope

Perovskite Solar Cell Market Dynamics

Drivers

Technological Versatility

• The versatility of perovskite materials allows for their application across various types of solar cells, including thin-film and flexible photovoltaics. This adaptability opens up diverse application areas, from portable electronics to large-scale solar farms, driving market demand.

Enhanced Aesthetics

• Perovskite solar cells can be produced in different colors and transparencies, making them aesthetically pleasing for architectural applications. This aesthetic advantage encourages their integration into buildings, windows, and consumer electronics, thereby expanding their market appeal.

Restraints

Material Stability and Durability

• Perovskite solar cells are susceptible to degradation from moisture and UV exposure, which limits their long-term stability and reliability compared to traditional silicon cells. Addressing these durability issues remains a significant challenge for commercial scalability and widespread adoption.

Scalability and Manufacturing Challenges

• Scaling up production of perovskite solar cells to meet commercial demand while maintaining consistent quality and reducing costs poses significant manufacturing challenges. Issues such as batch-to-batch variability and the need for specialized equipment hinder mass adoption in the market.

Opportunities

Improvement in Efficiency

• Continued research and development efforts are focused on enhancing the efficiency and stability of perovskite solar cells, potentially surpassing the efficiency of traditional silicon cells. This technological advancement could unlock new applications and increase market competitiveness.

Integration with Energy Storage

• Combining perovskite solar cells with energy storage solutions, such as batteries or supercapacitors, offers the opportunity to create integrated energy systems. This could enable reliable and continuous power supply, particularly in remote or off-grid locations, expanding the market reach of perovskite solar technology.

Challenges

Commercialization Hurdles

• Despite promising advancements, the transition from lab-scale prototypes to large-scale commercial production faces significant challenges. Issues include scaling manufacturing processes, ensuring product reliability over time, and meeting regulatory standards and safety certifications.

Competitive Landscape

• The established dominance of silicon-based solar cells presents a formidable challenge for perovskite solar cells. Convincing market stakeholders of the reliability, durability, and long-term performance of perovskite technology remains crucial amid strong competition from mature and trusted silicon-based alternatives.

Perovskite Solar Cell Market Segmental Analysis

Structure Analysis

Planar Perovskite Solar Cells: Planar perovskite solar cells offer simplicity in fabrication processes and potential cost reductions. Recent trends focus on enhancing efficiency through improved perovskite material formulations and interface engineering. This segment has captured market share of 48.20% in 2023. Drivers include advancements in manufacturing techniques, such as vacuum deposition and solution processing, aimed at achieving higher performance and stability.

Mesoporous Perovskite Solar Cells: Mesoporous perovskite solar cells incorporate a porous scaffold to enhance surface area and light absorption. Market trends emphasize optimizing pore structure and surface morphology for improved charge transport and stability. in 2023 this segment has reported market share of 51.80%. Drivers include research into novel scaffold materials and fabrication methods to achieve higher efficiencies and durability in real-world applications.

Product Analysis

Rigid Perovskite Solar Cells: Rigid perovskite solar cells are typically used in traditional solar panel applications, offering robustness and ease of integration into fixed installations. This segment has registered market share of 40% in 2023. Market trends involve increasing efficiency through optimized cell architecture and material formulations, driven by advancements in encapsulation techniques to enhance durability and reliability in outdoor environments.

Flexible Perovskite Solar Cells: Flexible perovskite solar cells are designed for applications requiring lightweight and bendable characteristics, such as wearable electronics and curved surfaces. This segment has covered highest market share of 60% in 2023. Trends focus on developing flexible substrates and encapsulation materials to ensure mechanical durability and stability under bending stress. Drivers include innovations in roll-to-roll manufacturing processes and flexible electronic integration, aiming for widespread adoption in diverse applications beyond conventional solar panels.

Method Analysis

Solution Method: The solution method involves the deposition of perovskite precursor materials from a solution onto a substrate. Market trends emphasize the development of scalable and cost-effective deposition techniques, such as spin-coating and inkjet printing, to achieve uniform perovskite layers with high efficiency. This segment has reported market share of 26.35% in 2023. Drivers include advancements in solvent engineering and precursor chemistry for improved film quality and stability.

Vapor-Deposition Method: Vapor deposition methods, like chemical vapor deposition (CVD) or physical vapor deposition (PVD), offer precise control over film thickness and composition. Trends focus on optimizing deposition parameters and equipment design to enhance perovskite crystal quality and device performance.  The vapor deposition methods segment has accounted market share of 32.97% in 2023. Drivers include research into new vapor-phase precursors and deposition strategies to achieve higher efficiency and reproducibility in large-scale manufacturing.

Vapor-Assisted Solution Method: The vapor-assisted solution method combines aspects of both solution and vapor deposition techniques. Trends include refining hybrid processes that utilize vapor-phase additives to improve perovskite film morphology and crystallinity. In 2023 the vapor-assisted solution method segment has achieved market share of 40.68%. Drivers include innovations in vapor-assisted additives and process integration, aiming for enhanced device stability and scalability in commercial production.

Application Analysis

Smart Glass: Perovskite solar cells integrated into smart glass are trending for their dual functionality of energy generation and transparency, suitable for building facades and windows.

Solar Panel: Market trends focus on enhancing efficiency and reducing costs of perovskite-based solar panels through technological advancements and manufacturing scale-up.

Perovskite in Tandem Solar Cells: Advancements in combining perovskite with other materials in tandem solar cells aim to achieve higher efficiencies and stability.

Portable Devices: Perovskite solar cells are increasingly used in portable electronics due to their lightweight, flexibility, and potential for high energy conversion efficiency.

Utilities: Large-scale deployment of perovskite solar cells in utility-scale solar farms is driven by their potential for cost-effective renewable energy generation.

BIPV (Building-Integrated Photovoltaics): Integrating perovskite solar cells into building materials such as roofs and facades is a growing trend, driven by the demand for energy-efficient and aesthetically pleasing building designs.

End-Use Industries Analysis

Manufacturing: Perovskite solar cells find application in manufacturing industries for powering facilities and reducing energy costs, driving adoption in sustainable energy solutions.

Energy: Perovskite solar cells contribute to the energy sector by enhancing renewable energy sources with efficient and scalable solar power generation technologies.

Industrial Automation: In industrial automation, perovskite solar cells support sustainable practices by providing clean energy solutions for powering automated systems and machinery.

Aerospace: Aerospace industries integrate perovskite solar cells for lightweight and efficient power generation in satellites, drones, and other aerospace applications.

Consumer Electronics: Perovskite solar cells are increasingly used in consumer electronics for portable power solutions, catering to the demand for lightweight and efficient energy sources in devices like smartphones and wearables.

Type Analysis

Hybrid PSCs: Hybrid perovskite solar cells combine organic and inorganic materials, offering high efficiency and low-cost manufacturing potential, driven by advancements in material science and device engineering.

Flexible PSCs: Flexible perovskite solar cells cater to applications requiring lightweight and bendable characteristics, leveraging advancements in flexible substrates and encapsulation technologies for durable and versatile energy solutions.

Multi-Junction PSCs: Multi-junction perovskite solar cells integrate multiple layers of perovskite materials to capture a broader spectrum of sunlight, driving efficiency improvements and enabling applications in tandem solar cells and concentrated photovoltaics.

Perovskite Solar Cell Market Regional Analysis

Why Asia-Pacific is leading in the perovskite solar cell market?

Asia-Pacific is witnessing rapid growth in the Perovskite Solar Cell market, driven by China, Japan, and South Korea's investments in renewable energy. Asia Pacific market size is calculated at USD 186.94 million in 2024 and is projected to grow around USD 3820.52 million by 2033. The region's manufacturing prowess, coupled with favorable government policies and rising energy demand, positions it as a key hub for production and adoption of PSCs.

Why North America is experiencing significant growth in the perovskite solar cell market?

North America is known for its robust research and development infrastructure, North America leads in technological advancements and early adoption of Perovskite Solar Cells (PSCs). North America market size is expected to reach around USD 872.85 million by 2033 increasing from USD 42.71 million in 2024. The region benefits from government initiatives promoting renewable energy and strong investments in clean technologies, driving market growth.

Europe Perovskite Solar Cell Market Trends

Europe is at the forefront of renewable energy adoption, with stringent environmental regulations and ambitious sustainability targets. Europe market size is measured at USD 63.36 million in 2024 and is expected to grow around USD 1294.97 million by 2033. The market for Perovskite Solar Cells in Europe is bolstered by supportive policies, research collaborations, and a growing emphasis on energy independence.

LAMEA Perovskite Solar Cell Market Trends

LAMEA shows potential for Perovskite Solar Cells adoption, supported by increasing awareness of renewable energy benefits and improving economic conditions. LAMEA market size is forecasted to reach around USD 450.74 million by 2033 from USD 22.05 million in 2024. The region benefits from abundant sunlight, making solar energy an attractive option. However, challenges such as infrastructure limitations and regulatory uncertainties may impact market growth.

Global Perovskite Solar Cell Market Top Companies

• Oxford PV
• Saule Technologies
• Swift Solar
• Greatcell Solar
• Solliance Solar Research
• Peccell Technologies
• Dyenamo
• G24 Power
• Energy Materials Corporation
• Solar-Tectic LLC
• Huawei Technologies Co., Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Fraunhofer Institute for Solar Energy Systems (ISE)
• EPFL Laboratory of Photonics and Interfaces
• National Renewable Energy Laboratory (NREL)

Emerging players such as Saule Technologies and Swift Solar, leveraging their expertise in scalable manufacturing processes and flexible solar cell applications, respectively. Dominating the market are Oxford PV and Greatcell Solar, driven by their advancements in efficiency enhancement and commercial scalability of Perovskite Solar Cells. Moreover, Oxford PV has partnered with Meyer Burger to scale up production capacity and efficiency of tandem solar cells. Greatcell Solar has collaborated with leading academic institutions to improve the stability and durability of Perovskite materials. Additionally, Saule Technologies has innovated by integrating Perovskite cells into building facades for energy-efficient constructions, while Swift Solar has focused on improving the reliability of their Perovskite solar modules through advanced encapsulation technologies. These collaborations and innovations underscore efforts to address technological challenges and expand market adoption of Perovskite Solar Cells.

CEO statements

Saule Technologies (Olga Malinkiewicz, CEO)

"Our focus remains on scaling up production capabilities while ensuring the reliability and efficiency of our perovskite solar cell technology."

Oxford PV (Frank Averdung, CEO)

"We are committed to advancing the efficiency and commercial viability of perovskite solar cells, leveraging our tandem cell technology for maximum impact."

Swift Solar (Joel Jean, CEO)

"Swift Solar continues to push the boundaries of perovskite solar technology, aiming to deliver high-performance, cost-effective solutions for renewable energy."

Exeger (Giovanni Fili, CEO)

"Our mission is to integrate light-harvesting perovskite technology into everyday products, revolutionizing how devices are powered sustainably."

These statements reflect a commitment to advancing technology, improving efficiency, and scaling up production capabilities within the perovskite solar cell market.

Recent Developments

• In November 2022, Hubei Wandu Solar Co. Ltd. hosted a high-profile visit from local government officials, including Sun Bing, Secretary of the Municipal Party Committee, and Chen Ping. The occasion highlighted the unveiling of a significant test line demonstration project for solar photovoltaic modules within mining operations.
• May 2022 witnessed the announcement of a strategic partnership between Saule Technology, Columbus Energy, and Google Cloud. This collaboration aims to pioneer innovative applications leveraging perovskite solar cells, particularly targeting sectors such as distributed energy and the Internet of Things (IoT).
• By August 2022, Microquanta Semiconductor achieved a notable milestone as their perovskite solar cell (PSC) mini-module achieved an impressive output efficiency of 21.8%, validated by rigorous testing and certification from JET (Japan Electrical Safety & Environment Technology Laboratory). This achievement underscores Microquanta's advancement in compact solar technology.
• In March 2021, Saule Technologies, Columbus Energy, and Somfy Polska forged a strategic cooperation agreement aimed at introducing cutting-edge solutions tailored for architectural and construction projects. This alliance underscores their collective commitment to integrating innovative perovskite solar cell technologies into built environments.

Market Segmentation

By Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells
• By Product
• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

By Method

• Solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method

By Application

• Smart Glass
• Solar Panel
• Perovskite in Tandem Solar Cells 
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)

By End Use Industries

• Manufacturing
• Energy
• Industrial Automation
• Aerospace
• Consumer Electronics

By Type

• Hybrid PSCs
• Flexible PSCs
• Multi-Junction PSCs

By Regions

• North America
• APAC
• Europe
• LAMEA