PORTLAND, Ore. – Increase in demand for solar cells due to their flexibility and light weight and prevalence of alternative energy sources drive the growth of the global perovskite solar cell market. Allied Market Research recently published a report, titled, “Perovskite Solar Cell Market by Structure (Planar and Mesoporous), Product (Rigid and Flexible), Method (Solution Method, Vapor-Deposition Method and Vapor-Assisted Solution Method) and End Use (Aerospace, Industrial Automation, Consumer Electronics, Energy): Global Opportunity Analysis and Industry Forecast, 2021–2030”. As per the report, the global perovskite solar cell industry was accounted for $0.4 billion in 2020, and is anticipated to garner $6.6 billion by 2030, growing at a CAGR of 32.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in demand for solar cells due to their flexibility and light weight, surge in number of applications in various industries, rise in environmental concerns about carbon emissions, and prevalence of alternative energy sources drive the growth of the global perovskite solar cell market. However, presence of toxic materials hinders the market growth. On the contrary, rise in research and development activities is expected to open new opportunities for the market players in the future.
Covid-19 scenario:
- The perovskite solar cells are used in supplements, cosmetics, industrial and personal care. However, due to the Covid-19 pandemic, the demand for such applications reduced significantly.
- The prolonged lockdown disrupted the supply chain and transport across several countries. Moreover, the scarcity of resources hampered manufacturing activities.
The planar perovskite solar cells segment dominated the market
By structure, the planar perovskite solar cells segment held the largest share in 2020, accounting for more than two-thirds of the global perovskite solar cell market, as it provides low-temperature processing, high efficiency, and negligible hysteresis behavior. However, the mesoporous perovskite solar cells segment is estimated to register the highest CAGR of 32.8% during the forecast period, as it offers high absorption coefficients, optimal bandgaps, and long-range exciton diffusion lengths.
The consumer electronics segment to portray the highest CAGR through 2030
By end user, the consumer electronics segment is projected to manifest the highest CAGR of 33.6% during the forecast period, due to rise in demand for wearable technology. However, the energy segment dominated the market in terms of revenue, contributing to nearly two-fifths of the global perovskite solar cell market, owing to rise in demand for renewable energy sources through sustainable means.
North America to hold the largest share
By region, the global perovskite solar cell market across Europe, followed by North America, held the largest share in 2020, accounting for nearly half of the market, due to rise in incorporation of renewable energy sources in the region. However, the market across Asia-Pacific would register the highest CAGR of 33.3% from 2021 to 2027, owing to rise in demand for reliable electric supply through sustainable sources.
Major market players
- Oxford Photovoltaics
- Solaronix SA
- FrontMaterials Co. Ltd.
- Fraunhofer ISE
- Xiamen Weihua Solar Co. Ltd.
- Saule Technologies
- Dyesol
- Polyera Corporation
- FlexLink Systems Inc.
- New Energy Technologies Inc.
