Perovskite Photovoltaics Market Set to Surge with a Remarkable 66% CAGR, Expected to Reach US$2.5 Billion by 2030

The global perovskite photovoltaics market is poised for rapid growth, with an impressive CAGR of approximately 66% forecasted during the period from 2023 to 2030. By the end of 2030, the market is expected to attain a valuation of approximately US$2.5 billion. Perovskite photovoltaics, leveraging perovskite-structured materials as their active layer, have gained prominence due to their exceptional light absorption, charge-carrier mobility, and lifetime, making them a vital component of next-generation photovoltaic technologies.

Key Market Insights:

  • The perovskite photovoltaics market is projected to expand more than 60 times in revenue over the course of a decade, spanning from 2023 to 2030.
  • The rise in demand for solar cells, driven by their adaptability and lightweight nature, serves as a primary driver for the perovskite photovoltaics market.
  • Flexible perovskite solar cells, characterized by their lightweight and bendable attributes, lead the market.
  • Building-integrated photovoltaics (BIPV) held the highest market revenue share in 2022.
  • Asia Pacific is set to maintain its leadership position, while North Americas perovskite photovoltaics market is poised for robust growth until 2030.

Market Drivers:

Increased Investments and Funding in Perovskite Solar Cell Development:

Recent years have witnessed remarkable technological advancements in the solar industry. Perovskite, a relatively new solar material known for its excellent sunlight absorption capabilities, has garnered significant attention. Perovskite solar cells outperform silicon cells in low-light conditions, overcast days, and indoor settings, resulting in higher conversion efficiency. The cost-effectiveness of perovskite, coupled with its abundance, positions it as a key player in low-cost solar power generation.

To further advance perovskite solar cell technology, companies are raising capital for research and development. Notably, Microquanta Semiconductor secured investment in a Series C round, with primary investors including Three George Capitals, Quzhou Financial Holding, and Beijing Energy Holding. These funds are designated for the expansion of a 100 MW production line for the perovskite tandem project. Additionally, Oxford PV received support from the Brandenburg Ministry of Economics in November 2020, contributing to the development of perovskite solar cells. Sustained investment in perovskite solar cell research and development is opening up new possibilities for market participants.

Rapid Advancements in Perovskite Solar Cell Technology:

Perovskite solar cells have the potential to revolutionize the solar panel industry by promising higher solar energy conversion efficiency. While mono-Si wafer technology currently dominates global module sales, perovskite technologies have made significant strides as silicon-based cells approach their physical limits. The crystalline properties of perovskite materials, characterized by potent light absorption and electrical charge characteristics, offer distinct advantages.

Tandem cells, combining silicon and perovskite, are seen as the next frontier in solar energy production. Solar energy producers are striving for higher efficiency and lower energy costs, and perovskite solar cells are well-positioned to help achieve these goals.

Additionally, perovskite solar cells can be integrated into building materials, serving as both structural elements and energy generators. This versatility opens up diverse market opportunities across various industries. However, some technological and financial challenges must be addressed before perovskite solar cells can reach their full market potential.

Overview of Key Segments:

Flexible Perovskite Solar Cells Lead the Way:

Flexible perovskite solar cells, characterized by their lightweight and bendable nature, secured the largest market share in 2022. These cells combine the unique properties of perovskite materials with the flexibility to adapt to various shapes and surfaces. Unlike traditional rigid solar panels, flexible perovskite solar cells can be seamlessly integrated into curved building surfaces, garments, backpacks, and portable electronic devices. In addition to their adaptability, these cells harness renewable solar energy, emitting zero greenhouse gases or pollutants during electricity generation.

Perovskite Photovoltaics in Building-Integrated Applications (BIPV):

Building-integrated photovoltaics (BIPV) applications held the highest market revenue share in 2022. BIPV systems serve as an integral part of building exteriors, generating electricity for local consumption or grid export. By reducing material and electricity costs, minimizing pollution, and enhancing aesthetic appeal, BIPV systems have gained prominence. Perovskite materials are employed in BIPV applications, offering cost savings by replacing traditional metal framing systems with plastic frames. Unlike silicon-based solar cells, which often require additional structural support, perovskite materials provide an excellent balance of performance and low fabrication costs.

Growth Prospects Across Regions:

Asia Pacific Leads the Charge:

Asia Pacific is poised to maintain its leadership position in the perovskite photovoltaics market. The regions rapid urbanization, demand for renewable energy sources to reduce dependence on fossil fuels, and robust government support across various regions contribute to its market dominance. Asia Pacific also boasts a thriving consumer electronics industry, which supports market growth.

Countries such as China, Japan, India, and South Korea are driving demand for solar cells, and India and China, in particular, are pivotal contributors to regional market growth. China, the worlds largest producer and user of solar cells, has heavily invested in perovskite solar cell development, further bolstering market expansion.

Government incentives and support have played a crucial role in Asia Pacifics growing perovskite photovoltaics market. These policies aim to accelerate the transition to a sustainable, low-carbon energy system by promoting the adoption of renewable energy technology, often providing financial incentives to encourage the deployment of perovskite photovoltaic systems.

North America Develops a Lucrative Market:

The perovskite photovoltaics market in North America is poised for significant growth. Increasing demand for perovskite photovoltaics from end-use industries, a well-established automotive sector, and the presence of key market players contribute to the regions promising market outlook.

The United States, in particular, has witnessed substantial growth in solar energy installations, and government investments in perovskite solar cell research and development have accelerated market growth. Federal tax incentives, such as the Investment Tax Credit (ITC) and the Production Tax Credit (PTC), have played a pivotal role in promoting solar energy projects, including those leveraging perovskite solar cells.

Market Challenges:

Instability and Presence of Hazardous Materials:

Perovskite photovoltaics, while holding immense potential for efficient and affordable solar energy production, face limitations due to their instability and the inclusion of hazardous components. These photovoltaics are known to be fragile and susceptible to rapid degradation in hot and humid environments. Researchers are actively working to enhance product stability and address these challenges.

Moreover, lead-based perovskite cells, while achieving maximum efficiency, contain toxic materials that pose risks to human health and the environment. Lead contamination can have adverse effects on air, water, and soil quality, impacting ecosystems and human health. Addressing these environmental concerns and ensuring the safety of perovskite materials is crucial for the widespread adoption of this technology.

Perovskite Photovoltaics Market: Competitive Landscape:

Leading players in the perovskite photovoltaics market include First Solar, Ascent Solar, Beijing Yaoneng Technology Co., Ltd., Hanwha Q CELLS, EneCoat Technologies Co. Ltd., Greatcell Energy, Beyond Silicon, Inc., Microquanta Semiconductor, CubicPV, PEROVSKIA SOLAR AG, and Saule Technologies.

Browse Global Perovskite Photovoltaics Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type of Structure, By Type, By Product, By Vertical, By Geographic Coverage):

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