Booming Potential of Perovskite Solar Cells Market to Reach US$ 6,012.48 Million by 2031 | Asia Pacific to Account for 56% Revenue, Says Astute Analytica
The global perovskite solar cell market was valued at US$563.3 million in 2022 and is expected to reach US$6,012.48 million by 2031, demonstrating tremendous growth in the forthcoming years with a projected compound annual growth rate (CAGR) of 30.4% from 2023 to 2031.
New Delhi, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The development of perovskite solar cells (PSCs) has shown great promise in recent years, offering several benefits over traditional photovoltaic technologies, such as silicon solar cells. PSCs are thin-film devices that can convert solar energy into electricity with a level of efficiency that is comparable to traditional solar cells. Additionally, PSCs have lower fabrication costs, improved electrical efficiency, and improved stability.
As per Astute Analytica, in the last few years, the global perovskite solar cells market witnessed a rapid increase in the efficiency of PSCs. This is due to the development of hybrid organic-inorganic metal halide perovskites, as well as advances in materials processing, device architecture, and layer optimization. Industrial production of PSCs is also being explored, with the development of lead-free PSCs and advances in printing and coating techniques, which offer the potential for low-cost and large-scale manufacturing.
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However, there are still some challenges that need to be addressed before PSCs can be widely used in industry. The most pressing issue is the stability of PSCs, which is not currently sufficient for outdoor applications or large-scale installations. Additionally, the open circuit voltage (Voc) is lower than expected, resulting in energy losses.
Demand For Flexible Perovskite Solar Cell to Grow at Over CAGR of 28% in the Global Perovskite Solar Cells Market
The demand for flexible perovskite solar cells (FPSCs) is growing at an exponential rate due to the high-power conversion efficiency, lightweight, and low cost of the technology. The use of perovskite materials allows for easily deposited solar panels onto most surfaces, including flexible and textured ones. FPSCs also have the ability to match the performance of silicon-based photovoltaics, making them an ideal source of clean and sustainable energy.
Recent research has increased the efficiency of these cells, with new records being set as high as 24.4%. This has made them even more attractive to businesses and individuals looking for an eco-friendly power source in the perovskite solar cells market. Furthermore, the advances in roll-to-roll processing technology have made it easier to produce large volumes of these cells, leading to further cost reduction.
This growth in demand for FPSCs is being driven by a number of factors, including rising awareness of the environmental benefits of using renewable energy sources, advancements in technology that are making the cells more efficient, cost effective, and easy to produce, and the increasing availability of government incentives for businesses and individuals to install solar PV systems. Furthermore, the increasing focus on renewable energy sources from governments around the world is providing a boost to the sector, with many countries setting ambitious targets for the use of solar and other renewable sources.
The demand for FPSCs in the global perovskite solar cells market is expected to continue to grow as the technology becomes more accessible and cost-effective. With further advances in technology, such as printable electrodes and encapsulation materials, the efficiency of the cells is likely to increase even further. This will open up more opportunities for businesses and individuals to benefit from the use of renewable energy, while also helping to reduce the overall carbon footprint. Ultimately, the growth in demand for FPSCs is a positive sign for the future of renewable energy sources and the fight against climate change.
Top 7 Trends Shaping the Global Perovskite Solar Cells Market
Advancements in Materials and Processing: The development of lead-free perovskite materials and improved processing techniques are driving innovation in the perovskite solar cell (PSC) industry.
Growing Demand for Flexible Devices: The demand for flexible PSCs, which can be integrated into a wide range of products, is increasing as they offer improved electrical efficiency and lower fabrication costs.
Investment in R&D and Commercialization: With the increasing popularity of PSCs, there has been a surge in investment in research and development and commercialization of PSC technology around the global perovskite solar cells market.
Expansion of Manufacturing Capacity: Companies are expanding their manufacturing capacities to meet the growing demand for PSCs, especially in the Asia Pacific region.
Increase in Investment from Government and Private Players: Both government organizations and private players are investing heavily in PSCs, leading to increased funding and development opportunities for the industry.
Growing Focus on Stability and Efficiency: Stability and efficiency are becoming increasingly important as companies work to develop PSCs that can be used in a wide range of applications.
Development of Printing and Coating Techniques: Advances in printing and coating techniques are making it possible to produce PSCs at low cost and on a large scale, further increasing their commercial viability.
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Asia Pacific to Account for 56% Revenue of Global Perovskite Solar Cells Market
The Asia Pacific region is a global leader in Perovskite Solar Cell (PSC) production and innovation. The booming solar industry in the region, driven by growing demand for clean energy and government support for renewable energy sources, has contributed to this growth. The region's largest producer of solar energy, China, has deployed over 30.88 GW of solar PV systems in the first half of 2022.
China, being the largest producer of solar energy in the world, has made significant contributions to the growth of the Perovskite Solar Cells market in the Asia Pacific region. With over 30.88 GW of Solar PV systems deployed in the first six months of 2022, the country has become a major player in the production and implementation of PSCs.
China's government has also been supportive of the PSC industry, providing subsidies and incentives for the development of clean energy sources. This has attracted a large number of companies and investors to the country, leading to an increase in research, development and production of PSCs.
The perovskite solar cells module market in the Asia Pacific region is experiencing significant growth, with a projected revenue increase from approximately USD 331 million in 2022 to USD 2104.36 million by 2031. This is due to the low cost of production and higher efficiency of PSCs compared to traditional silicon-based solar cells, making them a desirable option for both residential and commercial applications.
The Asia Pacific perovskite solar cells market is home to leading PSC companies such as SunPower, Panasonic, and Trina Solar who are investing in research, development, and production to advance PSC technology and reduce production costs through techniques such as screen printing and vacuum deposition.
Additionally, India, Japan, South Korea, and Australia have made significant investments in PSC technology and are working to expand their markets. For example, India's government has implemented incentives such as the Jawaharlal Nehru National Solar Mission and set a target of 100 GW of solar power by 2023 to promote PSC adoption.
Top 5 Players Hold 34% Share of Global Perovskite Solar Cells Market
According to the market research report, the top 5 companies hold a combined market share of 34.2%. Oxford PV is the largest player, which is followed closely by Alfa Aesar. This high concentration of market share among a few players highlights a highly competitive market landscape, making it challenging for new entrants to gain a foothold.
Oxford PV, the largest player in the perovskite solar cells market, has a market share of 9.50% and is known for its high-quality products and innovative technology.
Oxford PV is the largest producer of perovskite solar cells around the globe because they have been able to revolutionize solar power technology and develop high-efficiency, low-cost solar cells. Through their efforts, Oxford PV has grown from a team of 5 staff members in 2011 to 95 in 2019 and has recently completed a 100 MW factory build out. Oxford PV has developed a perovskite-on-silicon solar cell that offers a high efficiency at a low cost, making solar energy more accessible and cost-effective. They have also achieved a world record cell efficiency of 29.52%, making them the leading technology provider in the field of perovskite solar cells.
The key to the success of Oxford PV's perovskite solar cells is their use of titanium dioxide (TiO2) as an electron transport layer (ETL). TiO2 is a highly stable material with an energy level that is suitable for this application, as well as being cost-effective. These characteristics make it the perfect material for ETLs in regular-structure PHJ-PSCs.
Prominent Players in Perovskite Solar Cells Market:
Energy Materials Corp.
Frontier Energy Solution
GCL Suzhou Nanotechnology Co., Ltd.
Heiking PV Technology Co., Ltd.
Hubei Wonder Solar
Hunt Perovskite Technologies (HPT)
Li Yuan New Energy Technology Co.
Other Prominent Players
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