The Perovskite Solar Cell Market is gaining traction owing to its potential low-cost production and high power conversion efficiency. Perovskite Solar Cells provide advantages such as lightweight, semitransparency, low cost, flexibility and faster manufacturing processes compared to silicon-based solar panels. The increasing concern for environment protection along with initiatives by governments worldwide to adopt renewable energy sources is driving the need for next-generation solar technologies like Perovskite Solar Cells.
The Global Perovskite Solar Cell Market is estimated to be valued at USD 188.4 Mn in 2024 and is expected to exhibit a CAGR of 56.8% over the forecast period 2023 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 due to rising energy costs and stringent government regulations regarding carbon emissions is fueling the adoption of Perovskite Solar Cells Market Size. The high efficiency and lower production costs of Perovskite Solar Cells compared to traditional silicon solar panels is driving their demand.
Major players in the Perovskite Solar Cell Market are expanding globally to tap the potential offered by developing economies in Asia Pacific and Middle East & Africa. Rising investments by governments and organizations in these regions to increase the share of renewable energy in their overall energy mix is encouraging global manufacturers to set up manufacturing facilities.
Market key trends
The increasing efficiency of Perovskite Solar Cells is one of the key trends in the Market. Continuous research and developments have led to rise in efficiency from initial 3.8% to over 25% in research labs currently. The improvements in stability with the introduction of 2D perovskites is also supporting the commercialization of this technology. Additionally, emerging tandem application of Perovskite Solar Cells with silicon is envisioned to further boost the efficiency. This is anticipated to make Perovskite Solar Cells more competitive compared to other photovoltaic technologies.
Porter’s Analysis
Threat of new entrants: Perovskite Solar Cell technology is still in the emerging and developing stage, the high capital requirements for manufacturing facilities and equipment poses challenges for new players.
Bargaining power of buyers: Buyers have a stronger position due to the availability of substitutes like conventional silicon solar panels in the Market. Perovskite Solar Cells need to offer compelling advantages to attract consumers.
Bargaining power of suppliers: Specialized equipment and materials required for Perovskite Solar Cell manufacturing limits the number of suppliers. This gives existing suppliers an edge in negotiating prices.
Threat of new substitutes: New types of thin film solar technologies can emerge as alternatives, which can impact Market size. Perovskite Solar Cells need to establish technical superiority to withstand competition.
Competitive rivalry: With increasing investments, more players are expected to enter this Market, intensifying competition. Players need to focus on innovations to gain leadership position.
Geographical regions with Market concentration
Currently, Asia Pacific holds the largest share in terms of value owing to strong government support through favorable policies and presence of leading manufacturer in countries like China. Countries like Japan, South Korea and India are also emerging as manufacturing hubs.
Fastest growing geographical region
North America region is anticipated to record the highest CAGR during the forecast period. Increasing investments in renewable energy coupled with presence of several startups focusing on advancing Perovskite Solar Cell technology is spurring growth in this region.
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