Northbrook, IL 60062 -- (SBWIRE) -- 01/03/2023 -- The Perovskite Solar Cell Market is projected to grow from USD 271 million in 2024 to USD 2,268 million by 2028, at a CAGR of 70.1 % during the forecast period according to a new report by MarketsandMarkets™. The major growth opportunity for the perovskite solar cell market during the forecast period is the upsurge in the demand for renewable energy.
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Planar perovskite solar cell segment is expected to hold the largest market share during the forecast period
Planar perovskite solar cell has a p–i–n structure that uses both hole-transport layers (HTL) and electron-transport layers (ETL) to collect photogenerated holes and electrons to achieve high performance, wherein a high temperature-processed compact and mesoporous titanium dioxide is usually required. The planar structure can be considered an evolution of the mesoporous structure. The simple structure has attracted researchers working on thin-film PV cells. When the planar structure was demonstrated successfully for the first time, it only had an efficiency of 4% due to the inferior film quality and inadequate absorption of the perovskite film. The efficiency of planar perovskite solar cells has been increasing continuously with new developments, and the currently highest efficiency is around 19%.
Flexible perovskite solar cell segment is expected to register a higher CAGR during the forecast period
The flexible perovskite solar cell segment is expected to register a higher CAGR during the forecast period. Scientists are constantly working on the research and development of perovskite solar cells. They have developed flexible perovskite solar cells that use sunlight and generate electrons with an efficiency of 20.7%. With the increasing efficiency of flexible perovskite solar cells, their adoption is expected to rise during the forecast period.
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Utility vertical to account for the largest market size during the forecast period
The utility vertical is expected to account for the largest market size in 2024, and a similar trend is expected to be observed during the forecast period. This application includes solar power plants based on perovskite solar cell PV systems. These solar power plants are environmentally friendly; therefore, governments across many countries promote the installation of such plants. Thus, governments' special schemes and financial support for installing solar power projects are expected to boost the demand for perovskite solar cell-based PV systems in the utility vertical during the forecast period.
India is expected to register the highest CAGR in the Asia Pacific perovskite solar cell market during the forecast period
India is expected to be the largest market for perovskite solar cells in Asia Pacific. According to the Ministry of New and Renewable Energy recommendations, imported PV cells and modules should have a basic customs duty. The ministry has brought in a manufacturing-linked tender with an inbuilt subsidy to promote the domestic manufacturing of PV cells and modules. With the government pushing for local manufacturing of PV cells and modules in India, the research and development for perovskite solar cells are expected to grow significantly in the country during the forecast period.
The report profiles key players in the perovskite solar cell market and analyzes their market shares. Players profiled in this report are Hanwha Q CELLS (South Korea), CubicPV (US), EneCoat Technologies (Japan), Microquanta Semiconductor (China), Greatcell Energy (Australia), Oxford PV (UK), P3C (India), PEROVSKIA SOLAR AG (Switzerland), Saule Technologies (Poland), Toshiba Corporation (Japan), Tandem PV (US), Swift Solar (US), FrontMaterials (Taiwan), Alfa Chemistry Materials (US), Avantama AG (Switzerland), Borun New Material Technology (China), Dyenamo (Sweden), Nanox (Canada), Ossila (UK), Caelux (US), Evolar (Sweden), Panasonic Corporation (Japan), and Array Technologies (US).