Higher efficiency delivered by perovskite solar cells than conventional solar cells is one of the major factors influencing market growth.
New York, NY -- (SBWIRE) -- 04/16/2021 -- The global Perovskite Solar Cells Market size was USD 450.1 Million in 2020 and is expected to reach a value of USD 3,926.0 Million by 2028, and register a CAGR of 30.8% during the forecast period. These products comprise a perovskite-organized compound as an active light-absorbing layer and are deployed in a variety of end-user applications.
Higher efficiency delivered by perovskite solar cells than conventional ones is one of the major factors influencing market growth. It is an evolving thin-film class photovoltaics also popular as 3rd generation photovoltaics having the potential to deliver improved current efficiency and performance limits. The product intends to enhance the efficiency of the cells and reduce the cost of solar energy. These types of solar cells can reach a wide spectrum of light and hence can convert more solar power into electricity. As per the U.S. Department of Energy, Perovskite solar cells have displayed notable advancement in recent years with swift improvement in conversion efficiency, from around 3% in 2006 to more than 24% in 2019.
Growing environmental concerns about reduction of carbon emission may drive the market in the upcoming years. The product provides clean energy by tapping solar energy, and thereby benefitting the environment. It acts as an alternative source of energy to fossil fuels, thus reducing carbon footprint, as well as reducing greenhouse gas across the globe. In the past years, the product has outperformed all other third-generation photovoltaic technologies in terms of conversion efficiency.
Additionally, advancements in technology for producing perovskite solar cells are likely to fuel the growth of the market in the forecast period. In December 2018, Oxford PV announced that it had attained a 28% conversion efficiency for its tandem perovskite-based solar cell. This compares to 22% at present for a typical silicon cell.
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Further key findings from the report suggest
By structure, mesoporous perovskite held a major market share in 2018. At present, the mesoporous structure is one of the most popular structures in the fabrication of the product, with a power conversion efficiency of over 20%.
By product type, flexible perovskite solar cells are expected to grow at a faster rate of 32.8% in the forecast period. These are a potential photovoltaic technology attributed to their intrinsic advantages such as lightweight and bendability, making them very convenient for transportation, installation, and integration with wearable electricityâ€generating devices and architectures.
The vapor-assisted solution method is forecasted to witness the highest growth rate of 33.3% in the forecast period. This method is a relatively economical synthesis method of high-quality light-absorbing perovskite layers and was developed to avoid the disadvantages of the solution method and the vapor deposition method.
The Asia Pacific region dominated the market in 2018 and is expected to grow at a rate of 32.7% in the period 2019-2026. Rapid urbanization and increasing demand in the region for sustainable energy is likely to drive the market growth in the upcoming years. Also, rapid advancement and adoption of the technology in the countries of this region are adding to the growth of the market.
Key participants include Oxford Photovoltaics, FrontMaterials Co. Ltd., Solaronix SA, Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Dyesol, Saule Technologies, FlexLink Systems Inc., Polyera Corporation, and New Energy Technologies Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global perovskite market on the basis of structure, product type, method, industry verticals, and region:
Structure Outlook (Revenue, USD Million; 2016-2028)
Planar Perovskite Solar Cells
Mesoporous Perovskite Solar Cells
Product Type Outlook (Revenue, USD Million; 2016-2028)
Rigid Perovskite Solar Cells
Flexible Perovskite Solar Cells
Method Outlook (Revenue, USD Million; 2016-2028)
Solution Method
Vapor-Deposition Method
Vapor-Assisted Solution Method
Industry Verticals Outlook (Revenue, USD Million; 2016-2028)
Aerospace
Industrial Automation
Consumer Electronics
Energy
Others
Regional Outlook (Revenue in USD Billion; 2017–2028)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
TOC -
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020 – 2028
Chapter 3. Indicative Metrics
Chapter 4. Perovskite Solar Cells Segmentation & Impact Analysis
4.1. Perovskite Solar Cells Material Segmentation Analysis
4.2. Industrial Outlook
………….
Chapter 10. Competitive Landscape
10.1. Market Revenue Share by Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape
Chapter 11. Company Profiles
11.1. Oxford Photovoltaics
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Technology Insights
11.1.4. Strategic Initiatives
11.2. FrontMaterials Co. Ltd.
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Technology Insights
11.2.4. Strategic Initiatives
11.3. Solaronix SA
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Technology Insights
11.3.4. Strategic Initiatives
11.4. Xiamen Weihua Solar Co. Ltd.
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Technology Insights
11.4.4. Strategic Initiatives
11.5. Fraunhofer ISE
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Technology Insights
11.5.4. Strategic Initiatives
Continued……….
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Perovskite Solar Cells market and its competitive landscape.
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