Global Perovskite Solar Cell Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

Perovskite Solar Cell Market Analysis

The global perovskite solar cell market has experienced significant growth in recent years, driven by the increasing demand for renewable energy solutions and advancements in solar technology. Perovskite solar cells (PSCs) are seen as a promising alternative to traditional silicon-based cells due to their higher efficiency potential, lower production costs, and flexible applications. Their unique structure, which utilizes perovskite materials, allows for a higher light absorption rate, making them a more efficient choice for solar energy generation. Recent advancements in the field include improvements in the stability and scalability of perovskite solar cells, which have traditionally faced challenges in these areas. Researchers are now focusing on developing tandem solar cells that combine perovskite with silicon, further boosting efficiency. Additionally, the advent of new manufacturing techniques, such as solution printing and vapor deposition, has made the production process more cost-effective and scalable. The perovskite solar cell market is also supported by favorable government policies promoting green energy adoption and a growing interest from investors in clean energy technologies. As these innovations continue, the perovskite solar cell market is expected to expand, offering an affordable and sustainable energy source for the future.

Perovskite Solar Cell Market Size

The global perovskite solar cell market size was valued at USD 193.85 million in 2024 and is projected to reach USD 7011.63 million by 2032, with a CAGR of 56.60% during the forecast period of 2025 to 2032. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Perovskite Solar Cell Market Trends

“Increasing Integration with Flexible Substrates”

The perovskite solar cell market is experiencing rapid growth, driven by the technology's high efficiency and lower production costs compared to traditional silicon-based solar cells. One emerging trend is the integration of perovskite solar cells with flexible substrates, which is revolutionizing the application of solar technology in unconventional spaces. For instance, researchers are developing lightweight, flexible perovskite solar panels that can be applied to building facades or integrated into wearable devices, expanding the use of solar energy. This trend is making solar panels more versatile and enabling their use in areas previously deemed unfeasible, such as on curved surfaces or in urban environments with limited space. Companies such as Oxford PV are pioneering this trend, with their high-efficiency perovskite-silicon tandem solar cells demonstrating a significant leap in performance. This shift towards flexible perovskite solutions is expected to accelerate market adoption, further driving the growth of the global perovskite solar cell market.

Report Scope and Perovskite Solar Cell Market Segmentation

Perovskite Solar Cell Market Definition

A perovskite solar cell (PSC) is a type of solar cell that uses a perovskite-structured compound as the light-absorbing material. Perovskites are a class of materials that have a specific crystal structure, which allows them to efficiently absorb sunlight and convert it into electricity. These solar cells are composed of a thin layer of perovskite material sandwiched between layers of conductive materials, typically metal oxides or organic materials, which collect and transport the generated electrical charge.

Perovskite Solar Cell Market Dynamics

Drivers

• Increasing Use of Smart Technologies

The rise of smart technologies and the Internet of Things (IoT) is a major driver of the perovskite solar cell market, as these technologies require efficient, sustainable, and scalable energy solutions. IoT devices, from smart homes to industrial sensors, are increasingly relying on energy sources that can be easily integrated into various environments. Perovskite solar cells, with their lightweight, flexible, and customizable properties, are well-suited for powering these devices. Additionally, IoT applications in remote and off-grid locations, such as agriculture or environmental monitoring, can benefit from the lower cost and high efficiency of perovskite solar cells, driving their adoption across these markets. This trend of IoT expansion is a crucial market driver, as it emphasizes the need for sustainable, compact, and cost-effective energy solutions.

• Increasing Advancements in Manufacturing Techniques

Advancements in manufacturing techniques are a critical driver of the perovskite solar cell market, as these improvements have significantly reduced production costs and increased scalability, making perovskite solar cells more commercially viable. For instance, recent breakthroughs in solution-based processing and roll-to-roll manufacturing have streamlined the fabrication process, enabling large-scale production with higher throughput and lower energy consumption. These innovations allow for faster production and lower costs, making perovskite solar cells an increasingly attractive option for both residential and commercial energy solutions. This rapid evolution in manufacturing techniques directly addresses the demand for cost-effective, high-efficiency solar technologies, positioning perovskite cells as a leading alternative to traditional silicon-based panels.

Opportunities

• Rising Investment and Funding

Rising investment and funding in the development of perovskite solar cells are significant drivers of the market's growth, as they fuel research, innovation, and commercial scaling of this promising technology. Venture capital, government grants, and private-sector investments have surged in recent years, with companies and research institutions receiving billions of dollars to improve the efficiency, stability, and scalability of perovskite solar cells. For instance, in 2023, global investments in perovskite solar research and development were estimated to exceed USD 500 million, reflecting strong confidence in the potential of this technology. This influx of funding has enabled advancements in material science, manufacturing techniques, and durability, addressing earlier concerns about perovskite cells' long-term stability and efficiency. As more resources are dedicated to accelerating the commercialization of perovskite solar cells, they become increasingly competitive with traditional energy solutions, driving their adoption across residential, commercial, and industrial sectors. This rising investment plays a pivotal role in accelerating the transition to sustainable, cost-effective energy systems worldwide.

• Increasing Safety and Security Concerns

The increase in the installation of solar systems worldwide presents a significant market opportunity for perovskite solar cells, as they offer a cost-effective, efficient, and versatile alternative to traditional solar technologies. As the global solar energy market expands driven by both governmental policies and growing environmental awareness perovskite solar cells stand to benefit from this momentum. For instance, according to the International Renewable Energy Agency (IRENA), global solar power capacity is projected to reach over 4,800 GW by 2030, with many countries setting ambitious renewable energy targets. In regions such as Europe and Asia, where solar installations have increased rapidly, perovskite solar cells' potential to reduce production costs and increase efficiency could help meet this rising demand. The versatility of perovskite solar cells, which can be used in a wide range of applications from rooftops to building-integrated photovoltaics (BIPV), positions them to capitalize on this rapid increase in solar system installations, offering a sustainable energy solution in both residential and commercial markets.

 Restraints/Challenges

• Variations in Raw Materials

Variations in raw materials pose a significant challenge to the growth of the perovskite solar cell market, as the quality and availability of materials directly impact the efficiency, stability, and cost of production. Perovskite solar cells rely on a range of materials, including lead, tin, and organic compounds, which can be subject to supply chain fluctuations, price volatility, and environmental concerns. For instance, the use of lead in perovskite solar cells, while contributing to high efficiency, raises concerns over environmental impact and regulatory restrictions, prompting research into lead-free alternatives. The instability of raw material costs especially for materials such as tin, which has seen price increases due to supply chain disruptions can make scaling up production difficult. Additionally, the need to source and process these materials in an environmentally sustainable manner adds complexity to the manufacturing process. These variations in raw materials create uncertainty in the long-term viability and cost-effectiveness of perovskite solar cells, presenting a challenge for widespread adoption and scaling of production.

• Toxicity of Materials

The toxicity of materials used in perovskite solar cells, particularly the presence of lead, poses a significant challenge for the market. Lead is commonly used in the perovskite layer due to its excellent electronic properties, which contribute to the high efficiency of these solar cells. However, concerns arise regarding the potential for lead contamination during the production, use, and disposal stages. If not handled properly, lead could leach into the environment, posing health risks to workers during manufacturing and to ecosystems during the disposal of old or damaged panels. For instance, a significant environmental risk arises if the cells are not properly recycled, potentially causing contamination in landfills. This toxicity issue has prompted researchers to seek alternative, less harmful materials or develop encapsulation techniques to contain the lead. While the environmental concerns present a clear challenge.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Perovskite Solar Cell Market Scope

The market is segmented on the basis of structure, product, method, application, end use industries, and type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

Product

• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

Method

• Solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method

Application

• Smart Glass
• Solar Panel
• Perovskite in Tandem Solar Cells
• Portable Devices
• Utilities
• BIPV (Building-Integrated Photovoltaics)

End Use Industries

• Manufacturing
• Energy
• Industrial Automation
• Aerospace
• Consumer Electronics

Type

• Hybrid PSCs
• Flexible PSCs
• Multi-Junction PSCs

Perovskite Solar Cell Market Regional Analysis

The market is analyzed and market size insights and trends are provided by structure, product, method, application, end use industries, and type as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia Pacific leads the global perovskite solar cell market, driven by rapid urbanization, a growing need for renewable energy sources to reduce dependence on fossil fuels, and strong government policies that promote clean energy adoption. Additionally, the region’s advanced consumer electronics industry plays a significant role in accelerating the demand for perovskite solar cells, as these technologies are increasingly integrated into smart devices and other electronic applications. The increasing focus on sustainable energy solutions and infrastructure development further strengthens the market’s growth prospects in Asia Pacific.

North America is expected to capture a substantial share of the global perovskite solar cell market, as the region leverages silicon-based materials for more cost-effective production of these cells. The ability to produce perovskite solar cells at a lower cost, combined with advancements in manufacturing techniques, is driving the growth of the market in this region. Furthermore, supportive government incentives and increasing investments in renewable energy projects contribute to the region’s expansion in the perovskite solar cell sector. As demand for clean energy solutions rises, North America is poised to remain a key player in the market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Perovskite Solar Cell Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Perovskite Solar Cell Market Leaders Operating in the Market Are:

• First Solar. (U.S.)
• SunPower Corporation (U.S.)
• Suniva Inc (U.S.)
• Tata Power Solar Systems Ltd. (India)
• SHARP CORPORATION (Japan)
• ALPS Technology Inc. (U.S.)
• Solaris Technology Industry, Inc. (India)
• GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
• Trina Solar (China)
• Canadian Solar. (Canada)
• sJinko Solar (China)
• Thermo Fisher Scientific Inc. (U.S)
• IDTechEx Ltd (U.K.)
• Panasonic Corporation (Japan)
• Solliance solar research (Neatherlands)
• Toshiba Corporation (Japan)
• G24 Power Ltd. (U.K.)
• Microquanta Simiconductor Co. Ltd. (China)
• FrontMaterials Co. Ltd (Taiwan)

Latest Developments in Perovskite Solar Cell Market

• In June 2024, In the U.S., Swift Solar secured USD 27 million in Series A funding to advance the development of its perovskite tandem solar cell manufacturing, with the funding round led by Eni Next, the venture capital arm of Eni, and additional contributions from Stanford University, Good Growth Capital, and Fontinalis Partners.
• In May 2022, In the same year, Microquanta launched the world’s first commercial-sized perovskite module, α, using the company’s proprietary solution printing technology, offering high power output, excellent stability, a low temperature coefficient, minimal hot spot effect, and resistance to cracking, along with a 12-year warranty for materials and processes and a 25-year linear power output warranty
• In May 2022, In that month, Saule Technologies and Columbus Energy entered a partnership with Google Cloud, aiming to leverage perovskite solar cells for developing innovative products in sectors such as distributed energy and the Internet of Things (IoT)
• In July 2021, In that year, Oxford Photovoltaics completed its production facility in Germany, housing the world’s first mass production line for its perovskite-on-silicon tandem solar cells, with a yearly production capacity target of 100 MW
• In March 2021, In that month, Saule Technologies, Columbus Energy, and Somfy Polska signed a strategic cooperation agreement to propose innovative solutions for buildings and ongoing construction projects using perovskite solar cells

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