Perovskite Solar Cells Market Size, Share, Opportunities, And Trends By Type (Hybrid, Flexible, Multijunction), By Applications (Industrial, Residential, Aerospace, Others), And By Geography - Forecasts From 2024 To 2029

Perovskite Solar Cells Market Size:

The perovskite solar cells market is expected to grow at a compound annual growth rate of 31.63% over the forecast period (2025 to 2030).

Global Perovskite Solar Cells Market Highlights:

• Cost-Effective: Low-cost production drives adoption in solar energy markets.
• Sustainability Focus: Eco-friendly materials enhance appeal for green energy solutions.
• Commercialization Surge: First perovskite solar cell production scales up globally.
• Technological Advances: Innovations like dual-stage molecular regulation boost scalability.

Global Perovskite Solar Cells Market Trends:

A perovskite solar cell refers to a cell composed of a perovskite-structured compound. The cell compounds comprise tin halide, methylammonium lead halide, and inorganic cesium lead halide. These compounds are cost-effective, easy to manufacture, and widely available.

The increased demand for perovskite cells can be ascribed to their low-cost thermal absorption material and excellent solar energy conversion into electricity. Furthermore, the cells provide flexibility, transparency, and lightweight panels. With such characteristics, the industry has acquired commercial traction, engaging several institutions and company-led projects.

The perovskite solar cell market is experiencing rapid growth owing to the increasing demand for renewable energy globally, led by climatic concerns and government incentives. Continued technological advancements, addressing instability and durability, and the possibility of achieving even higher efficiencies through the development of tandem cells will further fuel market growth.

Additionally, as per the IEA, in 2023, solar PV alone contributed to three-quarters of global renewable capacity additions. The solar PV power capacity is predicted to continuously increase from 374.9 GW in 2023 to 493.9 GW in 2027.

Apart from this, according to the IEA, the solar manufacturing capacity of cells in Europe was 2GW in 2021, totaling 7GW by the additions made in 2024.

Moreover, product innovation fuels the perovskite solar cell market further as it drives improvement in efficiency, stability, and durability. At the same time, it enables cost reduction through scalable manufacturing and applications by making the technology flexible and transparent. Comprehensively, driven by both demand and technological progress, perovskite solar cells are poised to be among the leading players in the renewable energy sector of the future.

Global Perovskite Solar Cells Market Drivers:

• The rising demand for clean energy and technological advancements

As demand for clean energy grows, so does the demand for innovative materials for solar glass, PV films, and supporting equipment. Perovskite cells are currently being developed and commercialized. This fulfills the needs of consumers by offering them a material that increases the sustainability of solar energy and makes it economical. Multiple organizations are undertaking projects to explore the market for perovskite solar cells.

For instance, glass-integrated Panasonic HD created perovskite solar cells that are intended to blend in with the architecture of diverse architectural buildings as "power-generating glass." The company intends to present its solution as an advanced and creative option in the architectural and energy industries, offering a fresh and cutting-edge solution that complements the design of the buildings themselves.

As a market leader in the solar sector, JinkoSolar spends heavily on R&D each year to drive technical innovation, constantly expanding its patent portfolio and setting global records in R&D achievements. To date, JinkoSolar has applied for over 3,800 global patents and received over 3,500, bringing more efficiency and better-value energy solutions to the global solar photovoltaic industry via continual scientific advances, which further fuels the perovskite cells market.

• Growing demand for renewable energy

The rising demand for renewable energy is a multiple-factor phenomenon that is driving the perovskite solar cell market growth. Climate change concerns, augmented by relentless scientific evidence, are driving an overall global trend away from fossil fuels. Renewable energy includes solar power sources to reduce greenhouse gas emissions and buffer against climate change. It has, therefore, resulted in increased public awareness, policies supportive of this energy source, and investment in renewable energy technologies. In addition, most nations seek energy security and independence to diversify their energy mix, reducing their dependence on imported fossil fuels. Renewable energy presents an avenue toward this objective through the use of locally accessible resources such as sunlight, which is particularly important for those nations with fewer fossil fuel deposits.

Moreover, as of May 31st, 2023, India's Ministry of New and Renewable Energy reported that the installed renewable energy capacity in India has touched 179 GW, of which solar and wind comprise 67 GW and 43 GW, respectively. The rest is made up of small hydro, biomass, and other sources.

Between 2019 and 2024, China contributed around 40% of global expansion in renewable capacity, primarily driven by better system integration, reduced curtailment rates, and increased competitiveness both for solar PV and onshore wind. China accounted for nearly half the world's distributed PV growth, becoming the leading installed capacity by 2021.

Additionally, the Indian Government offers major incentives for encouraging the use of renewable energy sources. This includes:

Scheme for the Development of Solar Parks and Ultra-mega Solar Power Projects to develop 40,000 MW capacity. Under the scheme, infrastructure such as land, roads, power evacuation systems water facilities are developed with all statutory clearances/approvals. Thus, the scheme facilitates expeditious development of utility-scale solar projects in India.

Central Public Sector Undertaking (CPSU) Scheme Phase-II (Government Producer Scheme) for setting up grid-connected Solar Photovoltaic (PV) Power Projects by Government Producers using domestically manufactured solar PV cells and modules, with Viability Gap Funding (VGF) support for self-use or use by Government/ Government entities, either directly or through Distribution Companies (DISCOMS).

Apart from this, international agreements and targets, like the Paris Agreement, also have contributed to growing global demand. Moreover, corporate sustainability goals, by which companies have committed to reduced carbon footprints and increasing renewable energy sourcing, add yet another layer of demand. This creates new market opportunities for renewable energy technologies like perovskite solar cells.

In the US, the government is establishing organizations and launching programs to promote the widespread use of inexpensive photovoltaic solar panels for generating electricity from renewable sources. For example, the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) has established an organization such as the US-MAP for the US Manufacturing of Advanced Perovskites Consortium, intending to rush the development of low-cost perovskite solar cells for commercial and industrial applications. The NREL has created a new high-efficiency Silicon-Perovskite cell by placing perovskites on top of a silicon solar cell to form a multijunction cell that boosts the efficiency to 27% compared to 21% silicon cells. Nonetheless, NREL also sought to extend the durability of Perovskite solar cells by altering their chemical properties to hinder their degradation.

Global Perovskite Solar Cells Market Segment Analysis:

• By type, the hybrid segment is growing substantially

The global perovskite solar cell market, by type, is segmented into hybrid, flexible, and multijunction. The rising demand for ecological energy technologies propels hybrid perovskite solar cells because countries work toward their renewable energy objectives. Hybrid perovskite solar cells present an attractive power solution because they show better efficiency potential when compared to classic silicon-based cells. For instance, India’s vision for 2030 is on renewable energy management to prevent climate change and energy transformation. As per the Panchamrit Policy, the targets will be the addition of 500 GW of renewable energy capacity and 50% of energy generated capacity through renewable energy by 2030. The policy also aims for the reduction of total projected carbon emissions by 1 billion tonnes by 2030, reduction of the carbon intensity of the economy to less than 45% by 2030, and a net-zero carbon India by 2070.

Similarly, the Korean government made solar power among its strategic priorities, so the nation anticipates solar energy generation will surge from 39,676 TWh in 2025 to 58,921 TWh in 2030 and reach 82,185 TWh in 2036. By implementing solar power in local buildings, the region enhances energy security by reducing dependence on imported fossil fuels. This allows hybrid perovskite solar cell systems to be affordable for building owners with self-generated electricity, leading to overall market growth during the projected period.

Moreover, the application domain of hybrid perovskite solar cells extends into transparent solar cells and IoT devices, as well as space-based solar power systems used for diverse purposes. The cells have become popular because their manufacturing costs are reduced, their production processes are simpler, and they become more cost-effective through spin coating techniques, eliminating the need for expensive vacuum systems.

Further, research and development witnessed in academic institutions, private companies, and government agencies drives the ongoing advancements in hybrid perovskite solar cells. For instance, in October 2024, KAIST researchers constructed new-generation perovskite solar cells by implementing dipole technology. The technology improves near-infrared photon collection efficiency beyond the present perovskite solar cell capability, where absorption reaches only 52% of solar power. The new technology combines perovskite with dipole-organic semiconductor to construct a hybrid structure that enhances absorption effectiveness beyond visible wavelengths.

• By application, aerospace is anticipated to be one of the fastest-growing segments in the perovskite solar cells market.

The global perovskite solar cell market, by application, is segmented into industrial, residential, aerospace, and others. Owing to its numerous properties, perovskite has recently been incorporated into aerospace applications for solar cells. These factors include their light weight and compactness, which have made them capable of generating high power-to-weight ratios, which is ideal for satellite, drone, and other aerospace applications. Additionally, due to its flexibility and modularity of construction, its configurations can be easily incorporated into many shapes and sizes to fulfill various aerospace functions. Moreover, solar cells can be made cheaper if perovskite materials are used, making these cells in the aerospace industry a more feasible option.

The Airports Authority of India (AAI), a nodal entity under the Ministry of Civil Aviation, is responsible for developing, upgrading, maintaining, and administering civil aviation facilities in India. AAI is one of the world's largest airport operators, with 137 facilities (24 international, 80 domestic, 23 domestic defense airfields, and 10 customs).

As research and development efforts solve issues such as stability and scalability, perovskite solar cells are set to become a dominant force in powering the future of aircraft. Their distinct advantages present a possible alternative for fulfilling the growing energy demands of space exploration and commercial aircraft.

• By application, the industrial sector is also experiencing notable growth

The industrial perovskite solar cell segment will grow consistently during the forecast period due to the rising demand for renewable transitions and government policies that have made solar cell systems more affordable to industrial building owners. This is leading to their adoption of solar power generation, which drives perovskite solar cell demand higher globally in the coming years.

The European Commission established a solar energy strategy that aims for more than 320 GW of solar photovoltaic by 2025 and 600 GW by 2030. In December 2022, the European PV Industry Alliance came into existence to assist with implementing the industrial goals of the solar energy strategy. The collaboration unit contains three key efforts: increasing supply chain diversity, retaining European market value, and providing sustainable and efficient solar PV product distribution. Through its governmental policy input, the organization works to decrease supply risk disruptions and support its domestic industry. This will contribute to an increase in demand for perovskite solar cells in the industrial sector.

In December 2024, using resources from the Green Innovation Fund, Sekisui Chemical started developing industrial-level perovskite solar cell manufacturing technology that is planned to lead to market availability by 2025. Sekisui Chemical was selected by the Ministry of Economy, Trade, and Industry to join the GX Supply Chain Construction Support Project. Through this plan, the company plans to assist the government's GW-level supply system objective for 2030 by establishing a 100 MW manufacturing facility before 2027.

Moreover, the $44 million investment was raised by Swift Solar in June 2024 with the completion of its $27 million Series A funding, which enabled the company to revolutionize solar energy with advanced tandem products based on perovskite solar materials. Swift Solar plans to enable rapid expansion of its efficient and stable tandem perovskite solar technology through Series A funding just before the projected factory construction.

These market players continue their development efforts, which will contribute to solving manufacturing and scalability issues by increasing perovskite solar cell supply, thus drawing other companies to invest and commercialize the technology, fueling the market’s growth. Further, the growing investment by diverse market players in perovskite solar cell projects in the industrial sector is also boosting market expansion and promoting the deployment of these cells globally.

Perovskite Solar Cells Market Geographical Outlook:

• North America’s perovskite solar cells market is anticipated to grow significantly.

North American countries such as the United States and Canada need Perovskite Cells, which can be ascribed to a desire for renewable solar power generation devices. The shift in consumer preference for green energy will likely fuel demand in North America. The use of cells in automotive and aerospace applications also contributes to the demand. Canada's aerospace sector generated more than C$27 billion (roughly US$20.8 billion) in GDP. Approximately 88% of Canada's aerospace sector is civil, with 12% being defense-related. Along with this, Montréal is the world's third-largest aerospace hub, after Seattle, Washington, and Toulouse, France, accounting for more than 75% of Canadian aerospace research and development. Overall, Canada accounts for 5% of worldwide aerospace sales.

Apart from this, regional governments are keen on promoting Renewable Energy deployment through financing, incentives, and policy changes. At the same time, researchers and scientists are continually searching for enhanced efficiency, stability, and manufacturing methods for the perovskite solar cell. Many firms are also exploring opportunities to monetize perovskite technology, scaling up production, and exploring other sectors.

The rising demand for clean and renewable energy, along with the developing consciousness of climate change, is contributing to the North American perovskite solar cell market's growth. As technology advances and gets cheaper, it is predicted that it will be useful in meeting the region’s energy needs while reducing the carbon footprint.

• Asia Pacific, particularly China, is also witnessing substantial market growth

China is one of the major global economies, witnessing tremendous growth in its energy transition with the sole objective of reducing the overall carbon footprint. Moreover, the ongoing shift in consumer preference towards green has bolstered the country’s efforts to improve its renewable energy development, especially solar.

Perovskite solar cell is an emerging trend in PV applications that offer greater power efficiency in comparison to traditional silicon-based solar cells. With the constant growth in China’s solar capacity, the demand for emerging technologies, inclusive of perovskite solar cells, is increasing in the country. As per the “Spring 2024, Solar Industry Update” report issued by the National Renewable Energy Laboratory, in Q1 of 2024, China’s PV installation experienced 36% growth, with new installations reaching 46 GW.

Moreover, witnessing the potential benefits of emerging PV technologies, the Chinese government has established various policies and regulations to bolster their adoption. For instance, the 14th Five-Year Plan for National Economic and Social Development aims to bolster the development of solar materials and techniques and boost their mass production of techniques that will bolster perovskite solar cell tandem.

Likewise, China-based solar cell manufacturers are investing in perovskite solar cell technology and are implementing projects to bolster their perovskite solar cell efficiency. For instance, as per its January 2025 press release, Jinkor Solar developed an N-Type TOPCon-based perovskite solar cell with a maximum conversion efficiency of 33.4%, which surpassed the company’s previous breakthrough of 33.24% in perovskite solar cells.

Additionally, various companies are emphasizing improving their PSCs with ongoing R&D operations, which also gives China a competitive edge in the PSC industry. According to the July 2024 Mitsui & Co. Global Studies Industry Monthly Report, various Chinese solar cell companies, as of 2023, have already reached an annual production scale of 100 MW in perovskite solar cells, with some planning to advance in GW-scale production. The same source also specified that some of the major Chinese solar manufacturers are trying to combine c-Si and tandem perovskite solar cells.

Global Perovskite Solar Cells Market Key Developments:

• In June 2024, Canon Inc. announced that it had developed a new high-performance material that aims to improve the service life of perovskite solar cells while achieving mass production. The business intends to develop the technology even more and start producing cars on a large scale in 2025.
• In May 2024, JinkoSolar Holding Co., Ltd., a global player in solar modules, celebrated a breakthrough in its N-type TOPCon-based perovskite tandem solar cell.
• In August 2023, Caelux, a Silicon Valley-based company developing cutting-edge perovskite technology for advanced and cost-effective solar energy solutions, successfully closed a new funding round. The $12 million Series A3 funding was led by Temasek, a global investment company, and participated in by Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

The global perovskite solar cells market is segmented and analyzed as follows:

• By Type
  • Hybrid
  • Flexible
  • Multijunction
• By Applications
  • Industrial
  • Residential
  • Aerospace
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Government Support and Policies

4.1.2. Rapid Technological Advancements

4.2. Market Restraints

4.2.1. Presence of Toxic Substances in Perovskite Solar Cells

4.2.2. Threat of Substitutes

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL PEROVSKITE SOLAR CELLS MARKET BY TYPE

5.1. Introduction

5.2. Hybrid

5.3. Flexible

5.4. Multijunction

6. GLOBAL PEROVSKITE SOLAR CELLS MARKET BY APPLICATIONS

6.1. Introduction

6.2. Industrial

6.3. Residential

6.4. Aerospace

6.5. Others

7. GLOBAL PEROVSKITE SOLAR CELLS MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of the Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES 

9.1. Saule Technologies

9.2. P3C Technology and Solutions Pvt. Ltd.

9.3. Oxford PV

9.4. Swift Solar

9.5. Tandem PV

9.6. Rayzon Solar

9.7. Rayleigh Solar Tech

9.8. Canon Inc. 

9.9. CubicPV

9.10. Enecoat Technologies

Saule Technologies

P3C Technology and Solutions Pvt. Ltd.

Oxford PV

Swift Solar

Tandem PV

Rayzon Solar

Rayleigh Solar Tech

Canon Inc. 

CubicPV

Enecoat Technologies