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

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

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 its 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.

GLOBAL PEROVSKITE SOLAR CELLS MARKET DRIVERS:

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 of perovskites 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 compliments 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.

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 US Manufacturing of Advanced Perovskites Consortium, intending to rush the development of low-cost perovskite solar cells for commercial and industrial application. The National Renewable Energy Laboratory (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 application, aerospace is anticipated to be one of the fastest-growing segments in the perovskite solar cells market.

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 has 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 Entity 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.

• 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.

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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