Perovskite Solar Cell Market Expecting an Outstanding Growth of $6.6 Billion by 2030

Rise in environmental concerns about carbon emissions, and prevalence of alternative energy sources drive the growth of the global perovskite solar cell market.

PORTLAND, OREGON, UNITED STATES, July 26, 2022 /EINPresswire.com/ -- Perovskite solar cell (PSC) includes the perovskite-structured material as an active layer based on the solution processed by tin or halide. Perovskite materials offer excellent light absorption, charge-carrier mobilities, and lifetimes, resulting in high device efficiencies with opportunities to realize a low-cost, industry-scalable technology. Perovskite solar cells (PSCs) are the most emerging area of research among different new generation photovoltaic technologies due to its super power conversion efficiency (PCE). The perovskite solar cells efficiency is high in devices using perovskite cells and has improved significantly over period, due to continuous developments in solar energy.

The goal of the perovskite solar cell is to boost cell efficiency while lowering solar energy costs. Solar cells made on perovskite may emit light in a wide variety of wavelengths. They can convert more solar energy into electricity as a result of this. One of the most significant benefits of perovskite solar cells over other solar technologies is their ability to store energy. These solar cells also have characteristics including flexibility, semitransparency, and lightness. These properties of perovskite solar cells are expected to open up new possibilities for a variety of solar cell applications. Gold is now the most popular electrode material in perovskite solar cells. As a result, perovskite solar cells are more expensive than other commercially available solar cells. This is projected to hinder the perovskite solar cell market during the projected period. These are some of the perovskite solar cell market trends observed globally.

"Perovskite Solar Cell Market by Structure, Product, Method and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global perovskite solar cell industry was accounted for $0.4 billion in 2020, and is anticipated to garner $6.6 billion by 2030, growing at a CAGR of 32.4% from 2021 to 2030.

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Increase in demand for solar cells due to their flexibility and light weight, surge in number of applications in various industries, rise in environmental concerns about carbon emissions, and prevalence of alternative energy sources drive the growth of the global perovskite solar cell market. However, presence of toxic materials hinders the market growth. On the contrary, rise in research and development activities is expected to open new opportunities for the market players in the future.

The global Perovskite solar cell market is segmented on the basis of structure, product, method, end-use, and region. Based on the structure, the global market is segmented into planar perovskite solar cells and mesoporous perovskite solar cells. The planar perovskite solar cells segment accounted for the largest share in 2020, while the mesoporous perovskite solar cells segment is projected to witness growth at the highest CAGR of 32.8%.

By structure, the planar perovskite solar cells segment held the largest share in 2020, accounting for more than two-thirds of the global perovskite solar cell market, as it provides low-temperature processing, high efficiency, and negligible hysteresis behavior. However, the mesoporous perovskite solar cells segment is estimated to register the highest CAGR of 32.8% during the forecast period, as it offers high absorption coefficients, optimal bandgaps, and long-range exciton diffusion lengths.

Based on the Product, the global Perovskite solar cell market is segmented into rigid perovskite solar cells and flexible perovskite solar cells. The flexible perovskite solar cells segment accounted for the largest share in 2020, while the rigid perovskite solar cells segment is projected to witness growth at the highest CAGR of 32.7%.

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By end user, the consumer electronics segment is projected to manifest the highest CAGR of 33.6% during the forecast period, due to rise in demand for wearable technology. However, the energy segment dominated the market in terms of revenue, contributing to nearly two-fifths of the global perovskite solar cell market, owing to rise in demand for renewable energy sources through sustainable means.

By region, the global perovskite solar cell market across Europe, followed by North America, held the largest share in 2020, accounting for nearly half of the market, due to rise in incorporation of renewable energy sources in the region. However, the market across Asia-Pacific would register the highest CAGR of 33.3% from 2021 to 2027, owing to rise in demand for reliable electric supply through sustainable sources.

The global perovskite solar cell industry is consolidated in nature with a few players, such as 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., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

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Impact Of Covid-19 On The Global Perovskite Solar Cell Market

• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11th, 2020.
• Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
• Pervoskite solar cells are primarily used in supplements, cosmetics, industrial, and personal care slight decline in the growth rate.
• In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
• The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.
• Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has impacted negatively on the manufacturing and industrial industries. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.

David Correa
Allied Analytics LLP
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