Perovskite Solar Cell Market size was over USD 130 million in 2023 and is estimated to reach USD 5.86 billion by the end of 2036, growing at a CAGR of 37.3% during the forecast period, i.e., 2024-2036. In 2024, the industry size of perovskite solar cells is estimated at USD 178.1 million.
The global perovskite solar cells market is rapidly expanding due to a growing inclination towards renewable energy resources and rising demand for perovskite solar cells (PSCs) in the building and construction industry. Currently, the building and construction sector consumes about 40% of energy globally and this is expected to double by 2050 due to population growth, high usage of consumer electronics, and lifestyle changes. Thus, building energy generation is steadily shifting from fossil fuels to renewable energy sources, resulting in high demand for photovoltaic systems.
Integrating PSCs into buildings helps to reduce the overall carbon footprint and provide clean, renewable energy. PSCs are used in building materials such as windows, facades, and roofs due to their flexibility, thin-film nature, and ability to blend with architectural designs, without compromising the aesthetics. Several companies are investing in developing advanced and durable PSCs for the construction sector. For instance, in April 2022, Saule Technology and its two Polish partners signed a strategic agreement regarding the development of new products based on perovskite cells.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
37.3% |
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Base Year Market Size (2023) |
USD 130 million |
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Forecast Year Market Size (2036) |
USD 5.86 billion |
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Regional Scope |
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Type (Flexible, Hybrid, Multifunctional)
In terms of type, the flexible segment in the perovskite solar cell market is expected to account for a significant revenue share of 40% by the end of 2036. The versatility and innovative potential of flexible PSCs make them an ideal choice for solar energy applications and can be integrated into various surfaces and materials such as portable chargers, clothing, and unconventional building structures. Their lightweight and flexibility have paved the way for new opportunities in solar installations, especially in areas where traditional rigid panels are not feasible. One of the leading companies in the market, Sekisui launched a next-generation type of solar cells in May 2024. These perovskite cells are light and flexible making them suitable for building walls, curved surfaces, and loadbearing roofs.
Structure (Planar, Mesoporous Perovskite Solar Cell);
Based on structure segmentation, the planar segment in the perovskite solar cell market is anticipated to hold a share of 60% during the forecast timeframe. Planar perovskite solar cells are currently the dominant technology in the industry, largely due to their simpler device architecture and fabrication processes compared to other types of cells. Recent improvements in material engineering and device optimization have greatly enhanced their power conversion efficiency. Furthermore, planar perovskite solar cells demonstrate improved stability and durability, effectively addressing worries about the long-term performance of perovskite materials.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Structure |
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Method |
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Application |
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End use |
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APAC Market Statistics
The perovskite solar cell market in Asia Pacific is anticipated to hold the largest revenue share of about 33.0% by the end of 2036 owing to increasing installation of solar panels to lower the reliance on fossil fuels and supportive government initiatives. Companies in the market are heavily investing in R&D activities to develop advanced perovskite solar cells. In June 2023, P3C Technology and Solutions announced fundraising of USD 25 billion for demonstrating flexible perovskite solar cells to various government and private bodies.
In India, the market is expected to account for a significant revenue share during the forecast period owing to rising awareness about solar power and favorable government support to promote perovskite solar cells. Moreover, the public and private sectors are focused on developing advanced technologies and solar cells. For instance, in July 2023, Indian scientists from the Department of Science and Technology developed low cost and highly stable carbon-based perovskite solar cells with better thermal and moisture stability than the conventional ones.
The market in Japan is anticipated to register a staggering CAGR by the end of 2036. This growth can be attributed to the growing demand for renewable energy and rising efforts to achieve carbon neutrality in Japan by 2050.
North America Market Analysis
The North America perovskite solar cell market is expected to register a significant revenue share in the global market during the forecast period owing to growing inclination towards renewable energy sources to cater to rising climate changes, rapid advancements in solar cell technology, and presence of leading companies.
The market in the U.S. is predicted to witness robust revenue growth during the forecast period due to rising demand for renewable energy and ongoing research on improving the efficiency, stability, and scalability of perovskite solar cells. In July 2024, A U.S research team developed a 15cm2 perovskite solar module resistant to UV light. This module is expected to improve overall panel stability and efficiency.
The Canada perovskite solar cell market is expected to register rapid CAGR between 2024 and 2036 owing to increasing awareness about the high adoption of advanced technologies, increasing installations of solar panels, and rising investments in R&D activities. In February 2024, researchers at the University of Victoria, Canada developed a fully printable flexible perovskite solar cell based on PET substrate and is expected to achieve 17.6% efficiency.
The perovskite solar cell market is rapidly changing due to notable technological breakthroughs and an increasing focus on renewable energy sources. A market share study highlights major players, geographical dominance, and new trends that are influencing the direction of the industry, illuminating how various regions and businesses are positioned within this dynamic market. Here is a list of key players operating in the global market.
Author Credits: Dhruv Bhatia
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