Perovskite Solar Cell Market Size

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.