Perovskite Solar Cells Module Market

The global Perovskite Solar Cells Module Market is valued at USD 170 Million in 2023 and is projected to reach a value of USD 8155 Million by 2032 at a CAGR (Compound Annual Growth Rate) of 53.8% between 2024 and 2032. The global market is driven by the high efficiency, lower production costs, and lightweight properties. Increased research & development investments, rising demand for renewable energy, and advancements in tandem solar cell technologies further fuel market growth, attracting interest from energy companies and investors globally.

Key Highlights

• Asia Pacific dominated the market in 2023, with 40.2% market share, driven by rising renewable energy demand, significant investments, supportive government policies, and rapid technological advancements
• The Flexible PSCs segment held 45.3% market share in 2023, due to their versatility, lightweight nature, and ability to be integrated into diverse surfaces and materials, making solar power more accessible and practical
• The Planar Perovskite Solar Cells segment accounted for the largest share, i.e., 38.2% in 2023 due to their high efficiency, simplicity in fabrication, and established compatibility with existing manufacturing processes
• In 2023, the Solution Method segment dominated the market with a 55.2% share due to its cost-effectiveness, ease of scalability, and compatibility with large-scale production processes
• The Smart Glass segment dominated the market with a 32.5% share in 2023, due to its advanced energy-efficient features, growing demand for energy-saving technologies, and increasing applications in building and automotive sectors
• Based on End-Use, the Energy segment dominated the market in 2023, with 37.1% of the market share, driven by increasing demand for renewable energy solutions, advancements in energy generation technologies, and substantial investments in clean energy infrastructure
• Supportive government policies and regulatory frameworks are playing a vital role in promoting the development and deployment of perovskite solar cells. Subsidies, tax incentives, and grants for renewable energy projects are encouraging the adoption of perovskite technology

Type Overview

Based on Type, the global market is segmented into Flexible PSCs, Hybrid PSCs, and Multi-Junction PSCs. In 2023, Flexible Perovskite Solar Cells (PSCs) led the market, commanding over 45.3% of the Perovskite Solar Cells Module Market. Their popularity stems from their versatility and innovative potential, allowing integration into various surfaces and materials such as clothing, portable chargers, and unconventional building structures. The lightweight & flexible nature of these cells enable solar installations in locations where traditional rigid panels are impractical, thus making solar power more accessible and seamlessly integrated into daily life.

Hybrid PSCs also established a notable presence by combining perovskite materials with conventional silicon or other photovoltaic substances to boost efficiency and performance. This segment leverages the advantages of both: the high efficiency and cost-effectiveness of perovskites, along with the durability and proven performance of silicon. Hybrid PSCs are especially attractive due to their potential to significantly reduce the cost per watt of solar energy, positioning them as a competitive choice in the renewable energy sector.

Multi-Junction PSCs, an advanced segment of the market, focus on layering different materials to capture a broader spectrum of sunlight and achieve higher efficiency rates. Although they currently represent a smaller market share, their ability to deliver record-breaking efficiencies makes them a crucial area of research & development. Despite being in the early stages of commercialization, Multi-Junction PSCs are expected to play a pivotal role in the future of high-efficiency solar panels, especially in applications where space is limited and maximum power output is critical.

Regional Overview

Asia Pacific to lead global perovskite solar cells market with 40.2% share. This leadership is driven by a surge in demand for renewable energy and substantial investments in solar energy research and development, particularly in India, China, and various Southeast Asian countries. The region’s strong growth is underpinned by its dynamic solar energy sector and commitment to sustainable energy solutions.

Europe is also set to experience significant growth in the perovskite solar cells market driven by the shift towards renewable energy sources among consumers and industries, alongside high demand from sectors such as renewable energy integration, portable electronics, & building-integrated photovoltaics (BIPV). Europe’s focus on eco-friendly living, energy efficiency, and sustainable innovation supports the increasing adoption of perovskite solar cells, establishing it as a major market for this emerging technology.

In North America, the demand for perovskite solar cells is expected to rise due to economic growth and the expansion of sectors like green building & electric vehicles that require clean, efficient energy sources. The region’s emphasis on innovative renewable energy technologies and environmental sustainability will likely strengthen its position in the market, making North America a key player in the market.

Key Trends

1. Efficiency Improvements: Continuous advancements in perovskite materials and tandem solar cell technologies are significantly boosting efficiency levels, making them more competitive with traditional silicon-based cells.
2. Commercialization and Large-Scale Production: The market is witnessing increased efforts towards commercialization, with several companies focusing on scaling up production capabilities and optimizing manufacturing processes to lower costs.
3. Hybrid and Tandem Cells Development: The development of perovskite-silicon tandem cells, which combine perovskite with other materials to maximize energy conversion, is gaining traction, enhancing overall performance.
4. R&D Investments and Collaborations: Significant investments in research and development, alongside collaborations between academia, industry players, and governments, are fostering innovation and accelerating the path to market readiness.
5. Focus on Stability and Durability: Efforts to enhance the stability, longevity, and resistance of perovskite solar cells to environmental factors are a key trend, addressing concerns related to degradation and lifespan.
6. Sustainability and Eco-Friendly Manufacturing: Growing emphasis on developing lead-free, environmentally sustainable perovskite solar cells is influencing market dynamics, with a focus on reducing environmental impact and adhering to regulations.

Market Dynamics

Technological Advancements and Cost-Effective Production Drive the Market Growth

In the past decade, perovskite photovoltaics have evolved from being relatively unknown to becoming one of the most promising and closely monitored areas in renewable energy. The efficiency of perovskite solar cells in converting sunlight into electricity has significantly increased, reaching levels that are competitive with or even exceed those of traditional silicon-based solar cells in laboratory tests. This impressive progress highlights the advantages of perovskite materials, such as their excellent light absorption capabilities, high charge carrier mobilities, and the flexibility of their chemical composition, which can be tailored for specific uses.

Perovskite solar cells offer an appealing mix of high performance and potential for low-cost production, making them a viable option for various solar energy applications. Unlike silicon-based cells, perovskites can be produced using simpler methods like printing techniques, which can be efficiently scaled up. This promises to lower the cost of solar energy to levels that could be competitive with or even cheaper than traditional energy sources, promoting wider adoption & integration into the global energy landscape. The flexibility and lightweight nature of certain perovskite solar cell designs create new opportunities beyond conventional solar panels. These include integration into building materials (building-integrated photovoltaics or BIPV), vehicles, portable electronics, and wearable devices.

Unlocking New Possibilities: The Role of Perovskite Solar Cells in Building-Integrated Photovoltaics and Wearable Technology

A significant opportunity for the Perovskite Solar Cells Module Market lies in integrating perovskite solar cells into Building-Integrated Photovoltaics (BIPV) and wearable technology. With the global emphasis increasingly shifting towards sustainable & renewable energy sources, there is a growing demand for innovative and efficient solar solutions. Perovskite solar cells, known for their high efficiency, flexibility, and potential for transparent or semi-transparent designs, are well-positioned to transform these areas.

The BIPV sector, in particular, presents a promising avenue for perovskite solar cells. Unlike traditional solar panels, which are often mounted on rooftops and can be visually unappealing or unsuitable for certain building types, perovskite solar cells can be seamlessly integrated into building materials such as windows, facades, and roofing. This integration not only enhances the aesthetic appeal of buildings but also converts the entire building envelope into a power-generating unit, contributing significantly to the building’s energy needs & reducing its carbon footprint. The adaptability and efficiency of perovskite solar cells could accelerate the adoption of BIPV, turning urban environments into sustainable energy producers. In the realm of wearable technology, perovskite solar cells also offer the potential to power devices with minimal reliance on traditional energy sources.

Stability and Durability Challenges in the Perovskite Solar Cells Module Market

A major challenge facing the Perovskite Solar Cells Module Market is the issue of stability and durability of perovskite solar cells. Although there have been significant advancements in efficiency and potential for low-cost production, ensuring the long-term stability of perovskite materials remains a critical obstacle. Perovskite solar cells tend to degrade more quickly than traditional silicon-based cells when exposed to environmental factors such as moisture, heat, and ultraviolet light. This degradation can notably diminish their effectiveness and lifespan, affecting their suitability for long-term use & large-scale deployment.

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Competitive Landscape

Companies in this market are actively pursuing advancements in technology to streamline and expand their product portfolios. They are leveraging innovative practices & techniques to develop cutting-edge technologies. To boost sales, companies are focusing on strategic acquisitions & investments. The market is highly competitive, with numerous large players vying for dominance. Major companies are working to capture a larger market share by continuously launching new products and enhancing their offerings. For instance, Toshiba Corporation, a global leader in next-generation solar technology, has introduced an innovative coating method for perovskite photovoltaic modules in September 2023, achieving a power conversion efficiency (PCE) of 15.1% for its 703 cm² module—the highest recorded for any large, polymer film-based perovskite module. This new coating technique not only enhances efficiency but also significantly reduces production time and costs, making solar power generation more economical. As the push for carbon neutrality intensifies, there is a growing need for increased use of photovoltaic power and expanded installation options.

Recent Market Developments

20% More Efficient Tandem Solar Panels Make Their Commercial Debut in the US

• In September 2024, Oxford PV, a leader in advanced solar technology, has officially launched its groundbreaking tandem solar panels in the US market. These 72-cell panels, featuring Oxford PV’s proprietary perovskite-on-silicon technology, deliver up to 20% more energy compared to conventional silicon panels. Designed for utility-scale installations, these panels promise to lower the levelized cost of electricity (LCOE) and enhance land use efficiency by generating more power from the same area.

Oxford PV and Fraunhofer ISE Unveil Full-Sized Tandem PV Module with Record 25% Efficiency

• In January 2024, Oxford PV and the Fraunhofer Institute for Solar Energy Systems ISE have achieved a significant breakthrough with their new perovskite-silicon tandem photovoltaic (PV) module. This full-sized module boasts a record efficiency of 25% and an output of 421 watts over an area of 1.68 square meters, making it the most efficient silicon-perovskite tandem solar module to date.

Solliance Sets New Records with Perovskite Photovoltaics

• In November 2023, Solliance has achieved a groundbreaking milestone in perovskite-based photovoltaics, setting a world record for cell-level conversion efficiency at 13.5% and module-level aperture area conversion efficiency at 12.2%. This achievement was made possible through the use of industrially scalable roll-to-roll (R2R) production processes.

SEKISUI CHEMICAL Pioneers Film-Type Perovskite Solar Cells Installation in Japan

• In October 2023, SEKISUI CHEMICAL CO., LTD., has achieved a significant milestone by installing film-type perovskite solar cells on the exterior walls of the Dojima Kanden Building, its Osaka headquarters. This marks the first permanent installation of such technology on a building in Japan. This innovative deployment highlights SEKISUI CHEMICAL's commitment to advancing solar technology and integrating it into architectural designs.

Panasonic Unveils Building-Integrated Perovskite Photovoltaics Glass Prototype

• In August 2023, Panasonic Holdings Corporation (Panasonic HD) has announced the development of a prototype for building-integrated perovskite photovoltaic glass. The company has launched a long-term demonstration project at the newly constructed “Future Co-Creation FINECOURT III” model house in Fujisawa Sustainable Smart Town (Fujisawa SST), Kanagawa Prefecture, Japan. The project, which includes technical tests extending over a year, aims to showcase the potential of this innovative glass in real-world applications.

The global Perovskite Solar Cells Module market can be categorized as Type, Structure, Method, Application, End-Use, and Region.