PEROVSKITE SOLAR CELL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Perovskite Solar Cell Market Size and Trends

Global perovskite solar cell market is estimated to be valued at USD 188.4 Mn in 2024 and is expected to reach USD 4,392.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 56.8% from 2024 to 2031.

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High efficiency even at lower production costs compared to silicon solar panels can boost demand for perovskite solar cells globally. The continuous innovation such as developing solar cells that can work efficiently even in low light conditions is expected to boost sales of perovskite solar cells. Increasing investment by both public and private entities to promote renewable sources of energy including solar energy can drive the perovskite solar cell market growth in the near future.

Potential for Improvement in Efficiency

The potential for improving efficiency is a major factor propelling the global perovskite solar cell market forward. Perovskite solar cells offer significantly higher efficiencies than traditional silicon-based photovoltaic cells, with efficiencies increasing rapidly in recent times. According to the National Renewable Energy Laboratory (NREL), the average efficiency of commercially available silicon solar panels is around 16-22%, whereas experimental perovskite cells have achieved efficiency rates as high as 25.5%. This potential for even higher efficiency gains is attracting considerable research and commercial interest.  As efficiencies increase, perovskite cells will approach the efficiency of crystalline silicon solar panels at a fraction of the cost due to simplicity of fabrication processes involved. Large-scale production costs of perovskite cells could be 10 times lower than crystalline silicon. The ability to produce low-cost high-efficiency solar power opens up new applications and markets. According to the International Energy Agency (IEA), the levelized cost of electricity from residential rooftop perovskite systems could potentially be lower than retail electricity rates in many parts of the world within the next 5 years. This will make solar energy more competitive compared to fossil fuel alternatives and help expand the solar market beyond utility-scale projects.

The potential for significantly lower manufacturing costs as compared to conventional silicon photovoltaic technology can drive the market growth. One of the main reasons silicon has dominated is its economics prevailed over thin film rivals like CdTe and CIGS. However, perovskite production costs show potential to usher in a new era of even lower price photovoltaics. This advantage stems from perovskite cells being solution processable from inexpensive raw materials using techniques like slot-die coating or inkjet printing which enable high-volume roll-to-roll manufacturing. Fabricating perovskite films is a low-temperature process suitable for flexible plastic substrates versus the high temperatures required for crystalline silicon manufacturing. Furthermore, perovskite materials does not require energy-intensive refinement and does not use expensive semiconductor manufacturing equipment. Perovskite components are abundantly available unlike scarce raw materials in thin-film technologies like tellurium and indium.