Perovskite Solar Cell Market Trends: Innovations Driving High Efficiency and Low-Cost Solar Solutions
Global Perovskite Solar Cell Market projected to grow at a CAGR of 32.4% from 2021 to 2030.
WILMINGTON, DE, UNITED STATES, September 20, 2024 /EINPresswire.com/ --
According to a new published report by Allied Market Research, the global perovskite solar cell market size was valued at $0.4 billion in 2020, and is projected to reach $6.6 billion by 2030, growing at a CAGR of 32.4% from 2021 to 2030.
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.
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Europe accounted for the largest share of the market in 2020, while Asia-Pacific was the fastest growing region.
Asia-Pacific has a well-established and growing demand potential for pharmaceutical and cosmetic products.
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.
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.
The market for perovskite solar cells is being driven by the fastest-advancing solar technology, low-cost and high optical absorption, and the use of perovskite compounds in the conversion of solar energy to electricity, which has resulted in a considerable improvement in power conversion efficiency.
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.
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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.
Based on the Product, the global Perovskite solar cell market analysis 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%.
Based on the structure, the global Perovskite solar cell 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%.
On the basis of method, the global perovskite solar cell market is segmented into solution method, vapor-deposition method and vapor-assisted solution method.
The vapor-deposition method segment accounted for the largest share in 2020, while the vapor-assisted solution Method segment is projected to grow at the highest CAGR of 32.9%.
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End use of Perovskite solar cell includes aerospace, industrial automation, consumer electronics, energy and others. The energy segment accounted for the largest share of the perovskite solar cell market in 2020.
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.
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.
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The rise in public awareness about health issues is one of the factors propelling the Perovskite solar cell market throughout the forecast period. Increasing use of sterilizing solutions as a result of the coronavirus epidemic is also driving demand for the overall industry. Demand for Perovskite solar cell will be boosted by a positive perspective on bleaching products.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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