Perovskite solar cells are a type of solar cell which includes a type of material called organic-inorganic lead or tin halide-based perovskite material. Perovskite solar cells have advantages like low production cost, less energy payback time, easy to manufacture flexibility and semi transparency. Despite being a new technology, perovskite solar cells have achieved power conversion efficiencies rivaling mature solar cell technologies in a very short span of time due to constant research and development.

The Perovskite Solar Cell Market is estimated to be valued at US$ 4,392.1 Mn in 2024 and is expected to exhibit a CAGR of 56% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Perovskite Solar Cell Market Size are Saule Technologies, FrontMaterials Co. Ltd., Xiamen Weihua Solar Co. Ltd., Fraunhofer ISE, Polyera Corporation, Solaronix SA, Dyesol, FlexLink Systems Inc., New Energy Technologies Inc, Oxford Photovoltaics, Hanwha Q CELLS, CubicPV, EneCoat Technologies, Microquanta Semiconductor, Greatcell Energy, Oxford PV, P3C, Perovskia Solar AG. The growing demand for renewable energy sources and need for low cost solar technologies are fueling massive investments in perovskite solar cell research. Major companies are expanding globally to establish manufacturing and production facilities for perovskite solar cells as their efficiencies start matching existing solar technologies.

Market drivers

The global Perovskite Solar Cell Market is primarily driven by consistently improving power conversion efficiencies of these solar cells. Researchers worldwide are engaged in developing high efficiency, low cost and stability perovskite materials. Several companies have now achieved over 25% power conversion efficiency in lab and small scale prototypes. As efficiencies improve further to rival other mainstream solar technologies, perovskite cells will become commercially competitive. Their flexibility to be potentially manufactured through lower cost processes like printing also makes them attractive for future large scale commercialization.

Current Geopolitical Situation Impact on Perovskite Solar Cell Market Growth and Regions

The perovskite solar cell market is facing challenges due to global geopolitical uncertainties. The Russia-Ukraine conflict is disrupting supply chains and exports of raw materials. Both countries are major exporters of metals like nickel and cobalt which are crucial inputs in perovskite solar cell manufacturing. Prolonged supply disruptions can hamper production capacities and delay new projects. Rising tensions between China and western nations are also affecting global trade dynamics. Export restrictions on key components can negatively impact the expansion plans of perovskite cell manufacturers.

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