WELLESLEY, Mass., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Research and development activities related to the production of perovskite solar cells has increased dramatically in recent years, leading to the first steps in their commercialization, according to the first-ever report by BCC Research. These devices have promising potential for use in the construction, architectural, infrastructure and electronics sectors.

The global market is expected to see a compound annual growth rate (CAGR) of 7.0% through 2022, when the sector could be worth $5.2 billion, according to the report Perovskite Solar Cells: Materials, Fabrication and Global Markets

Perovskites are materials with a unique crystal structure that enable them to be used in a number of fields. Though they are most commonly synthesized in the form of oxides, their use in halides has seen increasing popularity in recent years due to their semiconducting properties. Unit prices are expected to continue dropping in order to remain competitive with crystalline silicon.

Major patent holders in the industry mentioned in this report include Sekisui Chemical, Fujifilm, Global Frontier Center For Multiscale Energy Systems, Hunt Energy Enterprises, LG Chem, Research & Business Foundation Sungkyunkwan University, Massachusetts Institute of Technology, Ecole Polytechnique Federale de Lausanne and Huazhong University of Science and Technology, among others.

Research Highlights

  • While the overall thin film market is expected to see 7.0% CAGR through 2022, the perovskite-only segment is anticipating a CAGR of 61.5%, with an estimated 2022 value of $22 million.
  • Although demand for thin film solar modules is forecast to be healthy, price pressures will remain high.
  • Demand for thin film solar cells will be affected by the increasing penetration of renewable, clean sources of energy due to environmental concerns, healthy growth in construction and utility markets and strong expansion of the building-integrated photovoltaic market.                                                      

“Perovskite solar cells are considered by many the most promising technology in the field of photovoltaics, capable of reaching record efficiencies within the next five years, surpassing traditional crystalline silicon cells,” said BCC Research analyst and report author Margareth Gagliardi. “Cell efficiency has increased tenfold in less than 10 years. Cell stability, which is currently one of the main drawbacks for commercialization, has reached 10,000 hours in 2017 from 1,000 hours in 2016. Thin film fabrication processes will help to make this technology very cost-effective when compared to traditional solar cells and allow for the fabrication of novel cell configurations, driving rapid market growth during the next 10 years.”

Interest in Perovskite Solar Cells Reflected in Global Patent Trends

The number of patents issued since 2014 has increased significantly, the report noted. In 2014, an average of 1.7 perovskite solar cell patents were issued each month—that figured increased to 2.9 per month in 2015, 3.9 per month in 2016 and 4.7 per month in 2017. Overall, patents per month have increased at a CAGR of more than 40% since 2014. 

“Generally speaking,” Gagliardi wrote, “an average of three patents per month or more indicates significant interest in a particular technology.”

The Asia-Pacific region accounts for the largest number of patents, with a share of nearly 54% of the market. The U.S. followed with a share of 21.7%. Companies in Europe represent 17% of the world total. Although it leads the world in number of patents, the Asia-Pacific region saw a CAGR of -15.7% from 2016 to 2017, while Europe saw a 62.3% increase.

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

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