New Delhi, May 26, 2022 (GLOBE NEWSWIRE) -- According to the study undertaken by Astute Analytica, the Global Perovskite Solar Cells Market is projected to make a rise in its revenue from US$ 442.2 Mn in 2021 to US$ 2,012.8 Mn by 2027. The market is recording a CAGR of 28.7% over the forecast period. The most common types of solar panels are manufactured with crystalline silicon (c-Si) or thin-film solar cell technologies, but these are not the only available options, there is another interesting set of materials with great potential for solar applications, called perovskites.
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153 – Tables
372 – Figures
586 – Pages
Perovskite solar cells are the main option competing to replace c-Si solar cells as the most efficient and cheap material for solar panels in the future. Perovskites have the potential of producing thinner and lighter solar panels, operating at room temperature. The growth of the perovskite solar cells market is attributed to factors such as an increase in demand for environmentally friendly energy, low production cost of perovskite solar cells, and potential for high performance. Moreover, compared to other kinds of solar cells, such as copper indium gallium selenide solar cells or cadmium telluride solar cells, perovskite solar cells offer increased efficiency that further expands their demand in the market.
Market Dynamics
Drivers:
The major factors leading to the growth of the global perovskite solar cells market are advancements in technology, low manufacturing cost coupled with high performance which helps in greenhouse reduction. Further, the perovskite solar cells are easily manufactured, possess flexibility, and can fit in small areas. Thus, technological advancements and comparative benefits among other varieties of solar cells are accelerating the demand for perovskite solar cells. For example, metal halide perovskite-based solar cells became a game-changer in the photovoltaic performance race with quick development in power conversion efficiency (PCE).
Restraints:
However, perovskite solar cells are toxic in nature, as they are made up of perovskite structured material which is made up of hybrid organic and inorganic lead or tin halide-based material, which affects the environment. Lead which is released during the manufacturing of photovoltaic (PV) contaminates air, water, and soil.
Segmental Analysis of the Global Perovskite Solar Cells Market
The various segmentations considered to analyze the Global Perovskite Solar Cells Market are based on product type, module type, structure, application, and region. Based on product type, the hybrid PSCs segment holds the highest market share in 2021 whereas the flexible PSCs segment records the highest CAGR over the forecast period. In terms of module type, the rigid module segment dominates the market in 2021 and is projected to continue its dominance over the forecast period. Further, based on structure, the planar perovskite solar cells segment holds the highest market share in 2021 and further registers the highest CAGR over the projection period. In addition, consumer electronics holds the highest share in the perovskite solar cells market in terms of application.
Regional Analysis:
The Global Perovskite Solar Cells Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America, based on region. The Asia Pacific perovskite solar cells market holds the highest share in the global Perovskite Solar Cells Market, holding 55% of the market share in 2021. Further, China and Japan play a significant role in the manufacturing and distribution of perovskite solar cells. China is the major shareholder country in the Asia Pacific and holds a 60% share of the perovskite solar cells market of Asia Pacific in 2021. Japan is the second-highest shareholder country in the region.
Europe is the second-highest shareholder region in the Global Perovskite Solar Cells Market, followed by North America, Middle East & Africa, and South America. There is a growing network of e-scrap and solar panel recyclers in Europe forming strategic partnerships to address PV recycling. The European Union has adopted two directives in this regard; the Waste Electrical & Electronic Equipment Directive (WEED) and the Restriction of Hazardous Substances (RoHS) Directive to reduce and monitor the impact of lead on the environment. WEED sets recycling, collecting, and recovery targets for electrical goods. It requires that 75% of PV modules by weight be recovered and 65% by weight be recycled.
Impact of COVD – 19 on Global Perovskite Solar Cells Market
The COVID-19 pandemic has adversely affected the perovskite solar cell market as many industrial units were shut due to the restriction, social distancing, and lockdown associated with the pandemic. Further, employees' absences affected the supply chain and manufacturing of PV. Many PV installation projects were either canceled or postponed thereby risking the huge investments made by small and marginal enterprises. Further, lockdown in many countries has resulted in decreased energy demand, falling energy prices, and reduced PV solar installations at homes or business areas. Countries such as the United States, China, Japan, and India; having the majority of share in the perovskite solar cells market were adversely affected by the government regulations imposed during the pandemic. However, the post-pandemic world is witnessing a rise in demand for the global perovskite solar cells market.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 442.2 Million |
| Market Outlook for 2027 | US$ 2012.8 Million |
| Expected CAGR Growth | 28.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Top Market Players | BASF SE, Oxford PV, GCL, Hubei Wonder Solar, Swift Solar, Merck, Alfa Aesar, Dyenamo, Energy Material Corporation, Frontier Energy Solutions, Fujifilm Corporation, Fujikara, Hunt Perovskite Technologies (HPT), InfinityPV, Jinkosolar, Panasonic Corporation, Saule Technologies, Sharp, and Solaronix SA, among others. |
| Segments Covered | By Product Type, By Module Type, By Structure, By Application, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Competitive Dashboard
The key players in the Global Perovskite Solar Cells Market are BASF SE, Oxford PV, GCL, Hubei Wonder Solar, Swift Solar, Merck, Alfa Aesar, Dyenamo, Energy Material Corporation, Frontier Energy Solutions, Fujifilm Corporation, Fujikara, Hunt Perovskite Technologies (HPT), InfinityPV, Jinkosolar, Panasonic Corporation, Saule Technologies, Sharp, and Solaronix SA, among others. Further, companies such as Jinkosolar, Alfa Aesar, SwiftSolar, and Merck are the top four players in the market, holding around 29.7% of the market share and the rest of the market is captured by other local players and small-scale players. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions to have a grip on the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
The following are the various segments of the Global Perovskite Solar Cells Market:
By Product Type segment of the Global Perovskite Solar Cells Market is sub-segmented into:
- Hybrid PSCs
- Flexible PSCs
- Multi-junction PSCs
By Module type segment of the Global Perovskite Solar Cells Market is sub-segmented into:
- Rigid Module
- Flexible Module
By Structure segment of the Global Perovskite Solar Cells Market is sub-segmented into:
- Planar Perovskite solar cells
- Mesoporous Perovskite solar cells
By Application segment of the Global Perovskite Solar Cells Market is sub-segmented into:
- Smart glass
- Solar panel
- Perovskite in tandem solar cells
- Portable devices
- Utilities
- BIPV (Building-integrated photovoltaics)
- Defense and Aerospace
- Power Station
- Transportation
By Region segment of the Global Perovskite Solar Cells Market is sub-segmented into:
- North America
-
- The U.S.
- Canada
- Mexico
-
- South America
-
- Brazil
- Argentina
- Rest of South America
-
- Asia Pacific
-
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Malaysia
- Indonesia
- Thailand
- Philippines
- Vietnam
- Rest of ASEAN
- Rest of Asia Pacific
-
- Middle East and Africa
-
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Egypt
- Rest of MEA
-
- Europe
-
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
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To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/perovskite-solar-cells-market
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