On the basis of geographical analysis, the global perovskite cells market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share over the forecast period on the back of the increasing production of solar energy, and growing investments in research and development activities associated with the development of advanced perovskite cells. Moreover, the market in Europe is also expected to acquire a significant share during the forecast period owing to the high production of solar panels and photovoltaic energy in the region. In 2018, European Union installed solar power systems of about 8 GW capacity. Total installations in the continent grew by almost 20 percent to 11 GW that same year. In addition, government initiatives regarding reduction of emissions are also anticipated to accelerate market growth in the region in the coming years.
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The global perovskite cells market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global perovskite cells market includes the following segments:
November 2020- Energy Materials Corporation declared that it will pursue roll-to-roll printing of perovskite PV on glass. The company’s funding includes a USD 4 million research grant from the U.S. Department of Energy.
August 2019- Oxford PV, UK based perovskite company, announced the purchase of its first solar cell manufacturing equipment by Swiss company Meyer Burger. The company planned to build a specialist production line with a capacity of 250 MW by the end of the year.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are growing emphasis on generation of energy by renewables, and rising production of electricity by solar energy globally.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Low durability of solar cell is estimated to hamper the market growth.
Ans: North America is estimated to provide more business opportunities to the market owing to the increasing production of solar energy in the region.
Ans: The major players in the market are BASF SE, Fujikara Ltd., Oxford PV, Solaronix SA, Energy Material Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by structure, installation, method, application, and by region.
Ans: The industrial segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.