The global perovskite cells market is estimated to garner a sizeable revenue and grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. Increasing technological advancements to improve the flexibility, and light absorbing capacity of perovskite cells is primarily expected to propel market growth in the upcoming years. Furthermore, escalating usage of the product in the automotive industry for making roofs of cars, and the ability of perovskite cells to reach a broad range of wavelengths of light are projected to offer profitable opportunities to the market in the near future.
The growth of the market can also be attributed to the growing emphasis on generation of energy by renewables, and rising production of electricity by solar energy across the globe. According to the International Energy Agency, the solar PV generation reached a value of 821 TWh in 2020, up from 665 TWh and 588.8 TWh in 2019 and 2018 respectively.
The market is segmented by application into residential, commercial, industrial, automotive, defense, and others, out of which, the industrial segment is anticipated to hold the largest share in the global perovskite cells market. This can be accounted to the high use of building-integrated photovoltaics for reducing carbon footprint of buildings in industrial settings. Additionally, on the basis of method, the vapor assisted solution method is assessed to acquire the largest share during the forecast period, which can be credited to the wide flexibility of this method for delicate control of film growth with vigorous re-organizational growth and retarded nucleation. Apart from this, this method provides high quality absorber films for solar devices, which is also predicted to bolster the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
The global perovskite cells market is further classified on the basis of region as follows:
Our in-depth analysis of the global perovskite cells market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing emphasis on generation of energy by renewables, and rising production of electricity by solar energy globally.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Low durability of solar cell is estimated to hamper the market growth.
North America is estimated to provide more business opportunities to the market owing to the increasing production of solar energy in the region.
The major players in the market are BASF SE, Fujikara Ltd., Oxford PV, Solaronix SA, Energy Material Corporation, and others.
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.
The market is segmented by structure, installation, method, application, and by region.
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.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization