Global Perovskite Cells Market Highlights 2022 – 2030
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.
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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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Perovskite Cells Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global perovskite cells market includes the following segments:
By Structure
- Planar
- Mesoporous
By Installation
- Ground Mount
- Roof Mount
- Portable
- Others
By Method
- Solution Method
- Vapor-Assisted Solution Method
- Vapor Deposition Method
By Application
- Residential
- Commercial
- Industrial
- Automotive
- Defense
- Others
Growth Drivers
- Growing Emphasis on Generation of Energy by Renewables
- Rising Production of Electricity by Solar Energy Globally
Challenges
- Low Durability of Solar Cell
Top Featured Companies Dominating the Market
- BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Fujikara Ltd.
- Oxford PV
- Solaronix SA
- Energy Material Corporation
- FrontMaterials Co. Ltd.
- Xiamen Weihua Solar Co. Ltd.
- Fraunhofer ISE
- FlexLink Systems Inc.
- Polyera Corporation
