Perovskite Solar Cell Market Regional Analysis:
APAC Market Insights
The perovskite solar cell market in Asia Pacific industry is poised to dominate majority revenue share of 33% by 2035owing to increasing installation of solar panels to lower the reliance on fossil fuels and supportive government initiatives. Companies in the market are heavily investing in R&D activities to develop advanced perovskite solar cells. In June 2023, P3C Technology and Solutions announced fundraising of USD 25 billion for demonstrating flexible perovskite solar cells to various government and private bodies.
In India, the market is expected to account for a significant revenue share during the forecast period owing to rising awareness about solar power and favorable government support to promote perovskite solar cells. Moreover, the public and private sectors are focused on developing advanced technologies and solar cells. For instance, in July 2023, Indian scientists from the Department of Science and Technology developed low cost and highly stable carbon-based perovskite solar cells with better thermal and moisture stability than the conventional ones.
The market in Japan is anticipated to register a staggering CAGR by the end of 2035. This growth can be attributed to the growing demand for renewable energy and rising efforts to achieve carbon neutrality in Japan by 2050.
North America Market Insights
The North America perovskite solar cell market is expected to register a significant revenue share in the global market during the forecast period owing to growing inclination towards renewable energy sources to cater to rising climate changes, rapid advancements in solar cell technology, and presence of leading companies.
The market in the U.S. is predicted to witness robust revenue growth during the forecast period due to rising demand for renewable energy and ongoing research on improving the efficiency, stability, and scalability of perovskite solar cells. In July 2024, A U.S research team developed a 15cm2 perovskite solar module resistant to UV light. This module is expected to improve overall panel stability and efficiency.
The Canada perovskite solar cell market is expected to register rapid CAGR between 2024 and 2035 owing to increasing awareness about the high adoption of advanced technologies, increasing installations of solar panels, and rising investments in R&D activities. In February 2024, researchers at the University of Victoria, Canada developed a fully printable flexible perovskite solar cell based on PET substrate and is expected to achieve 17.6% efficiency.
