Perovskite Solar Cell Market Trends

Growth Drivers

• Increasing demand for renewable energy: The demand for global energy has significantly increased due to rising worldwide population. However, this has also resulted in growing concerns about the depletion of non-renewable resources and climate change. To cater to these issues, many companies and governments worldwide are inclining towards renewable energy. This has resulted in growing demand for highly efficient, versatile, and cost-effective solar technologies including PSCs.

• Supportive government policies and incentives: Many governments across the globe implement policies and schemes such as tax redemption, subsidies, and research grants to promote the adoption of renewable energy, including solar panels and systems. For instance, in July 2023, the Dutch government launched the SolarNL initiative to fund companies and research organizations working on solar cells and solar energy manufacturing to scale the production of circular integrated solar panels and cells in the Netherlands.  

Challenges

• Side Effects on human health: The crystal structure of perovskites resembles that of the perovskite material, comprising titanium oxide (CaTiO3). The breakdown of the perovskite cell leads to the release of toxic substances known as Pbl, which can adversely impact the human respiratory system. This substance also contains lead, posing a threat to the environment through the contamination of air, water, and soil. As a result, the detrimental effects of perovskite solar cells serve as a limiting factor for market expansion.

• Stability and durability issues associated: Issues associated with stability and durability of perovskite solar cells are the major factors hampering the market growth. Although there have been significant improvements in efficiency and the potential for cost-effective production, ensuring the long-term stability of perovskite materials continues to be a significant challenge.