Perovskite Photovoltaics Market Size Will Attain US$2.5 Billion by 2030, Says Fairfield Market Research

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At an estimated CAGR of 66% between 2023 and 2030, the perovskite photovoltaics industry is all set to travel an impressive growth trajectory. The Fairfield study indicates ample opportunity in BIPV applications. Asian markets will surge ahead.

London, Aug. 24, 2023 (GLOBE NEWSWIRE) — The exceptional power conversion efficiency (PCE) of perovskite photovoltaics has propelled it into the forefront of cutting-edge research within the realm of new-generation photovoltaic technologies. The latest published report by Fairfield Market Research says that the perovskite photovoltaics market is poised for unprecedented growth at around 66% from 2023 to 2030. The remarkable market growth trajectory is set to drive the market value to approximately US$2.5 Bn by the end of 2030.

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REPORT SCOPE

Report Attributes Details
Base Year 2022  
Forecast Year 2023 – 2030
Estimated Market Size in 2030 US$2.5 Bn
CAGR 66%  
Segmentation By Type of Structure, By Type, By Product, By Vertical
Regional Coverage North America, Europe, Asia Pacific, Rest of the World
Key Players First Solar, Ascent Solar, Beijing Yaoneng Technology Co., Ltd., Hanwha Q CELLS, EneCoat Technologies Co. Ltd., Greatcell Energy, Beyond Silicon, Inc., Microquanta Semiconductor, CubicPV, PEROVSKIA SOLAR AG, Saule Technologies

Perovskite-structured materials, serving as the active layer in perovskite photovoltaics, have ushered in a new era of solar energy innovation. Leveraging tin or halide-treated solutions, perovskite materials boast unmatched light absorption, charge-carrier mobilities, and lifetimes.

With its exceptional efficiency, adaptability, and versatility, perovskite technology has the power to reshape the way solar energy has been harnessed and utilised, thereby leading a step ahead toward a greener and more sustainable future,” states the company analyst.

Key Research Insights

  • The allure of perovskite materials lies in their exceptional efficiency, flexibility, and potential to revolutionize the entire solar energy landscape.
  • Perovskite photovoltaic solar cells represent the dominant category in the perovskite photovoltaics market.
  • Building integrated photovoltaics (BIPV) application remains the top application area.
  • Asia Pacific continues to be the leading revenue contributor.
  • North American markets are likely to emerge stronger.

Insights into Segmentation Analysis

The BIPV application garnered the lion’s share of market revenue in 2022, pointing to the seamless integration of this technology into modern architecture.

Flexible Perovskite Solar Cells Take the Lead

In 2022, the supremacy of the flexible perovskite solar cell category within the market was evident due to its compelling attributes and lightweight nature, driven by cutting-edge research.

This category capitalizes on the remarkable flexibility and malleability conferred by perovskite materials, resulting in the creation of flexible perovskite solar cells, a subset of photovoltaic technology.

The analyst remarks, In stark contrast to traditional inflexible solar panels, flexible perovskite solar cells exhibit the capacity to conform and adjust to diverse forms and surfaces.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/perovskite-photovoltaics-market

Perovskite Photovoltaics Transform BIPV Landscape

Application-wise, the BIPV category emerged as the dominant force in 2022. BIPV systems are seamlessly integrated into the external structure of buildings, generating power for local consumption or export to the grid. These systems contribute to reduced material and electricity costs, decreased pollution, and an enhanced visual appeal for structures.

With minimal weight, BIPV technology is effectively incorporated into windows, walls, and roofing tiles without necessitating additional structural reinforcement.

Insights into Regional Analysis

India, and China are the pivotal contributors to the Asia Pacific market. The United States has consistently played a pivotal role in the renewable energy arena, marked by substantial progress in solar energy installations over the years.

Asia Pacific Will Lead

The Asia Pacific market for perovskite photovoltaics is slated to continue its dominance throughout the period of forecast. Burgeoning renewable energy appetite, and robust government support have collectively positioned the region at the forefront of this industry.

Notable contributors like China, Japan, India, and South Korea are spearheading solar cell demand. Government incentives, and policy initiatives fuel the market growth further.

North America Forges Ahead

North America is carving out a lucrative niche for itself. Fueled by escalating demand from end-use industries, and a thriving automotive sector, North America’s market is set to exhibit substantial growth.

The US market will gain from its swiftly swelling renewable energy sector, and formidable research efforts,” says the analyst.

Key Report Highlights

  • The inherent flexibility of these photovoltaics enables a multitude of applications, encompassing integration into clothing, backpacks, curved architectural surfaces, and portable electronic devices.
  • The instability of perovskite materials, particularly in hot and humid conditions, poses a significant hurdle for widespread adoption. The presence of toxic materials, notably lead-based cells, also raises concerns for human health and the environment.
  • The market will gain from escalating environmental concerns centering on reduction of carbon emissions, coupled with the push towards alternative energy sources.

Pioneers in the Perovskite Photovoltaics Market Competition

Some of the industry giants like First Solar, Ascent Solar, and Hanwha Q CELLS are leading the charge in the perovskite photovoltaics market. These companies, alongside the other trailblazers, including Microquanta Semiconductor, Greatcell Energy, and Saule Technologies are identified by the report to be at the vanguard of innovation. These are some of the names shaping the future of solar energy through adoption of perovskite technologies.

Global Perovskite Photovoltaics Market is Segmented as Below:

By Type of Structure

  • Planar Perovskite Solar Cell
  • Mesoporous Solar Cell

By Type

  • Hybrid Perovskite Solar Cell
  • Multi-Junction Perovskite Solar Cell

By Product

  • Rigid Perovskite Solar Cell
  • Flexible Perovskite Solar Cell

By Vertical

  • Residential
  • Commercial
  • Aerospace & Defence
  • Industrial
  • Utility

Browse Global Perovskite Photovoltaics Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Type of Structure, By Type, By Product, By Vertical, By Geographic Coverage): https://www.fairfieldmarketresearch.com/report/perovskite-photovoltaics-market

Browse Similar Reports

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Building Integrated Photovoltaics (BIPV) Market: https://www.fairfieldmarketresearch.com/report/building-integrated-photovoltaics-bipv-market

Solar PV Inverter Market: https://www.fairfieldmarketresearch.com/report/solar-pv-inverter-market

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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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