Perovskite Solar Cells Market Size Worth $2,012.8 Million by 2027 | CAGR 28.7%: Astute Analytica
NEW DELHI, Nov. 8, 2021 /PRNewswire/ -- As per the study, the Global Perovskite Solar Cells Market is estimated to grow at a CAGR of 28.7% during the forecast period of 2021 to 2027.
The market growth is attributed in various factors like increase demand of environmentally friendly energy, low production cost of perovskite solar cells and potential for high performance is facilitating the growth opportunities in the global perovskite solar cells industry.
Request for a sample report: https://www.astuteanalytica.com/request-sample/perovskite-solar-cells-market
The Global Perovskite Solar Cells Market is expected to increase market demand for smart windows, transportation, power stations, and various other portable devices. These increase in demand and technology advancement will eventually boost the size of global perovskite solar cells market in the forecast period (2021 – 2027)
Comparing with other type of solar cells, like copper indium gallium selenide solar cell or Cadmium telluride solar cells, Perovskite Solar Cells offer increased efficiency that further expands its demand in the market.
Growth Factors and Challenges
The major drivers impacting the growth of the global perovskite solar cells industry are technology advancement in the technology, its low manufacturing cost coupled with high performance that helps in green house reduction. Furthermore, the technology is easily manufactured, flexible and can fit in small area. Hence, technological advancements and comparative benefits among the variety of solar cells boost the demand of perovskite solar cells. For example, Metal halide perovskite-based solar cells became a game-changer in the photovoltaic performance race with quick development in power conversion efficiency (PCE) to reach 25%. However, perovskite solar cells are toxic in nature, as it is made up of perovskite structured material which is generally made up of hybrid organic and inorganic lead or tin halide-based material, the toxic chemical is known as Pbl, which furthermore affects the environment. Lead released in manufacturing of photovoltaic (PV) contaminates air, water, and soil. Solar and wind power are two major renewable energies compared to hydropower, bioenergy, and geothermal power, the increasing trend of switching to renewable energy sources is becoming visible. In the near future, the first commercial perovskite based IoT solutions are likely to hit the market.
Geographical Market Analysis
The Global Perovskite Solar Cells Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific Perovskite Solar Cells is the highest shareholder in the market, holding 55% of market share across the globe. China and Japan play a vital role in the manufacturing and distribution of perovskite solar cell, China being major country, holding 60% of global perovskite solar cells market share across APAC, Japan following China with second leading country in Asia Pacific region. Europe is the second largest region holding around 30% of the market share across the globe, followed by North America, Middle East & Africa, and South America. Now-a-days, Japan, Europe and the US are focused on research and development related to solar module recycling. There is a growing network of e-scrap and solar panel recyclers who are forming strategic partnerships to address PV recycling. European Union has adopted two directives, the Waste Electrical & Electronic Equipment Directive (WEED) and the Restriction of Hazardous Substances (RoHS) Directive to reduce and monitor the impact of lead on the environment. Its direct impact on the market is evident by the up to 94% reductions in lead content in items such as laptops, printers, watches, gardening equipment, videogames, and beverage dispensers in the EU. At parallel, WEED sets recycling, collecting and recovery targets for electrical goods. It requires that 75% of PV modules by weight be recovered and 65% by weight be recycled.
Impact of COVD – 19 on Global Perovskite Solar Cells Market
The COVID-19 pandemic adversely affected the perovskite solar cell markets, as many industries units were because of restriction, social distancing and employees' absences affected the supply chain and manufacturing of PV. Many PV installation projects were either cancelled or postponed thus, risking the huge investments made by the small and marginal enterprises
The global pandemic has imposed constraints on social activities like mobility which, has resulted in decreased energy demand, falling energy prices and reduced PV solar installations at homes or business areas. Countries like the United States, China, Japan, and India having major share in the perovskite solar cells market were adversely affected by the government regulation during pandemic. Although the influence of COVID-19 on economic activities of PV market has subsidized still, much effort is required to fully revive the PV market to its full potential. The demand is improving day by day and the market is estimated to grow in coming years by CAGR of 28.7%.
Get Full Research Summary on " Perovskite Solar Cells Market": https://www.astuteanalytica.com/industry-report/perovskite-solar-cells-market
Competitive Outlook
sAs per the study of the market, the market is more over monopolistic competition as players producing similar product, customers' bargaining power is not that high as there is a smaller number of suppliers the market. Some of the key market players profiled in the report are BASF SE, Oxford PV, GCL, Hubei Wonder Solar, Swift Solar, Merck, Alfa Aesar, Dyenamo, Energy Material Corporation, Frontier Energy Solutions, Fujifilm Corporation, Fujikara, Hunt Perovskite Technologies (HPT), InfinityPV, Jinkosolar, Panasonic Corporation, Saule Technologies, Sharp, Solaronix SA, etc. entering the market is very intensive as the competitors are working on development and efficiency of their product. Companies like Jinkosolar, Alfa Aesar, SwiftSolar and Merck are the top four players in the market, holding around 29.70 % of market share in perovskite solar cells market and rest of the market is captured by other local players and small-scale players.
Have Any Query Or Specific Requirement? Feel Free To Ask Our Industry Experts At : https://www.astuteanalytica.com/request-sample/perovskite-solar-cells-market
Market Taxonomy
The Global Perovskite Solar Cells Market is segmented based on, Product Type, Module Type Structure and Application.
By Product Type:
- Hybrid PSCs
- Flexible PSCs
- Multi-junction PSCs
By Module type:
- Rigid Module
- Flexible Module
By Structure:
- Planar Perovskite solar cells
- Mesoporous Perovskite solar cells
By Application:
- Smart glass
- Solar panel
- Perovskite in tandem solar cells
- Portable devices
- Utilities
- BIPV (Building-integrated photovoltaics)
- Defense and Aerospace
- Power Station
- Transportation
By Region
- North America
- The U.S.
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Malaysia
- Indonesia
- Thailand
- Philippines
- Vietnam
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Egypt
- Rest of MEA
- Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
Among the key product types, the flexible PSCs growing at the highest CAGR during the forecast period. The favourable technical specification of the technology contributes to the significant growth rate. In the module segment, the high growth rate of 29.8% of the flexible module type is contributed to various factors such as superior long-term stability and wide applications such as electric chargers, industrial roofing and others.
The high market share of utilities application in the perovskite solar cells industries is owing to its rapid efficiency enhancement. Although, the Building-integrated photovoltaics segment holds an opportunity of US$ 68.8 Mn during 2021-2027.
Buy Now this Premium Report to Grow your Business @ https://www.astuteanalytica.com/request-sample/perovskite-solar-cells-market
Find more research reports on Energy by Astute Analytica
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost effective, value added package from us, should you decide to engage with us.
Contact us:
Nishi Sharma
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4251598 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com
Follow US: LinkedIn | Twitter
SOURCE Astute Analytica
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article