The perovskite market is projected to grow at a rate of 32.0% in terms of value, from 2019 to reach USD 2.35 Billion by 2028. Perovskite solar cells comprise a perovskite-organized compound as an active light-absorbing layer and are deployed in a variety of end-user applications.

Top Driver: Increasing consumer awareness about the benefits offered by the product may act as a vital factor in propelling market demand

Advancements in technology for producing perovskite solar cells are likely to fuel the growth of the market in the forecast period. Increasing consumer awareness about the benefits offered by the product may act as a vital factor in propelling market demand. CHEOPS, a research project in operation from 2016 until 2019, was co-funded by the European research and innovation program Horizon 2020. The project intended to develop materials and production processes for upscaling the perovskite photovoltaic technology as well as producing high-efficiency solar cells in a tandem configuration. In spite of its vast potential, perovskite solar cell technology is still in the initial phase of commercialization in comparison to other mature solar technologies owing to several pressing concerns. In the current scenario, the best perovskite materials available are very sensitive to moisture and degrade quickly in the presence of moisture, and the damaged products attack metal electrodes, significantly limiting their outdoor use, and in turn, inhibiting the market growth.

Planar perovskite to Make Crucial Contribution for Growth of Global Perovskite Solar Cell Modules market

By structure, planar perovskite is expected to experience a faster growth rate in the forecast period. The high growth rate of the planar structure is owing to its utilization of thin-film photovoltaic structure and exceptional electrical and optical features of perovskite. It is an extreme case for mesoporous structure, where the width of the mesoporous layer is zero, and this kind of structure could be fabricated without a high-temperature process. By product type, rigid perovskite solar cells dominated the market in 2018 and is forecasted to grow at a rate of 31.6% in the forecast period.By method, the solution method contributed to a significant market share in 2018. This method is a common method used for manufacturing of perovskite solar cells. By industry vertical, consumer electronics held a significant market share in 2018 and is expected to grow at a rate of 31.9% in the forecast period.

North America dominated to witness fastest growth in Perovskite Solar Cell Modules market

North America held the second-largest market size in 2018 and is expected to observe a growth rate of 31.5% in the forecast period. The demand for the product in the region is due to the presence of key market players, which are likely to boost the product demand in the forecast period. The market in Europe is likely to experience a growth rate of 31.6% in the period 2019-2026, owing to growing research and development activities pertaining to the solar cell.

Asia Pacific is estimated to lead the market during the forecast period. North America and Europe are the next attractive markets for perovskite solar cell due to the increase in solar energy practices in this region. The perovskite solar cell market in regions such as Latin America and Middle East & Africa is estimated to expand at a sluggish pace owing to the high development costs of these solar cells

Players to Focus on Perovskite Solar Cell Modules market

Companies considered and profiled in this market study

• Oxford Photovoltaics,
• FrontMaterials Co. Ltd.
• Solaronix SA
• Xiamen Weihua Solar Co. Ltd.
• Fraunhofer ISE
• Dyesol
• Saule Technologies
• FlexLink Systems Inc.
• Polyera Corporation

Solaronix;  New Energy Technologies Inc In July 2016, Solaronix, a leading player in the market, announced a significant breakthrough in perovskite industrialization by fabricating efficient large-area all-printed perovskite solar modules.

Saule Technologies: Saule Technologies, a manufacturer of perovskite-based photovoltaic manufacturer, anticipates having its first prototype manufacturing unit ready by the fourth quarter of 2019, which will manufacture flexible, semi-transparent, and lightweight, single-junction solar substrates with 10% conversion efficiencies.

Scope of the Report

By Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

By Method

• solution Method
• Vapor-Deposition Method
• Vapor-Assisted Solution Method

By Industry verticals

• Aerospace
• Industrial Automation
• Consumer Electronics
• Energy
• Others

 By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report 

1. It provides a technological development map over time to understand the growth rate of the industry.

2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.

3. It renders definite analysis for changing competitive dynamics.

4. It builds a seven-year estimate based on how the market is predicted to grow.