Pune, India, May 16, 2022 (GLOBE NEWSWIRE) — The global perovskite solar cell market size is poised for steady expansion as renewable energy production exhibits an encouraging growth trajectory. According the annual Renewable Capacity Statistics 2019 released by the International Renewable Energy Agency (IRENA), in 2018, 171 gigawatts of renewable energy capacity was added worldwide. More significantly, 84% of this addition was contributed by solar and wind energy. Projections made by the International Energy Agency (IEA) are even more tantalizing.
The IEA estimates that renewable energy production will rise by 50% between 2019 and 2024, with solar accounting for 60% of this rise. Moreover, rooftop solar PVs in residential structures would double from the current levels to reach 100 million by 2024, with Australia, Belgium, California, the Netherlands, and Austria leading the charge. Furthermore, the IEA expects solar cells costs to drop between 15% and 35% by 2024, thereby spurring their uptake in urban areas.
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Growing Urban Population to Prove Lucrative for the Market
One of the leading perovskite solar cell market trends is the proliferation of urban areas around the world and the parallel rise in urban population. According to the UN Department of Economic and Social Affairs (UN DESA), currently, around 55% of the global population lives in urban areas. By 2050, this number is projected to spike to 68%, with 90% of this rise-taking place in Asia and Africa.
The perovskite solar cell market stands to gain from this development as these solar cells boast of a host of advantages, making them ideal for installation in residential spaces. For instance, since perovskite cells can absorb lights of different wavelengths, it can convert larger amounts of sunlight into electricity. Moreover, they are flexible and lightweight, making them an attractive energy-efficient option in urban spaces.
Government-funded R&D Activities to Aid Regional Development of the Market
Asia-Pacific is anticipated to dictate the perovskite solar cell market share owing to the increasing investment into renewable energy sources by India and China. In North America, the US is leading the market with increased funding for research and development of alternate sources of energy.
Market players in North America are looking for ways to simplify the manufacturing process of these solar cells and bringing down their costs even more.
The solar industry in Europe is flourishing as countries such as Germany and France are aggressively cutting down their carbon emissions through clean energy initiatives. Lastly, Africa is presenting promising prospects as the continent receives concentrated sunlight for majority part of a year.
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Excellent Innovation Opportunities Await Market Players
Serious contenders in this market are adopting various strategies to solidify their position. Some of the most favored strategies include focused attention on enhancing R&D capacity, launch of innovative products, and expansion of geographic presence.
August 2019: Oxford PV, the UK-based perovskite specialist company, purchased the first solar cell manufacturing equipment from Meyer Burger, the Swiss engineering company. Through this purchase, Oxford PV intends to develop a perovskite special production line with 250 MW capacity by the end of 2020.
February 2019: A commercial production line of inkjet-printed perovskite solar cells was officially launched by Saule Technologies on a pilot basis. The company aims to build 180,000 square meters of solar panels as 2020 ends.