Dublin, Feb. 14, 2022 (GLOBE NEWSWIRE) — The “Global Perovskite Solar Cells Market, By Product Type, By Module Type, By Structure, By Application, Estimation & Forecast, 2017 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The global Perovskite Solar Cells market held a market value of USD 352.2 Million in 2020 and is estimated to reach USD 2,012.7 Million by the year 2027. The market is anticipated to register a CAGR of 28.7% during the forecast period.
Perovskite solar cells consists of a perovskite-structured compound, mostly a hybrid inorganic-organic lead or tin-halide-based material. Perovskite is a material having same crystal structure as mineral calcium titanium oxide. The market is anticipated to be driven by the high efficiency of perovskite solar cells. Furthermore, growing focus on solar energy is also estimated to boost the market growth. The market is expected to be restrained by the presence of toxic materials, such as lead coupled with lack of standard solutions.
High efficiency of perovskite solar cells
High efficiency of perovskite solar cells in combination with low cost of processes and materials raise the preferability of these cells over the commercial silicon or other inorganic and organic solar cells. These cells also enable further advancement of the power conversion efficiency beyond those afforded by the silicon solar cells. Power conversion efficiency of metal halide perovskite-based solar cells has reached 25% in 2020 from 3% in 2006. Therefore, such increasing efficiency of perovskite solar cells is expected to boost the market growth.
The global perovskite solar cells market is segmented into product type, module type, structure, and application.
By Product Type
- Hybrid PSCs
- Flexible PSCs
- Multi-Junction PSCs
The hybrid PSCs segment is expected to hold the largest market share of around 50%, as they are mostly commonly used. The flexible PSCs segment is anticipated to grow at the fastest CAGR of around 29.8% owing to their increasing demand in the stream of wearable power supply and integration with architectures owing to their various advantages, such as portability, light weight, flexibility, and compatibility with irregular electronic items.
By Module Type
- Rigid Module
- Flexible Module
The rigid module segment is estimated to account for the dominant share of the market owing to their rising demand for various applications. The flexible module segment is also expected to grow significantly owing to various technological advancements.
- Planar Perovskite Solar Cells
- Mesophorous Perovskite Solar Cells
The mesophorous perovksite solar cells segment is expected to surpass a market value of USD 350 million by 2025 as it is the most popularly used structures in fabrication of product, with over 20% power conversion efficiency. Planar perovskite solar cells segment is anticipated to fuel the market growth owing to its growing demand.
- Smart Glass
- BIPV(BuildingIntegrated PVs)
- Power Station
- Defense & Aerospace
- Transportation & Mobility
- Consumer Electronics (Portable Devices)
- Off-Grid Application
The BIPV (Building Integrated PVs) segment is estimated to hold the largest market share owing to growing demand of perovskite solar cells in building envelope and part of building components, such as windows, roofs, or facades, among others. The consumer electronics (portable devices) segment is expected to surpass a market size of about USD 400 …….