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Perovskite Solar Cell Market on Track for Strong Growth, Estimated to Grow at 37.3% CAGR Through 2029
Perovskite Solar Cell
What Is the Expected CAGR for the Perovskite Solar Cell Market Through 2025?
The growth of the perovskite solar cell market has been staggering in the previous years. It's projected to expand from a valuation of $0.25 billion in 2024 to $0.34 billion in 2025, showcasing a compound annual growth rate (CAGR) of 37.5%. Factors such as enhanced efficiency, lowered production costs, compatibility with flexible substrates, accelerated materials development, and governmental incentives for renewable energy have contributed to this significant growth in the past period.
What's the Projected Size of the Global Perovskite Solar Cell Market by 2029?
The market for perovskite solar cells is anticipated to experience substantial expansion in the upcoming years, reaching a valuation of $1.22 billion in 2029 with a 37.3% compound annual growth rate (CAGR). The expected growth is mainly due to surge in demand for light solar panels, enhancement of manufacturing technologies, increasing investments in renewable energy, integration with construction materials, and burgeoning usage in building-integrated photovoltaics (bipv). The projection period will also see significant trends including the creation of tandem solar cells, inexpensive manufacturing methods, progression in stability and durability, the formulation of persistent and sturdy perovskite materials, and emphasis on environmentally friendly and lead-free perovskites.
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Top Growth Drivers in the Perovskite Solar Cell Industry: What's Accelerating the Market?
The upswing in renewable energy solutions is likely to fuel the expansion of the perovskite solar cell market. These solutions are eco-conscious systems that generate power from naturally recurring sources like the sun, wind, and water, providing a sustainable replacement for fossil fuels. The uptake of renewable solutions is growing as they offer budget-friendly, low-carbon power production that fits within global sustainability and decarbonisation goals. Perovskite solar cells fall within these renewable energy solutions, and they effectively change sunlight into electricity using plentiful, low-priced materials. To illustrate, solar energy set a new benchmark in February 2025 by adding an estimated 39.6 gigawatts (GW) of capacity in 2024, outstripping the 27.4 GW installed in 2023, according to the World Resources Institute, a non-profit organization based in the US. Hence, the heightened demand for renewable energy is catalysing the expansion of the perovskite solar cell market.
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What Trends Will Shape the Perovskite Solar Cell Market Through 2029 and Beyond?
Leading brands in the perovskite solar cell market are concentrating on the creation of groundbreaking products, including turnkey perovskite solar cells, to speed up commercial utilization, improve energy efficiency in small-scale appliances, and cater to the growing requirement for green energy sources in IoT and consumer electronics. Turnkey perovskite solar cells represent complete, ready-for-market solutions designed to readily integrate into gadgets, predominantly in the IoT and electronics divisions. As an illustration, in September 2024, Switzerland's solar energy firm Perovskia Solar AG introduced the premier ready-for-market perovskite solar cells for IoT and electronic gadgets, raised a fund of $2.4 million, and secured 10 key clients. This denotes a crucial progression in renewable energy for intelligent technologies. These solar cells are specifically designed for small, energy-efficient electronics, rendering them perfect for use in sensors, wearable technology, and smart gadgets.
What Are the Main Segments in the Perovskite Solar Cell Market?
The perovskite solar cell market covered in this report is segmented -
1) By Product: Rigid Perovskite Solar Cells, Flexible Perovskite Solar Cells
2) By Structure: Planar, Mesoporous
3) By Application: Smart Glass, Solar Panel, Building-Integrated Photovoltaics (BIPV), Other Applications
4) By Industry Vertical: Aerospace And Defense, Residential, Commercial, Industrial, Utility, Other Industry Verticals
Subsegments:
1) By Rigid Perovskite Solar Cells: Glass Substrate-Based Rigid Cells, Metal Substrate-Based Rigid Cells, Tandem Configuration Rigid Cells
2) By Flexible Perovskite Solar Cells: Polymer Substrate-Based Flexible Cells, Metal Foil Substrate-Based Flexible Cells, Roll-to-Roll Manufactured Flexible Cells
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Which Top Companies are Driving Growth in the Perovskite Solar Cell Market?
Major companies operating in the perovskite solar cell market are Panasonic Corporation, Toshiba Corporation, FUJIFILM Wako Pure Chemical Corporation, Sekisui, Fraunhofer ISE, Hanwha Q CELLS, Solliance solar research, Heliatek GmbH, G24 Power Ltd., Energy Materials Corp, Swift Solar, Solaronix SA, Tandem PV, Inc., Saule Technologies, Alfa Aesar, Dyenamo AB, GCL Suzhou Nanotechnology Co. Ltd., FrontMaterials Co. Ltd., Hunt Perovskite Technologies (HPT) -, Microquanta Semiconductor Co. Ltd.
Which Regions Will Dominate the Perovskite Solar Cell Market Through 2029?
Asia-Pacific was the largest region in the perovskite solar cell market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the perovskite solar cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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