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Global Perovskite Solar Cell Market Size to Grow at a CAGR of 30.50% in the Forecast Period of 2023-2028

The ‘Global Perovskite Solar Cell Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global perovskite solar cell market, assessing the market based on its segments like structures, products, methods, end uses, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Perovskite Solar Cell Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 30.50%

A perovskite solar cell refers to a fine and delicate film photovoltaic tool that absorbs sunlight and transforms it into electrical energy. Due to their excellent properties, perovskites solar cells can be utilised in several applications, including scientific research activities.

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The increasing demand for solar cells owing to their versatility and lightweight, expanding applications of solar cells in several sectors, growing environmental concerns with regard to carbon emissions, and the existence of substitute energy resources are likely to encourage the development of the perovskite solar cell market in upcoming years.

Owing to the increasing economic development and the rising demand for energy security, the market for perovskite solar cell is growing rapidly. The growing requirement for the usage of contemporary and innovative energy services to fight poverty and improve living conditions is promoting the utilisation of perovskite solar cells.

The increasing installations of solar systems in both developed and developing countries are positively impacting the growth of the perovskite solar cell market. With the increasing attempts to lower the cost of solar cell modules, the demand for perovskite solar cells is expected to significantly surge in the forecast period.

Perovskite Solar Cell Industry Definition and Major Segments

A perovskite solar cell or PSC is a type of solar cell comprising a perovskite-constructed compound, which is generally a fusion of organic and inorganic lead or tin halide-based material used as lightweight functional coating. Perovskite materials like all-inert caesium lead halide and methylammonium lead halides are less costly and easy to manufacture. The term “Perovskite” is derived from the name for their crystal composition, even though other forms of non-halide perovskites are used in other energy technologies, like fuel cells and catalysts.

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Based on structure, the perovskite solar cell market can be segmented into:

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

On the basis of products, the market is classified into:

• Rigid Perovskite Solar Cells
• Flexible Perovskite Solar Cells

By methods, the market is divided into:

• Solution Method
• Vapour-Deposition Method
• Vapour-Assisted Solution Method

The market, based on end uses, can be segmented into:

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

Based on regions, the market is classified into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Perovskite Solar Cell Market Trends

The rising demand for solar cells owing to their adaptability and lightweight, the increasing preference for clean energy, and the growing requirement to reduce the cost of solar panels are favouring the perovskite solar cell market growth.

The increasing research and development activities (R&D) and technological advancements to drive the commercialisation of perovskite solar cells while addressing their limitations are likely to benefit the market development in the forecast period.

The capability of perovskite solar cells to generate clean energy by using solar power and the increasing focus on reducing greenhouse emissions are likely to drive the perovskite solar cell market expansion. In the coming years, the use of perovskite solar cells as an alternative source of energy over fossil fuels is likely to significantly increase.

The Asia Pacific region has been accessed to witness a healthy growth in the forecast period due to rapid urbanisation and the rising requirement for substitute energy to decrease dependency on fossil fuels. Furthermore, governments in various countries are introducing favourable measures to boost the usage of clean energy, thereby driving the deployment of perovskite solar cells.

Meanwhile, North America is likely to hold a considerable share in the overall market due to the flourishing consumer electronics sector in Canada and the United States.

Key Market Players

The major players in the global perovskite solar cell market are:

• Oxford PV
• Greatcell Energy Pty Ltd
• Saule Technologies
• Swift Solar Inc.
• Hubei Wonder Solar LLC
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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