Perovskite Solar Cells Market Overview
Perovskite solar cells are defined as a type of solar cell which includes a perovskite structured compounds. Perovskite solar cell is a hybrid organic-inorganic lead or tin halide-based material. These perovskite solar cells are widely adopted by various industries to expand their solar product portfolio. These perovskite solar cells produce more energy than the conventional solar cells.
Market Size and Forecast
The global perovskite solar cells market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Moreover, the factors bolstering the growth of perovskite solar cells market includes growing adoption of innovative solar powered products and modernization and development of infrastructures such as smart cities that lead to the implementation of solar cells for power systems.
In terms of regional platform, Asia-Pacific region is envisioned to be the biggest market of perovskite solar cells market by the end of 2024. Further, perovskite solar cells market in Asia-Pacific region is expected receive a huge support from rapid urbanization and rising demand for sustainable energy. Moreover, China and Japan are the major countries contributing in the market of perovskite solar cells due adoption of advanced solar technology.
North America accounted the second largest market of perovskite solar cells in terms of revenue in 2016. Likely, U.S. and Canada are major perovskite solar cells market owing to advancement in technology and favorable government initiatives to curb the pollution. Moreover, presence of major key players of perovskite solar cells in North America region is projected to foster the growth of perovskite solar cells market.
Europe region is anticipated to grow at a significant pace over the forecast period aided by Western Europe countries such as Germany, U.K. and others. This growth of Europe region is attributed to growing research and development activities related to solar cell and increasing sale of solar powered devices are believed to flourish the growth of perovskite solar cells market.
Our in-depth analysis segmented the global perovskite solar cells market in the following segments:
- Smart glass
- Outdoor furniture
- Perovskites in tandem solar cells
- Portable devices
Global perovskite solar cells market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM),
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe),
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific),
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa),
Growth Drivers and Challenges
Rising environmental concern such as reducing carbon emission and increasing consumer awareness are driving the growth of solar powered products which in turn projected to augment the demand for perovskite solar cells. Apart from this, features such as renewable and environment friendly energy are expected to increase the demand for solar products in the near future. These factors are expected to fuel the growth of perovskite solar cells market across the globe.
Furthermore, perovskite solar cells produce more energy than the conventional solar technology due to perovskite solar cells can react to various wavelengths. Likely, this advantage is expected to bolster the market of perovskite solar cells. Additionally, increasing demand for clean energy products and high adaptability and encouragement of new technologies in developed and developing nations are envisioned to elevate the perovskite solar cells market.
However, high cost of perovskite solar cells compared other solar cells is expected to hinder the growth of perovskite solar cells market over the forecast period. Moreover, lack of government policies in underdeveloped region regarding solar energy is projected to dampen the growth of perovskite solar cells market.
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The major key players for perovskite solar cells are as follows:
- Saule Technologies
- Fraunhofer ISE
- Oxford Photovoltaics
- Xiamen Weihua Solar Co.,Ltd
- Solaronix SA
- ↑ 1.0 1.1 1.2 1.3 https://www.researchnester.com/reports/perovskite-solar-cells-market/513