The global perovskite solar cell market is expected to hit strong growth at a CAGR of 39.83%, driven by the increasing demand for renewable energy, advancements in perovskite material research that improve cell efficiency and stability, and the need for more affordable solar solutions.

Perovskite solar cells (PSCs) are a type of photovoltaic technology that uses perovskite-structured compounds as the active light-harvesting layer. These cells are gaining attention due to their high efficiency, low production costs, and flexibility, offering advantages over traditional silicon-based solar cells. The growth of the PSC market is driven by the increasing demand for renewable energy, advancements in perovskite material research that improve cell efficiency and stability, and the need for more affordable solar solutions. Additionally, government policies and incentives supporting the adoption of renewable energy further boost market growth, alongside the growing global demand for clean, sustainable energy to address climate change.

The global perovskite solar cell market, valued at USD 250.35 million in 2023, is expected to reach USD 7,154.53 million by 2033, growing at a CAGR of 39.83%.

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Notable developments in the industry include:

Oxford PV's announcement in July 2021 regarding the completion of its manufacturing facility in Brandenburg an der Havel, Germany. This facility is poised to become one of the first large-scale production lines for advanced perovskite-on-silicon tandem solar cells, with an annual production capacity target of 100 MW.

Microquanta Semiconductor secured Series C funding in January 2021, led by Three George Capitals, Beijing Energy Holding, and Quzhou Financial Holding. The funding will help expand their 100 MW production line for perovskite tandem solar cells.

In November 2020, Oxford PV received a grant from the Brandenburg Ministry of Economics through the EU's Regional Development Program to support advancements in perovskite solar cell manufacturing.

CEO Statements

Saule Technologies (Olga Malinkiewicz, CEO)

"Our focus remains on scaling up production capabilities while ensuring the reliability and efficiency of our perovskite solar cell technology."

Oxford PV (Frank Averdung, CEO)

"We are committed to advancing the efficiency and commercial viability of perovskite solar cells, leveraging our tandem cell technology for maximum impact."

Swift Solar (Joel Jean, CEO)

"Swift Solar continues to push the boundaries of perovskite solar technology, aiming to deliver high-performance, cost-effective solutions for renewable energy."

Exeger (Giovanni Fili, CEO)

"Our mission is to integrate light-harvesting perovskite technology into everyday products, revolutionizing how devices are powered sustainably."

Market Insights

- The Asia-Pacific region led the market in 2023, accounting for 53.40% of the revenue share.

- Europe held a market share of 28.10% in 2023.

- The mesoporous perovskite solar cells segment had the largest share by structure, with 51.80% in 2023.

- The flexible perovskite solar cells segment dominated by product, securing 60% of the market share in 2023.

- The vapor-assisted solution method accounted for 40.68% of the share by manufacturing method in 2023.

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