Perovskite Solar Cells Module Market Size, Share, Growth, and Industry Growth, By Type (Software-as-a-Service and Equipment-as-a-Service), By Application (Farmland and Farms, Agricultural Cooperatives, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Perovskite Solar Cells Module Market REPORT OVERVIEW

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The global perovskite solar cells module market size was USD 789.3 million in 2022 and market is projected to touch USD 5198.6 million by 2031, exhibiting a compound annual growth rate (CAGR) of 23.3% during the forecast period.

Electrical energy has become a basic need and the demand is constantly increasing owing to the growing population. Perovskite solar cells module consists of perovskite-structured material. The name is derived from absorber materials' crystal structure known as perovskite structure. It provides excellent charge-carrier nobilities and light absorption. Perovskite solar cell module also refers to solar cells composed of organic, inorganic, and hybrid lead as the active layer of light harvesting.

The perovskite solar cells module is used as a light absorber and has the ability to reach a broad range of light wavelengths that allows them to convert solar energy into power and fabricate easily. The combination of perovskite solar cells with silicone is called tandem cells. Their high absorption coefficient enables an ultrathin film to absorb the complete visible solar spectrum.  The perovskite solar cells are highly efficient in devices that use perovskite cells and have upgraded prominently. The government is taking various initiatives for the population to adopt solar cells and solar systems, which is expected to cater to market growth.

COVID-19 Impact: Steady Adoption of solar systems to balance Market loss

This market experienced a downfall in almost every sector. The pandemic outbreak created a health emergency worldwide. Transportation, manufacturing industries, and supply stores were completely shut. Which affected the perovskite solar cells module market growth.  The uplifting of lockdown restrictions is estimated to recover the market loss caused during the lockdown. The awareness regarding solar energy and solar systems is consistently increasing which led to the higher demand for the product aftermarket restart. The lack of raw materials owing to the manufacturing industry shutdown could not fulfill the consumer's demand in the global market.

LATEST TRENDS

"Product Flexibility and Lightweight to Drive Market Trend"

Some of the factors anticipated to drive the growth of the perovskite solar cell market during the forecast period include rising demand for solar cells module owing to their lightweight and flexibility. The growing number of applications in various industries, growing environmental concerns regarding carbon emission reduction, and the prevalence of energy sources. Additionally, stepping up R&D efforts and advancing technology can improve a variety of prospects, leading to the market's growth over the course of the projection year. Moreover, the high performance of the module is also anticipated to gain traction in the market. 

Perovskite Solar Cells Module Market Segmentation

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• By Type Analysis

By type, the market is segmented into rigid module and flexible module.

• By Application Analysis

Based on application, the market is classified into BIPV, power station, defense & aerospace, transportation & mobility, and consumer electronics.

DRIVING FACTORS

"Product Use in Various Applications to Foster Product Demand"

Perovskite solar cells module is used in various applications owing to their low weight and versatility. Gold is accepted as an electrode element for photovoltaic devices. These cells module is more advantageous than the commercialized silica and other inorganic and organic solar energy owing to the low production cost and higher efficiency. These cells are expected to boost the energy conversion effectiveness of solar cells module. The demand for the product is consistently rising due to the rapid adaptability and lightweight of the product.  The market is expected to experience growth in the market owing to the use of products in various sectors. 

"Rising Installation of Solar Systems to Cater Market Growth"

The number of solar system installations is consistently rising due to the rise in demand for perovskite solar cells module for mounting essential to reduce the cost of solar cell panels. Moreover, the growing urbanization, enhancement in reserves, changes in lifestyle, and higher consumer expenditure is forecasted to propel the perovskite solar cells module market growth. Accelerating demand for clean energy is also anticipated to be another growth factor for the global market. The government initiatives for the adoption of solar energy and solar systems is boosting the adoption of the product. The concerns for environmental safety coupled with reducing the emission of carbon and other harmful chemicals is anticipated to propel growth in the market. 

RESTRAINING FACTORS

"Low Durability and High Cost of the Module to Impede Growth in the Market"

The lower durability of the solar cells module is expected to be the main factor holding back the perovskite solar cell module market growth. The use of perovskite solar cells module is more expensive due to the use of gold as an electrode. When subjected to changing environmental conditions, the perovskite solar cell does not have a long life. When exposed to prolonged UV exposure and moisture, some of the components that make up a perovskite solar cell emit harmful heavy metals, which is estimated to limit the adoption of the product. However, during the anticipated timeframe, harmful materials and high product costs may limit market expansion. 

Perovskite Solar Cells Module Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to the Growing Urbanization"

Asia Pacific is expected to hold approximately 36% of the total perovskite solar cells module market share by rising urbanization. Moreover, the growing need for a clean source of energy to reduce the dependency on fossil fuels is also anticipated to foster growth in the region. 

Europe is forecasted to show significant growth in the global market owing to the rising number of R&D activities in the region.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products.

List of Market Players Profiled

• Oxford Photovoltaics (U.K.)
• Dyesol (Australia)
• Fraunhofer ISE (Germany)
• Saule Technologies (Poland)
• FrontMaterials (China)
• Weihua Solar (China)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate perovskite solar cells module market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.