(MENAFN- GlobeNewsWire - Nasdaq) market momentum for perovskites intensifies with ultra-light modules, bold encapsulation research, and synergy across energy-centric industries. Powerful demonstrations build trust, fueling more pilot installations and advanced field tests. Cooperative funding alliances underscore lucrative opportunities, making perovskite technology a core focus for innovators.New Delhi, Jan. 13, 2025 (GLOBE NEWSWIRE) -- The global perovskite solar cells market is projected to hit the market valuation of US$ 8,944.3 million by 2033 from US$ 923.3 million in 2024 at a CAGR of 28.7% during the forecast period 2025–2033.
The perovskite solar cells market has experienced a remarkable surge in demand over recent years, driven by the global push to identify more cost-effective and versatile energy solutions. As of mid-2023, laboratory-scale breakthroughs have been reported in at least 45 renowned research institutes, indicating a growing appetite for practical commercial applications. In the same period, 120 pilot-scale manufacturing lines worldwide were recorded to be either operational or under construction, underscoring the accelerated push from the research arena to real-world deployment. Notably, a consortium of scientific organizations revealed findings in early 2023 showing that perovskite-based photovoltaics require nearly 30% fewer raw materials compared to certain thin-film alternatives, contributing to their escalating popularity. Several newly formed clean-energy funds, observed in North America and Asia, have collectively allocated over 220 million USD for perovskite production and scale-up since January 2023, bowing to the heightened demand and stressing the urgent need for expanded production.
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This heightened interest in perovskite solar cells market has likewise ignited broader investment strategies and industrial consumption patterns. Specialized chemical manufacturers, reacting to the prospects of long-term returns, now supply an estimated 2,200 metric tons of precursor compounds specifically formulated for larger-scale perovskite cell applications, showcasing a rapid shift from niche to near-mainstream production. Funding announcements in Asia, including a multi-national private equity influx in early 2023, clarified intentions to establish an additional 15 dedicated perovskite module fabrication facilities by late 2025. Spurred by clean energy mandates, at least 18 new energy-focused venture capital firms in Europe perovskite solar cells market have disclosed their plans to commit resources to perovskite cell developers. This reflects a market sentiment that capital injections and strategic expansions will continue to fuel the commercial viability of these cells. Beyond direct production, leading universities in Australia, the United States, and Japan confirmed enrolling upwards of 3,000 postgraduate researchers in perovskite-specific solar programs in 2023, indicating a robust pipeline of expertise. Collectively, these developments project a flourishing environment for perovskite technologies, tethered to robust demand, fueled by consistent investment, and anchored by production expansions in key global regions.
Key Findings in Perovskite Solar Cells Market
| Market Forecast (2033) | US$ 8,944.3 Million |
| CAGR | 28.7% |
| Largest Region (2024) | Asia Pacific (56%) |
| By Product Type | Hybrid PSCs (50%) |
| By Structure | Planar Perovskite Solar Cells (69%) |
| By Module | Rigid Module (83%) |
| By Application | BIPV (Building Integrated PVs) (23%) |
| Top Drivers | Breakthrough cell efficiencies driving widespread adoption amid robust funding commitments. Rising interest from automotive makers seeking integrated solar solutions globally. Advancement in tandem architectures enabling energy independence, driving market acceleration. |
| Top Trends | Increasing preference for flexible modules powering consumer electronics and wearables. Mainstream acceptance of lead-free formulations addressing environmental compliance, safety concerns. Growing investment in building-integrated designs transforming modern architectural aesthetics worldwide. |
| Top Challenges | Material stability under harsh climates requiring encapsulation and performance guarantees. Scaling to large-area production lines demands deposition methods and quality. Limited synergy with conventional cell technologies complicates retrofits for infrastructure. |
Fundings and Investment Growth In Perovskite Solar Cells Worldwide
Global funding for perovskite solar cell advancements reached notable milestones in 2023, with at least 10 newly formed energy-focused venture capital groups revealing investments totaling US$ 310 million across various early-stage companies. Throughout the first quarter of 2023, five philanthropic foundations supported 22 university labs to refine perovskite formulations, while six public grants facilitated the establishment of testing sites dedicated to performance verification. In addition, 14 energy consortiums in the perovskite solar cells market announced direct sponsorships for next-generation perovskite prototypes, each aiming to develop devices that can operate in diverse climatic conditions. A specialized green bond initiative in Europe was oversubscribed by 20 institutional investors, providing a direct infusion into four perovskite pilot facilities. As of August 2023, 11 crowdfunding campaigns raised a consolidated US$ 9 million, enabling startups to scale equipment and reach small-scale commercial production.
Early estimates for 2024 show continued capital influx, as seven newly registered energy investment funds in Asia are considering an aggregate of US$ 200 million dedicated to perovskite research labs. Four large-scale government allocations, slated for release by mid-2024, promise to extend at least US$ 130 million toward advanced perovskite manufacturing lines. That same year, corporate venture arms of nine major electronics conglomerates in the perovskite solar cells market are expected to pursue or complete 18 distinct deals supporting the transition from lab prototypes to robust industrial lines. Meanwhile, global energy alliances have signaled plans to sponsor 12 major pilot projects in Africa and South America in 2024, emphasizing broad geographical coverage. Such combined support, merging private equity, public grants, and philanthropic capital, reflects the sustained confidence in perovskite solar cell innovation through 2024.
High Demand Observed For Hybrid Perovskite Solar Cells
The hunger for hybrid perovskite solar cells market increased significantly across multiple regions in 2023, with advanced demonstration projects in at least nine countries showcasing modules that integrate both organic and inorganic materials for improved stability. According to field assessments, 14 newly launched pilot installations demonstrated consistent power output in variable weather conditions over six months of continuous monitoring. This compelling performance in the perovskite solar cells market spurred procurement orders from 21 local energy cooperatives, each seeking modules tailored to demanding climate zones. Throughout 2023, about 40 specialized chemical suppliers reported a proportionate uptick in requests for hybrid-friendly perovskite precursors, claiming that stable multi-cation formulations garnered the most attention.
Entering 2024, the heightened demand for hybrid PSCs remains unabated, evidenced by 12 additional test sites in regions such as Southeast Asia and Eastern Europe newly approved for comparative trials. An international research assessment consortium has identified 75 active academic groups investigating doping strategies for stronger hybrid perovskite layers, highlighting a rising emphasis on real-world durability in the perovskite solar cells market. By January 2024, the number of patent filings related to hybrid device architectures climbed by 18 from the previous year, spanning advanced doping profiles and chemical composition refinements. Meanwhile, an industry-backed study confirmed that eight pilot lines, operational as of early 2024, consistently demonstrated extended device lifespans under accelerated stress tests. Enhanced capital support from seven investment-oriented programs in North America underscores the commitment to scale these hybrid devices to broader commercial usage. Altogether, these developments affirm that the appetite for hybrid PSC configurations has never been stronger.
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Planar Perovskite Architectures Are Increasingly Dominating Global Cell Production Lines
Planar perovskite solar cell structures remained the backbone of numerous production lines in the perovskite solar cells market, with manufacturing data showing that 16 pilot-scale facilities favored planar layouts over mesoporous alternatives for faster throughput. Four leading materials science groups reported using specialized sputtering tools that precisely deposit compact perovskite layers, resulting in consistently uniform films across sample sizes reaching 100 square centimeters. This arrangement has suggested less complexity in alignment and layering, attracting 12 new commercial testers focusing solely on planar configurations. Market observers also cited that seven emerging research hubs adopted planar architecture to streamline their transition from lab prototypes to industrial-scale runs.
As 2024 unfolds, production data indicates that at least 10 additional manufacturing pipelines are poised to employ planar cells for high-volume output, particularly targeting modular rooftop installations in urban environments. Five different solar energy associations in the perovskite solar cells market found that planar-based designs required less rigorous post-production inspection, a key advantage for scaling lines to tens of thousands of modules per year. By mid-2024, cooperative R&D efforts, involving six newly formed consortia, plan to publish comparative analyses showcasing how planar structures outperformed other variants in terms of reduced assembly time. In tandem, a Europe-based materials developer revealed evidence that four doping variants in planar cells achieved stable current output across high-temperature testing scenarios. With three fresh technology transfer agreements confirmed in Asia, planar perovskite architectures seem well on their way to dominating the core of large batch manufacturing lines. This collective momentum underlines how planar-centric approaches are shaping the global perovskite production environment.
Jinkosolar & Alfa Aesar are Top 2 Players in Market with Revenue Share of Over 17%
Within the perovskite solar cells market, Jinkosolar and Alfa Aesar have emerged as the top two players, primarily due to their robust production capabilities, strategic investments, and comprehensive product portfolios. By mid-2023, Jinkosolar expanded its manufacturing lines to produce up to 800 MW of perovskite-based modules annually, solidifying its position as a large-scale supplier. In parallel, Alfa Aesar has scaled its materials output to meet surging demand for specialized perovskite precursors, critical to the fabrication process. Both companies have aggressively pursued research and development partnerships, enhancing the quality and efficiency of their offerings. Their extensive global operations allow them to tap into varied markets, supplying advanced modules and raw materials to manufacturers and installers alike.
Revenue growth strategies for Jinkosolar include forging collaborations with emerging solar tech firms and research institutes, aiming to pioneer hybrid perovskite designs that surpass existing efficiency milestones. Alfa Aesar, on the other hand, leverages its expertise in chemical manufacturing to provide high-purity compounds that ensure consistent cell performance. Both firms have broadened their global footprints, establishing distribution channels in North America, Europe, and East Asia. In terms of market share, their collective influence in the perovskite solar cells market continues to grow, as they cater to both large-scale solar farms and niche BIPV projects. These leaders also invest heavily in enhancing encapsulation and lamination techniques, recognizing that reliability and durability are pivotal for market acceptance. Through their combined focus on production capacity, product innovation, and strategic partnerships, Jinkosolar and Alfa Aesar are set to drive the competitive landscape of the perovskite solar cells market for years to come.
Global Perovskite Solar Cells Market Key Players:
BASF Dyenamo Energy Materials Corp. Frontier Energy Solution Fujifilm Fujikura GCL Suzhou Nanotechnology Co., Ltd. Greatcell Energy Hangzhou Microquanta Heiking PV Technology Co., Ltd. Hubei Wonder Solar Hunt Perovskite Technologies (HPT) InfinityPV Jinkosolar Kyocera LG Chem Li Yuan New Energy Technology Co. Merck Microquanta Semiconductor Oxford PV Panasonic Saule Technologies Sharp Solartek Solaronix SA Solliance Tandem PV Toshiba Trina Solar WonderSolar Other Prominent Players
Key Segmentation:
By Product Type
Hybrid PSCs Flexible PSCs Multi-Junction PSCs
By Module Type
Rigid Module Flexible Module
By Structure
Planar Perovskite Solar Cells Mesoporous Perovskite Solar Cells
By Application
Smart Glass BIPV Power Station Defence and Aerospace Transportation and Mobility Consumer Electronics (Portable Devices) Utilities (Building Integrated PVs) Off-Grid Applications Other
By Region
North America Europe Asia Pacific Middle East & Africa (MEA) South America
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