Perovskite Solar Cell Market Size Worth USD 3,604.85 Million By 2034

2025-11-10 10:31:34

(MENAFN- GlobeNewsWire - Nasdaq) The global perovskite solar cell market size is expected to be worth over USD 3,604.85 million by 2034, increasing from USD 267.20 million in 2025, growing at a strong CAGR of 34.13% between 2025 and 2034. In 2024, the Asia Pacific region dominated the market, capturing a 53.54% share.

Ottawa, Nov. 10, 2025 (GLOBE NEWSWIRE) -- According to Precedence Research, the global perovskite solar cell market size

Rising off-grid electrification projects in developing and remote regions, superior efficiency & cost benefits of Perovskite-based solar technologies, and suitable government incentives for clean and decentralized energy systems are driving the growth of the market.

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Market Highlights:

Asia Pacific contributed the largest market share of 53.54% in 2024
By structure, the mesoporous perovskite solar cells segment held the major market share of 51.80% in 2024.
By product, the flexible perovskite solar cell segment held for the major market share of 59.80% in 2024.
By method, the solar panel segment generated the biggest market share of 42.10% in 2024.

What is the Perovskite Solar Cell?

The perovskite solar cell market

Perovskite solar cells increase their efficiency as compared to traditional silicon solar panels. Their manufacturing cost can be cheaper than that of silicon solar cells in the future because, as compared to silicon cells, specific layers of perovskite solar cells can be manufactured at room temperature. Perovskite can be printed so easily, using far less material, and lower that initial cost.

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Major Private Industry Investments Perovskite Solar Cell:

1. Oxford PV (United Kingdom): Oxford PV has raised significant capital to bring its perovskite-on-silicon tandem solar cell technology to market. It has established a pilot production line in Germany to demonstrate manufacturing at an industrial scale and has achieved record-breaking cell efficiencies.

2. Microquanta Semiconductor (China): This company has made substantial investments to scale up manufacturing, successfully building and connecting the world's largest perovskite ground-mounted photovoltaic (PV) plant. Microquanta has demonstrated its technology is ready for large-scale application, with its power stations consistently generating higher daily output than comparable silicon-based stations.

3. Saule Technologies (Poland): Saule Technologies has focused on developing and commercializing flexible, lightweight, and semi-transparent perovskite solar cells using an inkjet printing process. The company is pioneering applications in building-integrated photovoltaics Internet of Things

4. Energy Materials Corp (United States): Energy Materials Corp (EMC) is focused on high-speed, roll-to-roll manufacturing of perovskite solar panels to enable low-cost, high-volume production. This process is designed to have a 95% lower capital expenditure than traditional silicon solar cell production, allowing for rapid and decentralized factory replication.

5. Solaires Enterprises (Canada): Solaires has secured funding to commercialize its "Solar Ink" technology, which allows perovskite films to be used in various applications like transparent windows, blinds, and portable electronics. Their investment focuses on developing modules that are adaptable for low-power electronic devices, the transportation industry, and building-integrated solutions.

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Perovskite Solar Cell Market Key Trends

Rapidly increasing efficiency: Perovskite solar cell efficiency is quickly closing in on, and in tandem configurations, surpassing conventional silicon-based solar cells. Ongoing research into device architecture and material engineering continues to push performance boundaries.

The rise of tandem solar cells: Perovskite-silicon tandem cells, which combine a perovskite top layer with a silicon bottom layer, are a major focus of innovation. This approach allows for the absorption of a broader light spectrum and has led to record-breaking efficiencies, such as LONGi Solar's 34.85% mark in April 2025.

Expansion of flexible and lightweight applications: Flexible perovskite solar cells are enabling diverse applications that rigid silicon

Improving stability and longevity: The stability of perovskite solar cells in the face of moisture, oxygen, heat, and UV light has been a primary obstacle to commercialization. Research is focused on addressing these challenges through new encapsulation techniques, compositional engineering, and the development of more stable, inorganic perovskite materials.

Increasing commercialization and manufacturing scale: The perovskite market is progressing from lab-scale research toward commercial viability. Companies are establishing pilot production lines and demonstrating larger-area panels. While challenges remain in scaling production, particularly in maintaining high efficiency and addressing durability for long-term use, significant investments are fueling this transition.

Perovskite Solar Cell Market Opportunity

Innovative Applications

Innovative applications in areas like building-integrated photovoltaics (BIPV) will provide an opportunity for the market. They are uniquely attractive for building-integrated photovoltaics (BIPVs) due to their potential to add value in terms of aesthetics.

The main benefits of perovskite solar cells are factors of performance, applicability, and sustainability. BIPV systems help to reduce the carbon footprint of buildings by generating renewable energy on-site. This decreases the dependence on fossil fuels. BIPV produces on-site clean electricity without the need for additional land area. BIPV can contribute to developing net-zero energy buildings.

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Perovskite Solar Cell Market Challenges

Lack of Established Large-scale Manufacturing

The lack of established large-scale manufacturing and commercialization infrastructure can limit the growth of the market. Large-scale production may result in economies of scale, leading to lower production costs per unit. As output increases, fixed costs get spread over a larger volume of goods, reducing the overall cost per item.

Large-scale industries are businesses that operate on a significant scale in terms of capital investment, workforce size, and production costs. They generally engage in extensive manufacturing, processing, or service provision, and may influence global markets and economies.

Perovskite Solar Cell Market Report Coverage

Report Coverage	Key Statistics
Market Size in 2025	USD 267.20 Million
Market Size in 2026	USD 370.70 Million
Market Size by 2034	USD 3,604.85 Million
Growth Rate (2023–2034)	CAGR of 34.13%
Base Year	2024
Forecast Period	2025 to 2034
Segments Covered	Structure, Product, Method, Application, End Use, Type, and Region
Region Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Market Drivers	Rising demand for renewable energy, low-cost production methods, high efficiency of perovskite materials, and government incentives for clean energy adoption
Technological Trends	Advancements in tandem and flexible perovskite modules, integration in BIPV and smart glass, improved stability and scalability of perovskite films
Structure Insights	Planar perovskite solar cells dominate due to simplified fabrication and better scalability compared to mesoporous structures
Product Insights	Rigid modules lead the market, while flexible perovskite solar cells gain traction in portable electronics and building-integrated photovoltaics
Method Insights	Solution processing, vapor-assisted solution, and vapor deposition are key manufacturing methods driving commercial scalability
Application Insights	Solar panels, BIPV systems, smart glass, portable devices, and aerospace applications
End-Use Insights	Energy (utility & rooftop), consumer electronics, aerospace, and industrial automation
Regional Highlights	Asia Pacific held the largest market share of 53.54% in 2024, driven by rapid industrialization, renewable energy targets, and strong manufacturing bases in China, Japan, and South Korea
Challenges	Limited long-term stability, lead toxicity concerns, and scaling up to commercial production standards
Opportunities	Rapid R&D in lead-free perovskite materials, hybrid tandem technologies with silicon, and expansion into flexible and wearable solar products
Future Outlook	Expected continued dominance of Asia Pacific, strong growth in flexible and tandem perovskite segments, and commercial adoption in smart infrastructure applications

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Global Solar Innovation Gains Momentum in 2025: Breakthroughs Across Next-Gen Photovoltaics

The solar industry is witnessing a defining moment as next-generation photovoltaic technologies move closer to large-scale commercialization. The printable solar cell, thin-film, and concentrated solar power (CSP) markets are emerging as pivotal segments driving global energy transformation.

According to PV-Magazine 2.2 TW in 2024, with more than 600 GW added in a single year -a milestone underscoring solar's accelerating role in the energy mix. The shift from traditional silicon toward hybrid, flexible, and printable modules is enabling integration into new environments-from building façades to mobile electronics.

In parallel, the Concentrated Solar Power (CSP) Market Report 2025–2035 dispatchable renewable energy capable of ensuring grid stability. CSP technologies with integrated thermal storage are forecast to surpass USD 5.9 billion in 2025, driven by government-backed infrastructure projects in Spain, China, and the Middle East.

In the United States, the SEIA Q3 2025 Solar Market Insight Report 28% YoY due to permitting and supply challenges, the commercial solar segment grew 27% YoY, supported by state-level incentives and corporate sustainability commitments.

Meanwhile, the Printable Solar Cell Market is gaining traction as researchers advance low-cost ink-based photovoltaic coatings. Analysts project the segment to grow from USD 33.01 billion in 2024 to USD 51.76 billion by 2034, a CAGR exceeding 4.60%, positioning printable solar as a core enabler for flexible and portable power solutions.

Collectively, these developments signal a shift toward scalable, cost-efficient, and design-integrated solar energy systems. From biohybrid and dye-sensitized cells to semi-flexible panels and commercial PV deployments, the solar landscape is entering an era defined by adaptability, materials innovation, and sustainability-driven demand.

The next decade will test how quickly these technologies can transition from laboratories to rooftops-and whether they can redefine global energy economics as effectively as they reshape how the world captures sunlight.

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Perovskite Solar Cell Market Regional Insights

How Big is the Asia Pacific Perovskite Solar Cell Market?

The Asia Pacific perovskite solar cell market size is calculated at USD 143.20 million in 2025, and it is projected to cross USD 1,946.20 million by 2034, expanding at a double-digit CAGR of 34.24% from 2025 to 2034.

Asia Pacific dominated the global market and is anticipated to grow at the fastest rate in the market during the forecast period due to its use in aerospace & transportation, consumer electronics, building-integrated photovoltaics (BIPVs), demand for renewables, government support, flexibility & lightweight, less expensive materials, simpler manufacturing processes, and perovskite solar cells can achieve power conversion efficiencies in the region. In India, research and development are found in institutes like IITs and ARCI Hyderabad.

Robust Investments: To Boost China's Market

China has dominated the regional market, primarily due to its massive investment in renewable energy technologies, vast manufacturing capacity, and leading position in the global solar industry. As the world's largest producer of traditional silicon-based solar cells, China has been quick to embrace perovskite solar cells, leveraging its existing infrastructure to scale up production. The country's government has strongly supported clean energy development through favorable policies, subsidies, and research funding, creating a conducive environment.

Europe is the fastest-growing region in the global market, driven by rapid growth in sectors such as residential and utilities. Oxford PV's manufacturing facility in Germany and a high-level EU PVSEC conference held in September, unveiling advancements in perovskite technology.

The robust funding for research and development and growing emphasis on sustainability and the UK's projects for perovskite solar cell's innovations and development are fostering this growth. Additionally, the growing focus on advancements in solutions printing and vapor deposition methods, and reducing production expenses and technological competitive research with silicon-based cells, are solidifying the regional position in the global market.

Strong Innovations and Commercial Growth: Maturing German Market

Germany has emerged as the dominant force in the regional market due to a combination of strategic factors that foster innovation and commercial growth. The country's long-standing commitment to renewable energy

Germany's energy policies strongly support the research, development, and integration of sustainable solutions, creating a favorable environment for next-generation solar technologies such as perovskite cells. With world-class research institutions like the Fraunhofer Institute for Solar Energy Systems (ISE) and the Helmholtz Association, Germany is at the forefront of perovskite solar cell innovation, attracting both public and private investments.

✚ Related Topics You May Find Useful:

➡️ Polycrystalline Solar Cell Market

➡️ Printable Solar Cells Market

➡️ Commercial Solar PV Market

➡️ Semi-Flexible Solar Panels Market

➡️ Biohybrid Solar Cell Market

➡️ Dye-Sensitized Solar Cell Market

➡️ Printable Solar Cell Market

➡️ Concentrated Solar Power Market

➡️ Thin Film Photovoltaics Market

Perovskite Solar Cell Market Segmentation Insights:

Structure Insights

Which Structure Segment Dominates the Perovskite Solar Cell Market?

Mesoporous Perovskite Solar Cells (MPSCs) segment dominated the market due to their outstanding combination of high-power conversion efficiency, enhanced stability, and cost-effective scalability. The mesoporous structure, typically made from materials like titanium

Additionally, this architecture enhances light absorption, allowing MPSCs to capture a wider range of wavelengths from sunlight, making them highly efficient even under less-than-ideal lighting conditions. One of the most important advantages of MPSCs is their improved stability compared to planar perovskite designs.

The planner perovskite solar cells segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034. Perovskites are a family of materials that have shown potential for high performance and low production costs in solar cells. The development of an inverted planar structure of perovskite solar cells, including hysteresis, stability, band alignment, and film growth. Highly effective planner PSCs are using a new, environmentally friendly method. Enhancement of the photovoltaic performance of a planar perovskite solar cell, which is achieved by using the localized surface Plasmon (LSP) effect of silver-alumina core-shell nanoparticles as a dopant in the perovskite layer.

Global Perovskite Solar Cell Market Size, By Structure, 2022-2032 (USD Million)

By Structure 2022 2023 2024

Planar Perovskite Solar Cells 46.0 65.9 93.14

Mesoporous Perovskite Solar Cells 48.8 69.6 98.08

Product Insights

Which Product Segment Dominates the Perovskite Solar Cell Market?

The flexible perovskite solar cells segment accounted for a considerable share of the market in 2024. Flexible perovskite solar cells (FPSCs) are supposed to be the foremost commercialization option for perovskite solar cells. Flexible perovskite solar cells (FPSCs) are increasingly being recognized for their high specific power density and mechanical flexibility. Flexible perovskite solar cells have broader application ranges than their rigid counterparts. FPSCs possess distinctive merits like high-power-per-weight, roll-to-roll manufacture, arbitrary shaped forming, and flexibility compared to rigid photovoltaics.

The rigid perovskite solar cells segment is projected to experience the highest growth rate in the market between 2025 and 2034. The benefits of rigid solar cells include reliability, higher efficiency, and longer lifespan. Rigid solar cells are best suited for permanent solutions where we can invest in solar for the long term. Rigid solar cells transform light and energy from the sun into electricity, which can be used in the same way as electricity from the power company.

Method Insights

What Made the Solution Method Dominate the Perovskite Solar Cell Market?

The solution method dominates the market due to its cost-effectiveness, simplicity, and scalability compared to other manufacturing techniques. It involves depositing a liquid solution of perovskite precursor materials onto a abstract, a process that is relatively simple and does not require complex or expensive equipment. This low-temperature process allows for compatibility with flexible substrates and roll-to-roll manufacturing techniques, which further reduce energy costs and broaden the range of potential applications.

The vapor-assisted solution method segment is expected to grow at a fastest rate of market growth from 2025 to 2034. Vapor-assisted solution method leads to an enhanced morphology, light absorption, coverage, charge carrier transport, and device efficiency over those achieved with the solution process. Vapor-assisted solution method can improve the optical absorption and efficiency of perovskite solar cell (PSC) devices. The vapor-assisted solution technology can be used to modify the film and also reduce the generation of holes and defects.

Application Insights

Which Application Leads the Perovskite Solar Cell Market?

The building-integrated photovoltaics (BIPVs) segment led the market in 2024 and is anticipated to grow with the highest CAGR in the market during the studied years. BIPV systems help reduce the carbon footprint of buildings by generating renewable energy on-site. This decreases the dependence on fossil fuels. BIPV is a set of emerging solar energy applications that replace conventional building materials with solar energy-generating materials in the structure, like windows, facades, awnings, balustrades, skylights, or roofs.

End-use Insights

Why Energy Segment Dominated the Perovskite Solar Cell Market in 2024?

The energy segment dominated the market. These innovative cells have the potential to significantly reduce costs, improve efficiency, and accelerate the adoption of solar power globally improving solar energy efficiency

The consumer electronics segment is projected to expand rapidly in the market in the coming years. Perovskite solar cells can be used in many consumer electronic products like portable speakers, e-readers, and digital watches. Perovskites are a family of materials that have shown potential for high performance and low production costs in solar cells. Perovskite solar cells allow for innovative designs in consumer electronics, like low-power wireless electronics, pre-fuel energy, and wearable technology.

Type Insights

Which Type Leads the Perovskite Solar Cell Market?

The hybrid PSCs segment led the market in 2024. Hybrid perovskite solar cells (PSCs) materials have emerged as attractive alternatives for cost-effective solar cells. Hybrid perovskites composed of methylammonium and lead halide, which are promising photovoltaic materials due to their properties, like diffusion length exceeding the micrometer scale in single crystals, high mobility of excitons compared to that of those in organic semiconductors, ambipolar transport of positive and negative charges, direct and tunable band gaps, and high absorption coefficient in the visible region of the solar spectrum.

The flexible PSCs segment is predicted to witness significant growth in the market over the forecast period. Flexible solar cells (FSCs), which can be fabricated by the scalable roll-to-roll technology, are receiving sustained attention for their merits, including compatibility, portability, flexibility, and lightweight with curved surfaces. Flexible perovskite solar cells present the most promising photovoltaic technologies due to their light weight, flexibility, and low temperature processing.

Global Perovskite Solar Cell Market, By Type, 2022-2032 (USD Million)

By Type 2022 2023 2024

Hybrid PSCs 60.1 86.1 121.64

Multi-Junction PSCs 34.7 49.4 69.58

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Top Companies in the Perovskite Solar Cell Market & Their Offering

Alfa Aesar - Expanded offering: As part of Thermo Fisher Scientific, Alfa Aesar's offering includes high-purity chemicals and precursors necessary for the synthesis and development of perovskite materials.

Dyenamo AB - Expanded offering: Dyenamo provides highly pure perovskite materials, including salts and other precursors, with a specific focus on materials optimized for vacuum-based evaporation deposition techniques.

Energy Materials Corp - Expanded offering: This company focuses on scalable, roll-to-roll manufacturing processes for producing flexible, high-efficiency perovskite solar panels at a low cost.

Fraunhofer ISE - Expanded offering: As Europe's largest solar energy research institute, Fraunhofer ISE provides comprehensive research and development services to enhance perovskite solar cell efficiency, stability, and large-scale manufacturability.

Frontier Energy Solution - Expanded offering: Frontier Energy Solution, along with other companies, is advancing the commercialization of perovskite solar cells by focusing on the development of more stable and efficient devices.

FrontMaterials Co. Ltd. - Expanded offering: FrontMaterials contributes to the perovskite solar cell market by providing specialized materials and components needed for the manufacturing of these advanced photovoltaic devices.

FUJIFILM Wako Pure Chemical Corporation - Expanded offering: FUJIFILM Wako supplies high-purity chemical reagents and materials used by researchers to synthesize and test new perovskite compounds for solar cell development.

Other Key Players:

G24 Power Ltd
Greatcell Energy
ID TechEx Ltd
Microquanta Semiconductor Co. Ltd.
Oxford PV, Panasonic Corporation
Saule Technologies
Sekisui
Solaronix SA
Solliance solar research
Swift Solar
Tandem PV, Inc.
Toshiba Corporation
WonderSolar

Recent Developments

In October 2025, a public call for proposals under its Green Innovation Fund was launched by NEDO, Japan's government-backed innovation agency. This program will support mass production technology research and development for the next generation tandem perovskite solar cells. Source:

In April 2025, an in-house demonstration of perovskite solar cells at the Anjo Plant in March 2025 was launched by AISIN CORPORATION. These perovskite solar cells are next-generation solar cells characterized by being flexible, thin, and lightweight. Source:

Segments Covered in the Report

By Structure

Planar Perovskite Solar Cells
Mesoporous Perovskite Solar Cells

By Product

Rigid Perovskite Solar Cells
Flexible Perovskite Solar Cells

By Method

Solution Method
Vapor-Assisted Solution Method
Vapor-Deposition Method

By Application

Smart Glass
Perovskite in Tandem Solar Cells
Solar Panel
Portable Devices
Utilities
BIPV (Building-Integrated Photovoltaics)

By End-Use

Manufacturing
Energy
Aerospace
Industrial Automation
Consumer Electronics
Others

By Type

Flexible PSCs
Hybrid PSCs
Multi-Junction PSCs

By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)

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