Perovskite Solar Cell Industry worth $2,268 million by 2028

(IT-NEWSWIRE.COM, January 04, 2023 ) The perovskite solar cell market is projected to grow from USD 271 million in 2024 to USD 2,268 million by 2028, exhibiting a CAGR of 70.1% during the forecast period. The major benefits associated with perovskite solar cells are that the cells are much cheaper to fabricate than traditional solar cells and thinner than traditional solar cells. An upsurge in demand for renewable energy is one of the major opportunities for the market during the forecast period.

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The planar perovskite solar cell segment is expected to hold the largest market share during the forecast period. When the planar structure was demonstrated successfully for the first time in the early 1970s, it only had an efficiency of 4% due to the inferior film quality and inadequate absorption of the perovskite film. The efficiency of planar perovskite solar cells has increased with new developments—the highest efficiency is around 19%. The growing efficiency of planar perovskite solar cells plays a major role in the segment's growth.

Asia Pacific is projected to dominate the global perovskite solar cell market between 2024 and 2028. The growing adoption of PV modules in countries such as China, Japan, and India is fueling the market's growth. Various initiatives and favorable policies launched by governments of several Asia Pacific countries to promote the use of solar energy are expected to propel the demand for solar cells and, consequently, for perovskite solar cells in the region during the forecast period.

Partnerships and collaborations were the key strategies adopted by the leading players operating in the market from January 2019 to September 2022. Leading players have adopted these strategies to research and develop perovskite solar cells to strengthen their market position.

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Perovskite Solar Cell Industry worth $2,268 million by 2028