Perovskite Solar Cell Market Size to Reach USD 18,669.5 Million in 2032
The Perovskite Solar Cell Market size was USD 248.7 Million in 2024 and is expected to register a revenue CAGR of 71.5% during the forecast period
May 06, 2025 – Increase in demand for renewable energy is a key driver driving perovskite solar cell market revenue growth. According to the International Energy Agency (IEA), solar PV generation climbed by a record 320 TWh (up 25%) in 2023, totalling more than 1,600 TWh. This generation growth rate is comparable to the amount projected for 2023 to 2030 in the Net Zero Emissions by 2050 (NZE) Scenario. Continuous rise in the economic attractiveness of PV, huge supply chain expansion, and increasing regulatory backing, particularly in China, the United States, the European Union, and India, are projected to accelerate capacity growth in the years ahead.
On February 2025, UtmoLight has begun production at the world’s first gigawatt-scale perovskite solar module manufacturing facility in Wuxi, near Shanghai. The plant will mass-produce ultra-large perovskite modules and building-integrated photovoltaic (BIPV) products, with a projected annual production of 1.8 million modules. In November 2024, UtmoLight reached a record 450 W power output with 16.1% efficiency on a 2.8m² perovskite module. The corporation intends to achieve 20% efficiency in mass production by 2025.
Even though perovskite solar cells have the potential to replace silicon-based solar cells due to low fabrication costs and high device efficiency, they face significant difficulties. Material toxicity, device hysteresis, and perovskite material stability are important difficulties that must be addressed before it can be marketed on a large scale. The use of hazardous lead in perovskite is a source of environmental concern.
Aside from toxicity, long-term stability of perovskite solar cells is a significant barrier to realizing their full potential. These highly efficient organic-inorganic hybrid perovskite solar cells are extremely sensitive to moisture in the surrounding air. Moisture causes a domino effect of disintegration of the perovskite coating, resulting in material degradation and loss of photovoltaic properties.
Key Highlights:
- Flexible perovskite solar cells segment is expected to register the largest market share over the forecast period. The possibility of flexible perovskite solar cells in portable devices has drawn a lot of research interest. Because of the high-quality perovskite film produced by a variety of low-temperature fabrication techniques and the matching of the interface and electrode materials, the efficiency has surpassed 18%. FPSCs have made significant progress in the past several years through composition engineering, interface modification, optimization of fabrication process, and exploitation of new charge transport materials. As a result, the light-to-electricity power conversion efficiency of FPSCs has exceeded 20% recently.
- Hybrid perovskite solar cells segment is expected to account for the highest growth rate over the forecast period. Hybrid organic–inorganic perovskite (HOIP) photovoltaics have gained significant attention over the past decade as a leading contender for next-generation solar technologies, achieving a high power conversion efficiency (PCE) of approximately 29.3%. Since their introduction, HOIPs have been at the forefront of perovskite research due to their outstanding properties, including ease of fabrication enabled by their cubic crystal structure, broad light absorption matching the solar spectrum, low exciton binding energy, and long carrier diffusion lengths.
- Asia Pacific accounted for the largest market revenue share in the perovskite solar cell market in 2024. The Asia-Pacific area is a leading market for perovskite solar cells, owing to growing urbanization, rising demand for renewable energy, and supportive government initiatives. On December 2024, Sekisui Chemical of Japan has revealed plans to begin scale manufacture of next-generation perovskite solar cells (PSCs) in 2027. Sekisui Chemical, in collaboration with the Development Bank of Japan (DBJ), will launch a new company in early January to design, manufacture, and sell PSCs under license.
- Some major companies in the market report include Oxford Photovoltaics Ltd, Saule Technologies, Greatcell Solar, Alfa Aesar, Dyenamo AB, GCL Optoelectronics, Hanwha Q CELLS, Microquanta Semiconductor, EneCoat Technologies, PEROVSKIA SOLAR AG, Hunt Perovskite Technologies, Halocell Energy Limited, CubicPV, Panasonic Corporation, and Fujifilm Corporation.
- On March 2025, Tandem PV, a pioneer in American perovskite solar technology, announced that it has raised USD 50 million in Series A funding and debt, led by Eclipse, with participation from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Stifel Bank, CSC Leasing, and other existing and new investors. Tandem PV’s pioneering tandem perovskite panels provide an industry-leading combination of durability and efficiency that is unmatched by other market solutions.
- On April 2024, Solaires and XLYNX collaborate to develop high-efficiency perovskite solar cells. Encouraged by the results of first validation tests using the Solaires technology, the two businesses are now looking into ways to include crosslinking technology into the design of perovskite-based modules. By increasing stability and boosting long-term performance, XLYNX Materials expects to contribute significantly to the long-term viability and economic success of this essential source of clean energy.
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Navistrat Analytics has segmented perovskite solar cell market based on product, structure, technology, installation type, and end-use:
- Product Outlook (Revenue, USD Million; 2022-2032)
- Rigid Perovskite Solar Cells
- Flexible Perovskite Solar Cells
- Structure Outlook (Revenue, USD Million; 2022-2032)
- Planar Perovskite Solar Cells
- Mesoporous Perovskite Solar Cells
- Technology Outlook (Revenue, USD Million; 2022-2032)
- Hybrid Perovskite Solar Cells
- Fully Inorganic Perovskite Solar Cells
- Tandem Perovskite Solar Cells
- Installation Type Outlook (Revenue, USD Million; 2022-2032)
- Rooftop Solar
- Ground-Mounted Solar
- Building-Integrated Photovoltaics (BIPV)
- Others
- End-Use Type Outlook (Revenue, USD Million; 2022-2032)
- Commercial & Industrial
- Residential
- Utility
- Defense & Aerospace
- Consumer Electronics
- Automotive
- Regional Outlook (Revenue, USD Million; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Nordic Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Oceania
- ASEAN Countries
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Turkey
- Rest of MEA
- North America