Perovskite Market
Description
The global perovskite market was valued at $384.8 million in 2023, and is projected to reach $1,170.9 million by 2033, growing at a CAGR of 11.8% from 2024 to 2033.
Perovskites are a unique class of materials that share a distinctive crystal structure originally discovered in the mineral calcium titanium oxide (CaTiO₃). They are engineered from a variety of materials, including metals, organic compounds, and hybrids of both due to their highly adaptable structure. In recent years, perovskites have become popular for their potential in a wide range of applications, particularly in solar energy, electronics, and optoelectronics. Their remarkable properties, such as high efficiency, tunable characteristics, and cost-effectiveness, make them a promising alternative to traditional materials such as silicon.
Advancements in perovskite material research and technology drive the demand for perovskite materials fueled by their exceptional properties such as high efficiency, cost-effectiveness, and versatility. Innovations in manufacturing processes, stability enhancements, and scalability have enabled perovskites to revolutionize several industries such as photovoltaics, optoelectronics, and light-emitting devices. Their superior performance in solar cells, with increase in energy conversion efficiencies, coupled with ongoing developments in tandem cell technology, positions perovskites as a pivotal material for renewable energy solutions.
However, the production of perovskite requires specialized techniques and precise environmental control to ensure high-quality film formation. Techniques such as spin-coating, vacuum deposition, and solution processing add to the complexity and cost, making large-scale manufacturing challenging. In addition, ensuring uniformity and defect-free layers further increases production expenses. The lack of cost-effective, scalable production methods limits the competitive edge of perovskite-based technologies against well-established alternatives such as silicon photovoltaics, slowing their commercialization and broader market adoption. All these factors hamper the perovskite market growth.
On the other hand, perovskite solar cells, known for their superior light absorption, flexibility, and ease of fabrication, are rapidly gaining traction as a next-generation alternative to traditional silicon-based solar cells. Innovations in material stability, improved scalability of production methods, and enhanced power conversion efficiencies boost research and investment in perovskite technology. These advancements are expected to reduce manufacturing costs, enhance device performance, and open new avenues for applications in flexible & wearable solar devices, contributing to the robust growth of the perovskite market. In September 2024, Oxford PV sold its first perovskite tandem solar panels to a U.S. utility-scale project, marking a significant milestone in commercializing perovskite-silicon tandem solar technology.
Segment Review
The perovskite market is segmented into product type, material type, application, and region. On the basis of product type, the market is divided into rigid and flexible. On the basis of material type, the market is segregated into alkaline metal halide perovskites, inorganic oxide perovskites, and organic metal halide perovskites. On the basis of application, the market is classified into lasers, sensors, solar cells, light-emitting diodes, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
On the basis of product type, the flexible segment accounted for more than three-fifths of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
By material type, the organic metal halide segment accounted for more than half of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
On the basis of application, the light emitting diode segment accounted for less than half of the perovskite market share in 2023 and is expected to maintain its dominance during the perovskite market forecast period.
Region-wise, Asia-Pacific was the highest revenue contributor in the global perovskite market share in 2023.
Competition Analysis
The key players in the perovskite market are Oxford Photovoltaics Limited, Saule Technologies, Panasonic Holdings Corporation, Greatcell Solar Materials, LONGi, Toshiba Corporation, Hanwha Vision Co., Ltd, Swift Solar Inc, Xiamen Weihua Solar Co. Ltd., and Phono Solar Technology Co., Ltd.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the perovskite market analysis from 2023 to 2033 to identify the prevailing perovskite market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the perovskite market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global perovskite market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Rigid
Flexible
By Material Type
Alkaline Metal Halide
Inorganic Oxides
Organic Metal Halide
By Application
Lasers
Sensors
Solar Cells
Light-Emitting Diodes
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Spain
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Oxford Photovoltaics Limited
Hanwha Vision Co., Ltd. (Hanwha Group)
Panasonic Holdings Corporation
Toshiba Corporation
Greatcell Solar Materials
Phono Solar Technology Co., Ltd.
Saule Technologies
LONGi
Swift Solar Inc
Xiamen Weihua Solar Co. Ltd.The research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Perovskites are a unique class of materials that share a distinctive crystal structure originally discovered in the mineral calcium titanium oxide (CaTiO₃). They are engineered from a variety of materials, including metals, organic compounds, and hybrids of both due to their highly adaptable structure. In recent years, perovskites have become popular for their potential in a wide range of applications, particularly in solar energy, electronics, and optoelectronics. Their remarkable properties, such as high efficiency, tunable characteristics, and cost-effectiveness, make them a promising alternative to traditional materials such as silicon.
Advancements in perovskite material research and technology drive the demand for perovskite materials fueled by their exceptional properties such as high efficiency, cost-effectiveness, and versatility. Innovations in manufacturing processes, stability enhancements, and scalability have enabled perovskites to revolutionize several industries such as photovoltaics, optoelectronics, and light-emitting devices. Their superior performance in solar cells, with increase in energy conversion efficiencies, coupled with ongoing developments in tandem cell technology, positions perovskites as a pivotal material for renewable energy solutions.
However, the production of perovskite requires specialized techniques and precise environmental control to ensure high-quality film formation. Techniques such as spin-coating, vacuum deposition, and solution processing add to the complexity and cost, making large-scale manufacturing challenging. In addition, ensuring uniformity and defect-free layers further increases production expenses. The lack of cost-effective, scalable production methods limits the competitive edge of perovskite-based technologies against well-established alternatives such as silicon photovoltaics, slowing their commercialization and broader market adoption. All these factors hamper the perovskite market growth.
On the other hand, perovskite solar cells, known for their superior light absorption, flexibility, and ease of fabrication, are rapidly gaining traction as a next-generation alternative to traditional silicon-based solar cells. Innovations in material stability, improved scalability of production methods, and enhanced power conversion efficiencies boost research and investment in perovskite technology. These advancements are expected to reduce manufacturing costs, enhance device performance, and open new avenues for applications in flexible & wearable solar devices, contributing to the robust growth of the perovskite market. In September 2024, Oxford PV sold its first perovskite tandem solar panels to a U.S. utility-scale project, marking a significant milestone in commercializing perovskite-silicon tandem solar technology.
Segment Review
The perovskite market is segmented into product type, material type, application, and region. On the basis of product type, the market is divided into rigid and flexible. On the basis of material type, the market is segregated into alkaline metal halide perovskites, inorganic oxide perovskites, and organic metal halide perovskites. On the basis of application, the market is classified into lasers, sensors, solar cells, light-emitting diodes, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
On the basis of product type, the flexible segment accounted for more than three-fifths of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
By material type, the organic metal halide segment accounted for more than half of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
On the basis of application, the light emitting diode segment accounted for less than half of the perovskite market share in 2023 and is expected to maintain its dominance during the perovskite market forecast period.
Region-wise, Asia-Pacific was the highest revenue contributor in the global perovskite market share in 2023.
Competition Analysis
The key players in the perovskite market are Oxford Photovoltaics Limited, Saule Technologies, Panasonic Holdings Corporation, Greatcell Solar Materials, LONGi, Toshiba Corporation, Hanwha Vision Co., Ltd, Swift Solar Inc, Xiamen Weihua Solar Co. Ltd., and Phono Solar Technology Co., Ltd.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the perovskite market analysis from 2023 to 2033 to identify the prevailing perovskite market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the perovskite market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global perovskite market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Rigid
Flexible
By Material Type
Alkaline Metal Halide
Inorganic Oxides
Organic Metal Halide
By Application
Lasers
Sensors
Solar Cells
Light-Emitting Diodes
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Spain
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Oxford Photovoltaics Limited
Hanwha Vision Co., Ltd. (Hanwha Group)
Panasonic Holdings Corporation
Toshiba Corporation
Greatcell Solar Materials
Phono Solar Technology Co., Ltd.
Saule Technologies
LONGi
Swift Solar Inc
Xiamen Weihua Solar Co. Ltd.The research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Table of Contents
420 Pages
- CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- 2.1. CXO perspective
- CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter’s five forces analysis
- 3.3.1. Moderate bargaining power of suppliers
- 3.3.2. Moderate threat of new entrants
- 3.3.3. Moderate threat of substitutes
- 3.3.4. Moderate intensity of rivalry
- 3.3.5. Moderate bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Integration with Smart Grid and Energy Storage Systems
- 3.4.1.2. Advancements in Manufacturing Techniques
- 3.4.2. Restraints
- 3.4.2.1. Stability Issues in Perovskite Materials
- 3.4.3. Opportunities
- 3.4.3.1. Growing Demand for Renewable Energy Solutions
- 3.5. Value Chain Analysis
- 3.6. Regulatory Guidelines
- CHAPTER 4: PEROVSKITE MARKET, BY PRODUCT TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Rigid
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Flexible
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- CHAPTER 5: PEROVSKITE MARKET, BY MATERIAL TYPE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Alkaline Metal Halide
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Inorganic Oxides
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Organic Metal Halide
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- CHAPTER 6: PEROVSKITE MARKET, BY APPLICATION
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Lasers
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Sensors
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Solar Cells
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Light-Emitting Diodes
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
- 6.6. Others
- 6.6.1. Key market trends, growth factors and opportunities
- 6.6.2. Market size and forecast, by region
- 6.6.3. Market share analysis by country
- CHAPTER 7: PEROVSKITE MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Product Type
- 7.2.3. Market size and forecast, by Material Type
- 7.2.4. Market size and forecast, by Application
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Product Type
- 7.2.5.1.2. Market size and forecast, by Material Type
- 7.2.5.1.3. Market size and forecast, by Application
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Product Type
- 7.2.5.2.2. Market size and forecast, by Material Type
- 7.2.5.2.3. Market size and forecast, by Application
- 7.2.5.3. Mexico
- 7.2.5.3.1. Market size and forecast, by Product Type
- 7.2.5.3.2. Market size and forecast, by Material Type
- 7.2.5.3.3. Market size and forecast, by Application
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Product Type
- 7.3.3. Market size and forecast, by Material Type
- 7.3.4. Market size and forecast, by Application
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Market size and forecast, by Product Type
- 7.3.5.1.2. Market size and forecast, by Material Type
- 7.3.5.1.3. Market size and forecast, by Application
- 7.3.5.2. UK
- 7.3.5.2.1. Market size and forecast, by Product Type
- 7.3.5.2.2. Market size and forecast, by Material Type
- 7.3.5.2.3. Market size and forecast, by Application
- 7.3.5.3. Spain
- 7.3.5.3.1. Market size and forecast, by Product Type
- 7.3.5.3.2. Market size and forecast, by Material Type
- 7.3.5.3.3. Market size and forecast, by Application
- 7.3.5.4. Italy
- 7.3.5.4.1. Market size and forecast, by Product Type
- 7.3.5.4.2. Market size and forecast, by Material Type
- 7.3.5.4.3. Market size and forecast, by Application
- 7.3.5.5. France
- 7.3.5.5.1. Market size and forecast, by Product Type
- 7.3.5.5.2. Market size and forecast, by Material Type
- 7.3.5.5.3. Market size and forecast, by Application
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Market size and forecast, by Product Type
- 7.3.5.6.2. Market size and forecast, by Material Type
- 7.3.5.6.3. Market size and forecast, by Application
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Product Type
- 7.4.3. Market size and forecast, by Material Type
- 7.4.4. Market size and forecast, by Application
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Product Type
- 7.4.5.1.2. Market size and forecast, by Material Type
- 7.4.5.1.3. Market size and forecast, by Application
- 7.4.5.2. India
- 7.4.5.2.1. Market size and forecast, by Product Type
- 7.4.5.2.2. Market size and forecast, by Material Type
- 7.4.5.2.3. Market size and forecast, by Application
- 7.4.5.3. Japan
- 7.4.5.3.1. Market size and forecast, by Product Type
- 7.4.5.3.2. Market size and forecast, by Material Type
- 7.4.5.3.3. Market size and forecast, by Application
- 7.4.5.4. South Korea
- 7.4.5.4.1. Market size and forecast, by Product Type
- 7.4.5.4.2. Market size and forecast, by Material Type
- 7.4.5.4.3. Market size and forecast, by Application
- 7.4.5.5. Australia
- 7.4.5.5.1. Market size and forecast, by Product Type
- 7.4.5.5.2. Market size and forecast, by Material Type
- 7.4.5.5.3. Market size and forecast, by Application
- 7.4.5.6. Rest of Asia-Pacific
- 7.4.5.6.1. Market size and forecast, by Product Type
- 7.4.5.6.2. Market size and forecast, by Material Type
- 7.4.5.6.3. Market size and forecast, by Application
- 7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Product Type
- 7.5.3. Market size and forecast, by Material Type
- 7.5.4. Market size and forecast, by Application
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Brazil
- 7.5.5.1.1. Market size and forecast, by Product Type
- 7.5.5.1.2. Market size and forecast, by Material Type
- 7.5.5.1.3. Market size and forecast, by Application
- 7.5.5.2. Saudi Arabia
- 7.5.5.2.1. Market size and forecast, by Product Type
- 7.5.5.2.2. Market size and forecast, by Material Type
- 7.5.5.2.3. Market size and forecast, by Application
- 7.5.5.3. South Africa
- 7.5.5.3.1. Market size and forecast, by Product Type
- 7.5.5.3.2. Market size and forecast, by Material Type
- 7.5.5.3.3. Market size and forecast, by Application
- 7.5.5.4. Rest of LAMEA
- 7.5.5.4.1. Market size and forecast, by Product Type
- 7.5.5.4.2. Market size and forecast, by Material Type
- 7.5.5.4.3. Market size and forecast, by Application
- CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2023
- CHAPTER 9: COMPANY PROFILES
- 9.1. Oxford Photovoltaics Limited
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Key strategic moves and developments
- 9.2. Saule Technologies
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.3. Panasonic Holdings Corporation
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. Greatcell Solar Materials
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.5. LONGi
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. Toshiba Corporation
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Hanwha Vision Co., Ltd. (Hanwha Group)
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.8. Swift Solar Inc
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.9. Xiamen Weihua Solar Co. Ltd.
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.10. Phono Solar Technology Co., Ltd.
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
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