Perovskite Solar Cells

Global Perovskite Solar Cells Market to Reach US$3.3 Billion by 2030

The global market for Perovskite Solar Cells estimated at US$203.4 Million in the year 2024, is expected to reach US$3.3 Billion by 2030, growing at a CAGR of 59.2% over the analysis period 2024-2030. Planar Perovskite Solar Cells, one of the segments analyzed in the report, is expected to record a 63.0% CAGR and reach US$2.6 Billion by the end of the analysis period. Growth in the Mesoporous Perovskite Solar Cells segment is estimated at 48.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$53.5 Million While China is Forecast to Grow at 55.8% CAGR

The Perovskite Solar Cells market in the U.S. is estimated at US$53.5 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$471.7 Million by the year 2030 trailing a CAGR of 55.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 54.3% and 50.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 40.3% CAGR.

Global Perovskite Solar Cells Market – Key Trends & Drivers Summarized

Why Are Perovskite Solar Cells Being Touted as the Next Frontier in Photovoltaic Innovation?

Perovskite solar cells (PSCs), built around a unique class of crystalline materials with the ABX3 structure, are emerging as a transformative technology in photovoltaics due to their exceptional light-harvesting efficiency, tunable bandgaps, and low-cost solution-based manufacturing. Since their debut in 2009 with modest efficiencies under 4%, PSCs have now surpassed 25% in lab settings, rivaling traditional silicon-based cells and surpassing other thin-film technologies like CdTe and CIGS. Their potential for tandem integration, lightweight form factors, and roll-to-roll scalability is driving considerable interest from academia, industry, and climate policy circles.

Unlike silicon, which requires high-temperature processing and energy-intensive purification, perovskite materials can be deposited via spin-coating, printing, or vapor-assisted techniques at relatively low temperatures, allowing for energy-efficient, large-area fabrication on flexible substrates. This positions PSCs as a next-generation solution for building-integrated photovoltaics (BIPV), wearable electronics, portable chargers, and high-efficiency tandem modules. As the world races toward decarbonization and renewable energy expansion, perovskite solar technology is rapidly moving from lab to pilot-scale commercialization.

How Are Materials Science and Device Engineering Addressing Stability and Commercialization Challenges?

Despite their promising efficiencies, perovskite solar cells have faced criticism for poor long-term stability and sensitivity to moisture, oxygen, and UV light. However, significant progress has been made in recent years through compositional engineering, encapsulation techniques, and interfacial layer optimization. Mixed cation–anion formulations (e.g., incorporating Cs?, MA?, and FA? with I?, Br?) have improved phase stability and device lifespan. Barrier coatings using advanced polymers, hybrid encapsulants, and glass-lamination strategies are extending operational durability under real-world conditions.

Device architectures are evolving from basic mesoporous structures to planar heterojunctions and inverted p-i-n configurations, enabling better charge transport, reduced hysteresis, and compatibility with scalable fabrication techniques. Efforts to replace toxic lead with tin-based perovskites or develop lead-sequestration layers are addressing environmental and regulatory concerns. Furthermore, tandem cells—combining perovskite with silicon or CIGS—are achieving efficiencies over 30%, offering a pathway to break theoretical limits of single-junction devices. These breakthroughs are bridging the gap between lab-scale innovation and market-ready deployment.

Which Application Domains and Regional Innovation Clusters Are Accelerating Adoption of PSC Technology?

Perovskite solar technology is gaining traction in both conventional and emerging PV applications. Tandem modules with silicon are being targeted at utility-scale solar farms and rooftop systems, where efficiency improvements translate directly into lower levelized cost of electricity (LCOE). Flexible PSCs are ideal for curved surfaces, aerospace applications, autonomous drones, vehicle-integrated photovoltaics (VIPV), and portable solar-powered electronics. Building-integrated photovoltaics (BIPV), including solar windows and curtain walls, represent another promising market enabled by the aesthetic and optical tunability of PSCs.

Europe leads in perovskite R&D, with institutions in the UK, Germany, Switzerland, and Sweden pioneering device engineering, upscaling, and pilot manufacturing. China is rapidly commercializing PSCs through companies such as Microquanta, GCL, and UtmoLight, leveraging state support and solar manufacturing ecosystems. The U.S. is advancing PSC technology via ARPA-E and DOE-funded consortia, focusing on reliability testing and tandem integration. Collaborative efforts across the EU, Japan, and South Korea are propelling research on lifecycle assessment, recycling, and industrial scale-up—paving the way for global adoption.

What Is Powering Long-Term Growth and Strategic Investment in the Perovskite Solar Cell Market?

The growth in the perovskite solar cells market is driven by the pursuit of higher efficiency-to-cost ratios, lightweight solar integration, and decarbonization imperatives. As countries ramp up their climate commitments and solar capacity targets, PSCs offer a disruptive edge in terms of scalability, material availability, and deployment flexibility. The competitive advantage lies in PSCs’ ability to be rapidly prototyped, printed, and configured for a diverse set of use cases—ranging from rural electrification to embedded power sources in consumer electronics.

Strategically, investments are flowing into pilot manufacturing lines, tandem module co-development, and supply chain standardization. Partnerships between universities, startups, and PV manufacturers are forming innovation clusters focused on reliability testing, certification protocols, and eco-friendly fabrication routes. IP licensing, public–private funding, and collaboration with building material suppliers are shaping the commercialization roadmap. As cost barriers fall and performance metrics stabilize, perovskite solar cells are poised to disrupt incumbent PV technologies and play a vital role in global clean energy transitions.

SCOPE OF STUDY:

The report analyzes the Perovskite Solar Cells market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Structure (Planar perovskite solar cells, Mesoporous perovskite solar cells); Product Type (Rigid, Flexible); End-User (Aerospace, Industrial Automation, Consumer Electronics, Energy, Other End-Users)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 44 Featured) -

• Active Surfaces
• Caelux Corporation
• CubicPV
• Enecoat Technologies
• Energy Materials Corporation
• First Solar
• Frontier Energy Solution
• Greatcell Solar
• Hanwha Q CELLS
• Meyer Burger
• Microquanta Semiconductor
• Oxford Photovoltaics (Oxford PV)
• P3C
• Perovskia Solar AG
• Saule Technologies
• Sekisui Chemical
• Solaires Entreprises Inc.
• Swift Solar
• Tandem PV
• Voltec Solar

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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