The Global Perovskite Solar Cells Market is expected to increase market demand for smart windows, transportation, power stations, and various other portable devices
The Global Perovskite Solar Cells Market is estimated to grow at a CAGR of 28.7 per cent during the forecast period of 2021 to 2027. The market growth, as per Astute Analytica, is attributed in various factors like increase demand of environmentally friendly energy, low production cost of perovskite solar cells and potential for high performance is facilitating the growth opportunities in the global perovskite solar cells industry.
Comparing with other type of solar cells, like copper indium gallium selenide solar cell or Cadmium telluride solar cells, Perovskite Solar Cells offer increased efficiency that further expands its demand in the market.
The Asia Pacific Perovskite Solar Cells is the highest shareholder in the market, holding 55 per cent of market share across the globe. China and Japan play a vital role in the manufacturing and distribution of perovskite solar cell, China being major country, holding 60% of global perovskite solar cells market share across APAC, Japan following China with second leading country in Asia Pacific region.
Europe is the second largest region holding around 30 per cent of the market share across the globe, followed by North America, Middle East & Africa, and South America. Now-a-days, Japan, Europe and the US are focused on research and development related to solar module recycling. There is a growing network of e-scrap and solar panel recyclers who are forming strategic partnerships to address PV recycling.
The major drivers impacting the growth of the global perovskite solar cells industry are technology advancement in the technology, its low manufacturing cost coupled with high performance that helps in green house reduction. Furthermore, the technology is easily manufactured, flexible and can fit in small area.
The Global Perovskite Solar Cells Market is expected to increase market demand for smart windows, transportation, power stations, and various other portable devices. These increase in demand and technology advancement will eventually boost the size of global perovskite solar cells market in the forecast period.
