Perovskite Solar Cell Market to Experience Significant Expansion, Reaching $15.28 Billion by 2030 at 9.34% CAGR
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Perovskite Solar Cell Market is flourishing because of the rising demand for solar energy and low-cost manufacturing.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Perovskite Solar Cell Market size at USD 13.62 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Perovskite Solar Cell Market size to expand at a CAGR of 9.34% reaching a value of USD 15.28 billion by 2030.
Increasing investments in solar energy and a growing demand for renewable energy sources are two key growth drivers for the Global Perovskite Solar Cell Market. The construction of solar systems by governments worldwide to achieve energy stability is anticipated to propel the growth of the Global Perovskite Solar Cell Market.
Opportunity: Rising demand for perovskite solar cell from energy sector
The Global Perovskite Solar Cell Market is segmented into aerospace, industrial automation, consumer electronics, energy, and others, based on the end user. The energy segment accounts for the highest market share. The growth of the market in this sector is mainly attributed to its high efficiency, reaching over 25%, lowering the cost of solar energy. Perovskites have the potential to become a low-cost technology with high ease of production and cheap capital outlay. Perovskite solar cells have been used to power prototypes of low-power wireless devices for ambient-powered IoT applications, and they may contribute to climate change mitigation.
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Impact of Escalating Geopolitical Tensions on Global Perovskite Solar Cell Market
The escalating geopolitical tensions proliferated the growth in the clean energy sector, which positively impacts the Global Perovskite Solar Cell Market. Russia’s invasion of Ukraine caused countries to revisit their energy dependence on Russia and prompted them to adopt and invest in alternative energy sources. Many Western countries imposed economic sanctions on Russia, which disrupted the energy supply, which then resulted in increased investment in the renewable energy sector. The growth in the renewable energy sector, particularly solar energy, is anticipated to boost the growth of the Global Perovskite Solar Cell Market during the forecast period.
Global Perovskite Solar Cell Market
Segmental Coverage
Global Perovskite Solar Cell Market – By Product
Based on product, the Global Perovskite Solar Cell Market is segmented into rigid perovskite solar cells and flexible perovskite solar cells. The flexible perovskite solar cell segment accounts for a higher share in the market by product. The growth of the market is mainly attributed to its lightweight and research-grade technology. Photovoltaic cells are fabricated by depositing photovoltaic materials, such as perovskites, on flexible substrates. The rigid segment also covers a substantial market share due to its wide absorption range from visible to near-infrared spectrum.
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Global Perovskite Solar Cell Market – By Region
The in-depth research report on the Global Perovskite Solar Cell Market covers the market in a number of key countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. The Asia Pacific region dominates the Global Perovskite Solar Cell Market. The rising demand and investments in the renewable energy sector from various major Asian economies, including China, India, and Japan, is directly influencing the demand for perovskite solar cells in the region. North America is also growing at a substantial rate owing to the extensive research and development activities in the sector.
Competitive Landscape
Major players operating in the Global Perovskite Solar Cell Market include Perovskite Solar Cell Market, Microquanta Semiconductor, Greatcell Energy, Oxford PV, Saule Technologies, CubicPV, EneCoat Technologies, P3C, Perovskia Solar AG, Ecole Polytechnique Fédérale de Lausanne, and New Energy Technologies inc.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Perovskite Solar Cell Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Perovskite Solar Cell Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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