At a CAGR of 70.1% The Global Perovskite Solar Cell Market is Anticipated to Reach $2,268 million by 2028, says MarketsandMarkets™
Chicago, Feb. 12, 2023 (GLOBE NEWSWIRE) -- According to the new market research report "Perovskite Solar Cell Market* by Type of Structure (Planar and Mesoporous), Product (Rigid and Flexible), Vertical (Aerospace & Defense, Residential, Commercial, Industrial, and Utility), Type, Application, Technology and Region – Global Forecast to 2028*" The perovskite solar cell market is projected to grow from USD 271 million in 2024 to USD 2,268 million by 2028, registering a CAGR of 70.1% during the forecast period.
The major growth opportunity for the perovskite solar cell market during the forecast period is the upsurge in the demand for renewable energy.
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*By Type Of Structure*
· Planar Perovskite Solar Cell
· Mesoporous Solar Cell - Better Efficiency
*By Type*
· Hybrid Perovskite Solar Cell
· Multi-Junction Perovskite Solar Cell - Better Efficiency
*By Product*
· Rigid Perovskite Solar Cell - Better Efficiency
· Flexible Perovskite Solar Cell
*By Vertical *
· Aerospace & Defense
· Industrial
· Commercial
· Residential
· Utility
*By Application *
· Smart Glass
· Solar Panel
· Building-integrated Photovoltaics (BIPV)
· Others
*By Technology*
· One-step Method
· Two-step Method
· Vapor-assisted Solution Method
· Thermal Vapor Deposition Method
*By Region*
· North America
· Europe
· Asia Pacific
· RoW
*HANWHA Q CELLS*
Hanwha Q CELLS is engaged in designing, manufacturing, and distributing PV modules for the residential, commercial, industrial, and utility markets. The company was publicly listed until December 2018. The ownership type was changed to private in January 2019 as it merged with Hanwha Solar Holdings Co. (South Korea) and now operates as a wholly owned subsidiary of Hanwha Chemicals. Hanwha Q CELLS offers a broad portfolio of PV modules. It includes ~13 variants of PV modules, monocrystalline modules, and polycrystalline modules. The PV modules offered by the company can be installed on the ground and rooftop.
The company is involved in the research and development of perovskite solar cells. In March 2022, the company collaborated with Helmholtz-Zentrum Berlin (HZB), a German research institute, to achieve a power conversion efficiency of 28.7% for a two-terminal perovskite silicon tandem solar cell.
*MICROQUANTA SEMICONDUCTOR*
Microquanta Semiconductor was founded by Dr. Jishong Yao and Dr. Buyi Yan in Hangzhou city in 2015. It is one of the leading companies in the research and development of perovskite solar cells and smart manufacturing equipment. The company works on innovating perovskite solar cells to improve their efficiency. A team of intellectuals among the top talent in the field of science and technology in the Hangzhou region leads the company. The company has raised a series of funding from Three George Capitals, Beijing Energy Holding, Quzhou Financial Holding, and other investors for the innovation and development of perovskite solar cells.
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*Opportunity: Rising investments and funding in development of perovskite solar cells*
The solar industry has witnessed various fast-paced technological developments in the past few years. Perovskite is the newest solar material with a crystal structure suitable for solar absorption. Perovskite cells also work better than silicon at lower lighting intensities, on cloudy days, or indoors, thus enabling higher conversion efficiency. The main benefit of making solar cells from perovskite is that the material is cheap and abundant and can produce low-cost solar power. As perovskite solar cells have benefits over traditional cells, companies in the solar cell industry are working to develop the cell and make it commercially available by 2024. The companies working on developing perovskite solar cells are raising funds for research and innovations. For instance, in January 2021, Microquanta Semiconductor announced a Series C round of funding. Lead investors include Three George Capitals, Beijing Energy Holding, and Quzhou Financial Holding. This funding will be used for the 100 MW production line expansion of the perovskite tandem project. Similarly, in November 2020, Oxford PV was funded by the Brandenburg Ministry of Economics as part of the EU’s Regional Development Program. The grant was used in perovskite solar cell manufacturing. Continuous funding for research and development of perovskite solar cells is creating growth opportunities for the market players.
*Challenge: Stability and efficiency of perovskite solar cell*
Perovskites can decompose when they react with moisture and oxygen or when they spend extended time exposed to light, heat, or applied voltage. The perovskite research and development (R&D) community is highly focused on improving operational lifetime and is working on multiple approaches to understand and improve stability and degradation. The research is going to decrease the reactivity of the perovskite surface, and finding alternative materials for formulations of perovskite materials.
*Recent Developments*
· In February 2022, Microquanta Semiconductor announced that it is building a perovskite solar power plant in Quzhou in Zhejiang Province, China. The solar plant will cover 250 acres and has a capacity of 12 MW.
· In July 2021, Oxford PV announced that it had completed the build-out of its manufacturing site in Brandenburg an der Havel, Germany. The site will be one of the world’s first volume manufacturing lines for Oxford PV’s innovative perovskite-on-silicon tandem solar cells. The annual target manufacturing capacity is 100 MW.
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