Perovskite Solar Cell Market – Global Industry Analysis and Forecast (2025-2032)

Perovskite Solar Cell Market size was valued at USD 280.2 Million in 2024 and the total Perovskite Solar Cell revenue is expected to grow at a CAGR of 56.1 % from 2025 to 2032, reaching nearly USD 9878.51 Million.
Perovskite Solar Cell Market: Overview
The Perovskite Solar Cell Market is experiencing a surge in interest due to the escalating demand for electricity amidst mounting concerns about global warming. With an Increasing population and rising living standards, there's an urgent need for sustainable energy sources to combat pollution. Unlike non-renewable sources like gas, coal, and oil, renewable energy from water, wind, and solar power offers a cleaner alternative. Perovskite solar cells have already demonstrated successful applications across various industries. They are being utilized in construction to create solar windows that generate electricity while permitting natural light, in transportation to enhance the energy efficiency of electric vehicles, and in agriculture to power irrigation systems and supply sustainable energy to remote farming communities. Solar energy, particularly, holds tremendous promise, especially in equatorial regions where sunlight is abundant year-round.

The sun produces an astounding amount of solar energy daily, surpassing the annual energy consumption of the entire human population. Until more advanced energy production methods like fusion or stable fission power become feasible, harnessing solar energy remains one of the most viable options. Among solar energy harvesting methods, Perovskite Solar Cells (PSCs) have emerged as leaders in efficiency improvement. Besides the aforementioned sectors, the PSCs hold potential for applications in consumer electronics to power portable devices and extend battery life, as well as in smart city infrastructure for sustainable street lighting and public transportation systems. These increasing applications significantly boost the Perovskite Solar Cell Market growth. The versatility, efficiency, lightweight, flexibility, and lower manufacturing costs of PSCs make them a promising solution for various industries transitioning to clean and renewable energy sources.To know about the Research Methodology :- Request Free Sample Report
Perovskite Solar Cell Market: Dynamics
Growing demand for solar energy drives Perovskite Solar Cell Market Growth

Perovskite Solar Cells offer higher efficiency rates compared to traditional silicon-based solar cells, promising better energy generation potential. This efficiency stems from their unique crystal structure, allowing them to convert a greater portion of sunlight into electricity.PSCs are highly versatile and manufactured using inexpensive materials, facilitating cost-effective production processes. This affordability makes solar energy more accessible to a broader consumer base, boosting its demand. Perovskite Solar Cells exhibit exceptional light-absorption properties, enabling them to perform well even in low-light conditions, making them suitable for various environments and climates and increasing demand for solar energy drives the Perovskite Solar Cell Market Growth.

The rapid advancements in PSC technology, including improvements in stability and scalability, instill confidence in investors and consumers alike, driving further adoption. Convergence of superior efficiency, cost-effectiveness, versatility, and technological advancements positions Perovskite Solar Cells as a promising solution to meet the escalating global demand for sustainable energy sources, thereby fostering the growth of the solar energy market.
Environmental Concerns limits the Perovskite Solar Cell Market Growth
Perovskite solar cells offer immense potential for renewable energy generation, but their adoption is hindered by concerns over material toxicity. The use of lead in perovskite formulations raises environmental and health worries, as lead is known to have harmful effects on humans and ecosystems. The disposal and recycling of perovskite solar cells containing lead raise challenges in managing hazardous waste, especially in regions with stringent environmental regulations.

The perception of toxicity deters consumers, investors, and policymakers from fully embracing perovskite technology, despite its promising efficiency and cost advantages. Addressing material toxicity is therefore crucial for the sustainable growth of the Perovskite Solar Cell Market. Regulatory frameworks that incentivize the development and use of environmentally friendly materials in solar cell production also play an important role in overcoming this challenge. By addressing material toxicity, the perovskite solar cell industry advances toward its potential as a clean and sustainable energy solution.

Rising Investment and funding in the development of Perovskite Solar Cell creates lucrative growth opportunities for the Perovskite Solar Cell Market

The rising investment and funding in the development of Perovskite solar cells have created lucrative growth opportunities for the market due to several key factors. Increased investment allows for greater research and development (R&D) efforts, leading to significant advancements in the efficiency, stability, and scalability of Perovskite solar cell technology. This R&D focus enables the industry to address key challenges such as improving durability, enhancing manufacturing processes, and optimizing materials, all of which are crucial for commercial viability.

According to the MMR study Report, The U.S. Department of Energy (DOE) has been a key player in supporting this technology. the Solar Energy Technologies Office (SETO) initiated the Perovskite Funding Program, allocating $40 million to 22 projects aimed at advancing perovskite photovoltaic devices, manufacturing, and performance validation. These projects focus on enhancing efficiency and stability, addressing manufacturing challenges, and establishing a Validation and Bankability Center to ensure the competitiveness of perovskite technologies in the marketplace The DOE has awarded $40 million to fund ongoing research into perovskites, with a significant portion of the funding directed toward facilities associated with the U.S. Manufacturing of Advanced Perovskites Consortium (US-MAP). This consortium, led by the National Renewable Energy Laboratory (NREL), is a collaborative effort involving various entities to reduce costs and risks associated with perovskite research, development, and manufacturing. Therefore the rising investment in the development of Perovskite Solar Cell creates ample growth Opportunities for the Perovskite Solar Cell Market growth.
Perovskite Solar Cell Market Segment Analysis
By Industry Vertical, the Residential segment holds the largest market share in the Global Perovskite Solar Cell Market. According to MMR analysis, the segment is further expected to grow at a CAGR of 56.2 % during the forecast period. which currently commands a significant revenue share. Homeowners are increasingly turning to renewable energy, and perovskite’s potential for cost-effective, visually appealing solutions enhances its appeal. Meanwhile, the flexibility of perovskite cells drives widespread adoption across sectors such as wearables, aerospace, and portable electronics, enabling lightweight and customizable energy solutions.

A key high-growth area is Building Integrated Photovoltaics (BIPV) in the commercial segment, where perovskites offer seamless integration into windows and facades blending sustainability with design. Regionally, the Asia Pacific, led by China, dominates due to its vast manufacturing infrastructure, robust government support, and soaring energy demands in urban hubs.
Perovskite Solar Cell Market: Regional Analysis
Asia Pacific region dominated the Perovskite Solar Cell Market in the year 2023. The perovskite Solar Cell Market is the growing demand for renewable energy sources. With the increasing awareness of climate change and the need to reduce carbon emissions, there is a growing demand for clean and sustainable energy sources. Perovskite solar cells offer a promising solution to this problem, as they are highly efficient and integrated into building designs, such as windows and facades, to generate electricity while also serving as a building material. Another factor driving the growth of the market is the increasing adoption of perovskite solar cells in various applications. Perovskite solar cells have several advantages over traditional solar cells, including higher efficiency, lower cost, and flexibility.

These advantages make them highly suitable for various applications, such as consumer electronics, off-grid and off-grid electricity, and mobile charging solutions.

The Asia Pacific region is expected to dominate the Perovskite Solar Cell Market due to the increasing solar cell market in countries such as China, Japan, India, and South Korea. India and China are the major contributors to the growth of the regional market, with the increasing demand for solar cells and the increasing solar cell market in these countries. The region is also experiencing increased investment in research and development activities, which is expected to drive the growth of the market.



Critical market-shaping factors include technological advances that improve cell stability and lifespan, especially for long-duration utility-scale use. Moreover, cost competitiveness relative to silicon-based cells and supportive government policies are accelerating adoption across industries.

The residential and flexible applications lead current adoption, the commercial BIPV segment and Asia Pacific’s influence signal the next wave of growth. As efficiency improves and cost barriers fall, perovskite solar cells are poised to transform the energy landscape across multiple verticals.
Perovskite Solar Cell Market - Competitive Analysis
The global Perovskite Solar Cell Market is highly competitive numerous key players dominate the Perovskite Solar Cell Market such as Swift Solar, National Renewable Energy Laboratory (NREL), Rice Solar Energy Research Center, and Others. The key players are mainly focused on research and development. Top solar developers in the U.S. include Nextera Energy Resources, Cypress Creek Renewables, Recurrent Energy, AP Solar Holdings LLC, Savion, Lightsource BP, Florida Power & Light Company, and Silicon Ranch Corporation. These companies have brought substantial solar megawatts online in 2022, contributing to the growth of the solar energy sector in the U.S. Investment in solar power is also expected to overtake oil production investment for the first time in 2023, with clean energy investment extending its lead overspending on fossil fuels.

This trend is expected to continue as the demand for renewable energy sources increases and the need to reduce carbon emissions becomes more urgent this factor boosts the growth of the market.
Perovskite Solar Cell Market Scope: Inquiry Before Buying



Perovskite Solar Cell Market


Report Coverage
Details


Base Year:
2024
Forecast Period:
2025-2032


Historical Data:
2019-2024
Market Size in 2023:
USD 280.2 Million.


Forecast Period 2025 to 2032 CAGR:
56.1%
Market Size in 2030:
USD 9878.51 Million.


 Segments Covered:
by Product
Rigid Perovskite Solar Cells
Flexible Perovskite Solar Cells


by Structure
Planar
Mesoporous


by Application
Smart Glass
Solar Panel
BIPV
Others


by Industry Vertical
Aerospace & Defense
Residential
Commercial
Industrial
Utility
Others



Perovskite Solar Cell Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Russia, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, ASEAN, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Perovskite Solar Cell Market, Key players
The Perovskite Solar Cell industry is characterized by leading manufacturing companies and emerging players striving to enhance their market position, with financial performance playing a crucial role in their competitive strategies. These firms are implementing strategic initiatives such as expanding their product portfolios and forming partnerships to innovate and improve efficiency. A key focus is on developing high-performance, cost-effective solutions tailored for diverse applications driving the industry's evolution toward sustainable energy.

1. Hanwha Group
2. Oxford PV
3. JinkoSolar
4. Microquanta Semiconductor
5. Saule Technologies
6. CubicPV
7. EneCoat Technologies
8. Swift Solar
9. P3C
10. PEROVSKIA SOLAR AG
11. Ascent Solar
12. Canon
13. China Huaneng Group Co. Ltd.
14. Cosmos Innovation
15. Alfa Aesar
16. Dyenamo AB
17. Energy Materials Corp,
18. Fraunhofer ISE
19. FUJIFILM Wako Pure Chemical Corporation
20. Greatcell Energy
21. Microquanta Semiconductor Co. Ltd.
22. Oxford PV
23. Panasonic Corporation
24. Metalgrass LTD
25. Rayzon Solar
Frequently Asked Questions
1] What segments are covered in the Global Perovskite Solar Cell Market report?
Ans. The segments covered in the market report are based on, Structure, Product, Application, Industry Vertical and Regions.

2] What is the market size of the Global Perovskite Solar Cell Market by 2032?
Ans. The market size of the market by 2030 is expected to reach USD 9878.51 Mn.

3] What was the market size of the Global Perovskite Solar Cell Market in 2024?
Ans. The market size of the market in 2024 was valued at USD 280.2 Mn.

4] Key players in the Perovskite Solar Cell Market.
Ans. The key players of the market are Hanwha Group, Oxford PV, JinkoSolar, Microquanta Semiconductor, Saule Technologies, CubicPV, EneCoat Technologies, and others.

5] Which region is expected to hold the highest Global Perovskite Solar Cell Market share?
Ans. The Asia Pacific region is expected to hold the highest market share.