Press Release

The global perovskite solar cells market revenue surpassed US$ 923.3 million in 2024 and is predicted to attain around US$ 8,944.3 million by 2033, growing at a CAGR of 28.7% during the forecast period from 2025 to 2033.

Perovskite solar technology is poised to transform the global solar industry with its groundbreaking potential to surpass traditional silicon-based technologies. The gigawatt-scale manufacturing of perovskite solar cells (PSCs) is set to begin by 2028, with commercial products entering the market as early as 2025. By offering superior efficiencies and lower production costs, perovskites are well-positioned to capture a significant share of the global solar energy market over the next two decades. 

Current silicon-only solar modules face a theoretical efficiency limit of 29.4%, which has long-constrained advancements in solar technology. In comparison, tandem modules that integrate perovskite layers are projected to achieve efficiencies as high as 43% by 2040. This dramatic performance improvement will cause a significant reduction in the cost of electricity generated from solar power, further solidifying solar energy as a cost-effective and sustainable alternative to fossil fuels.

Furthermore, perovskite technology aligns with localization and reshoring strategies, particularly in regions like the U.S. and Europe, which aim to reduce reliance on Asian supply chains. By enabling more localized and sustainable production, perovskites provide an opportunity for governments and industries to strengthen their domestic solar manufacturing capabilities while advancing renewable energy goals.

Perovskite Solar Cell Market Key Takeaways

• The perovskite solar cells (PSC) market is projected to achieve a market valuation of US$ 8,944.3 million by 2033, growing at a compound annual growth rate (CAGR) of 28.7% during the forecast period from 2025 to 2033.
• Among product types, hybrid perovskite solar cells currently dominate the market, holding over 50% of the market share. This dominance is attributed to their exceptional balance of efficiency, cost-effectiveness, and ease of manufacturing.
• In terms of module type, the rigid module segment is projected to generate over 82% of market revenue in the PSC market. Rigid modules, typically glass-based, are favored for their reliability and compatibility with existing installation frameworks.
• The Building-Integrated Photovoltaics (BIPV) segment holds a 23% revenue share in the PSC market, establishing itself as a leading application. BIPV integrates solar cells directly into building components such as façades, rooftops, and windows, aligning with the global push toward green architecture.
• By structure, the planar structure segment leads the PSC market with a 69% market share and is expected to maintain its dominance during the forecast period. The planar design is highly appealing to manufacturers due to its simpler layer-stacking processes and fewer fabrication steps, which reduce production complexity and costs.

Market Overview

The term "perovskite solar cell" (PSC) refers to a type of solar cell that utilizes a warm white active material primarily composed of a mixture of organic and inorganic lead compounds. This unique material structure allows perovskite solar cells to exhibit exceptional light-harvesting capabilities and high energy conversion efficiency. 

Efforts to enhance the scalability and reliability of perovskite solar technologies have intensified in recent years. By early 2024, at least 40 pilot-scale production lines worldwide have been focusing on refining perovskite fabrication techniques to enable large-scale production. These initiatives aim to overcome challenges such as durability, cost reduction, and material stability, which are critical for the widespread adoption of PSCs. Additionally, 15 newly established research centers in Asia are pooling their resources and expertise to develop higher reliability standards, ensuring that PSCs can perform consistently in diverse environmental conditions.

As advancements in perovskite solar technology continue to accelerate, the "perovskite revolution" is poised to become a dominant force in the renewable energy landscape. The unique properties of PSCs—such as their lightweight design, flexibility, and high efficiency—position them as a game-changing innovation in the solar power sector. 

Asia Pacific Holds More Than 50% Revenue Share

The Asia Pacific region has emerged as the largest market for perovskite solar cells (PSCs), commanding a dominant market share of 56%, and is forecasted to experience the highest growth rate of 31.6% between 2025 and 2033. This remarkable growth is being driven by the concerted efforts of entrepreneurs and companies in China and other countries in the region to scale up the production of PSCs. 

A notable example is Microquanta Semiconductor, a Chinese company that has established the world’s first perovskite PV production facility with a pilot manufacturing capacity of 5GW. This milestone demonstrates the region's leadership in advancing large-scale production of perovskite solar technologies, setting a benchmark for other manufacturers globally.

Additionally, China and Japan collectively hold a significant market share of 76%, solidifying their positions as key players in the global PSC industry. India, on the other hand, is projected to lead in growth during the forecast period, with an astonishing growth rate of 36%, driven by its strong focus on renewable energy adoption and government-backed initiatives to accelerate solar energy deployment.

Perovskite Solar Cells Market Growth Factor

Driver

Advancements in Tandem Architectures: The development of tandem solar cell architectures has emerged as a game-changing innovation in the renewable energy sector, enabling greater energy efficiency and accelerating market growth. This multi-layered approach allows these cells to achieve higher energy conversion efficiencies compared to traditional single-junction solar cells, which are limited by the efficiency threshold of their individual materials. 

Rising Interest from Automotive Manufacturers: The global push toward sustainability and renewable energy has sparked rising interest among automotive manufacturers in integrating solar technologies directly into vehicles. As the automotive industry pivots toward electric vehicles (EVs) and other energy-efficient modes of transportation, solar integration offers a unique opportunity to enhance vehicle performance, increase energy efficiency, and reduce reliance on external charging infrastructure. 

Restraint

Challenges in Scaling to Large-Area Production: Scaling the production of advanced solar technologies, such as perovskite solar cells (PSCs), to large-area manufacturing lines presents significant technical challenges. One of the primary hurdles lies in developing deposition methods capable of maintaining the high material quality and uniformity needed for large-scale production.

Limited Synergy with Conventional Cell Technologies: Another challenge facing the widespread adoption of next-generation solar technologies is the limited compatibility with conventional cell technologies, which complicates retrofitting existing infrastructure. This lack of synergy can result in higher costs for retrofitting or replacing infrastructure, discouraging some stakeholders from transitioning to newer, more efficient technologies.

Opportunity

Mainstream Acceptance of Lead-Free Formulations: The global shift toward sustainability and environmental responsibility has led to the growing acceptance of lead-free formulations in various industries, particularly in the production of perovskite solar cells (PSCs). As governments and industries prioritize greener solutions, the development of lead-free perovskite materials has emerged as a crucial step in creating safer, more eco-friendly solar technologies and ensuring long-term compatibility with global environmental policies.

Building-Integrated Designs Transforming Architecture: At the intersection of renewable energy and modern architecture, building-integrated photovoltaic (BIPV) designs are revolutionizing how we think about solar energy deployment. The growing investment in these designs is transforming architectural aesthetics worldwide, seamlessly integrating solar technologies into the fabric of buildings. 

Recent Developments

• In January 2025, Swansea University launched a £3 million initiative called REACH-PSM, aimed at advancing the development of sustainable perovskite solar modules (PSMs). This program seeks to enhance solar energy accessibility across Africa. Funded by the UKRI Ayrton Challenge Programme, the initiative is groundbreaking in its mission to establish Africa’s first full-scale solar manufacturing demonstration. The project is being carried out in collaboration with institutions and communities in Nigeria, Rwanda, Kenya, and South Africa, marking a major step toward sustainable energy solutions in the region.
• In January 2025, Sekisui Chemical, a leading Japanese plastics manufacturer, announced a partnership with MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group. Together, they plan to conduct two perovskite solar panel demonstrations at properties owned by the bank. This collaboration underscores Japan's commitment to advancing next-generation solar technology.
• In December 2025, Sekisui Chemical is poised to reshape the solar energy and chemical industries with its ambitious plan to begin mass production of perovskite solar cells (PSCs) by 2027. These highly efficient and cost-effective solar cells are expected to revolutionize the renewable energy landscape.

Global Perovskite Solar Cells Market Key Players

• BASF
• Dyenamo
• Energy Materials Corp.
• Frontier Energy Solution
• Fujifilm
• Fujikura
• GCL Suzhou Nanotechnology Co., Ltd.
• Greatcell Energy
• Hangzhou Microquanta
• Heiking PV Technology Co., Ltd.
• Hubei Wonder Solar
• Hunt Perovskite Technologies (HPT)
• InfinityPV
• Jinkosolar
• Kyocera
• LG Chem
• Li Yuan New Energy Technology Co.
• Merck
• Microquanta Semiconductor
• Oxford PV
• Panasonic
• Saule Technologies
• Sharp
• Solartek
• Solaronix SA
• Solliance
• Tandem PV
• Toshiba
• Trina Solar
• WonderSolar
• Other Prominent Players

Market Segmentation

By Product Type

• Hybrid PSCs
• Flexible PSCs
• Multi-Junction PSCs

By Module Type

• Rigid Module
• Flexible Module

By Structure

• Planar Perovskite Solar Cells
• Mesoporous Perovskite Solar Cells

By Application

• Smart Glass
• BIPV
• Power Station
• Defence and Aerospace
• Transportation and Mobility
• Consumer Electronics (Portable Devices)
• Utilities (Building Integrated PVs)
• Off-Grid Applications
• Other

By Geography

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)

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