Perovskite Solar Cell Global Market Report 2025

The perovskite solar cell market size has grown exponentially in recent years. It will grow from $0.25 billion in 2024 to $0.34 billion in 2025 at a compound annual growth rate (CAGR) of 37.5%. The growth during the historic period can be attributed to improvements in efficiency, low manufacturing costs, compatibility with flexible substrates, rapid advancements in materials, and government incentives promoting renewable energy.

The perovskite solar cell market size is expected to see exponential growth in the next few years. It will grow to $1.22 billion in 2029 at a compound annual growth rate (CAGR) of 37.3%. The growth anticipated in the forecast period can be linked to the rising demand for lightweight solar panels, the scaling of production technologies, increased investments in clean energy, integration with building materials, and the expanding use of building-integrated photovoltaics (BIPV). Key trends expected in the forecast period include the development of tandem solar cells, low-cost fabrication methods, progress in stability and durability, creation of stable and long-lasting perovskite materials, and a focus on environmentally friendly, lead-free perovskites.

The rising demand for renewable energy solutions is expected to drive the growth of the perovskite solar cell market in the future. Renewable energy solutions generate power from naturally replenishing sources such as sunlight, wind, and water, providing sustainable alternatives to fossil fuels. The adoption of these renewable sources is increasing because they offer cost-effective, low-carbon power generation aligned with global sustainability and decarbonization goals. Perovskite solar cells represent a renewable energy solution by efficiently converting sunlight into electricity using abundant and affordable materials. For example, in February 2025, the World Resources Institute, a US-based non-profit organization, reported that solar energy set a new record by adding an estimated 39.6 gigawatts (GW) of capacity in 2024, surpassing the 27.4 GW installed in 2023. Thus, the growing demand for renewable energy is fueling the expansion of the perovskite solar cell market.

Key companies in the perovskite solar cell market are concentrating on developing innovative products, such as ready-to-adopt perovskite solar cells, to speed up commercial deployment, improve energy efficiency in compact devices, and meet the increasing demand for sustainable power in IoT and consumer electronics. Ready-to-adopt perovskite solar cells are fully developed, market-ready solutions designed for easy integration into devices, particularly in IoT and electronics sectors. For instance, in September 2024, Perovskia Solar AG, a Switzerland-based solar energy firm, launched the first market-ready perovskite solar cells for IoT and electronic devices, raised $2.4 million, and secured 10 major clients, marking a significant advancement in renewable energy for smart technologies. These solar cells are optimized for compact, low-power electronics, making them well suited for sensors, wearables, and smart devices.

In June 2023, FuturaSun srl, an Italy-based solar energy equipment company, acquired Solertix for an undisclosed sum. This acquisition enhances FuturaSun's innovation capabilities in perovskite solar technology by combining leading academic research with industrial expertise, paving the way for the development of high-efficiency solar products and strengthening market leadership. Solertix is an Italy-based company specializing in the development of perovskite photovoltaic cells.

Major players in the perovskite solar cell market are Panasonic Corporation, Toshiba Corporation, FUJIFILM Wako Pure Chemical Corporation, Sekisui, Fraunhofer ISE, Hanwha Q CELLS, Solliance solar research, Heliatek GmbH, G24 Power Ltd., Energy Materials Corp, Swift Solar, Solaronix SA, Tandem PV, Inc., Saule Technologies, Alfa Aesar, Dyenamo AB, GCL Suzhou Nanotechnology Co. Ltd., FrontMaterials Co. Ltd., Hunt Perovskite Technologies (HPT) -, Microquanta Semiconductor Co. Ltd.

Asia-Pacific was the largest region in the perovskite solar cell market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in perovskite solar cell report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the perovskite solar cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A perovskite solar cell is a type of photovoltaic device that utilizes a perovskite-structured material, generally with the formula ABX₃, as the light-absorbing layer. These materials, often made up of organic and inorganic components such as methylammonium lead iodide, have attracted attention due to their high power conversion efficiencies, low production costs, and compatibility with flexible substrates. Perovskite solar cells can be manufactured using simple, low-temperature solution processes, making them a promising alternative to traditional silicon-based solar cells.

The primary product categories of perovskite solar cells are rigid and flexible types. Rigid perovskite solar cells are high-efficiency photovoltaic devices built on solid substrates like glass or metal, making them suitable for fixed, flat-surface energy installations. Structurally, they are divided into planar and mesoporous types. These cells find applications in various areas such as smart glass, solar panels, and building-integrated photovoltaics (BIPV), and are used across multiple industry sectors, including aerospace and defense, residential, commercial, industrial, and utility.

The perovskite solar cell market research report is one of a series of new reports that provides perovskite solar cell market statistics, including perovskite solar cell industry global market size, regional shares, competitors with the perovskite solar cell market share, perovskite solar cell market segments, market trends, and opportunities, and any further data you may need to thrive in the perovskite solar cell industry. This perovskite solar cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The perovskite solar cell market consist of sales of transparent and semi-transparent solar panels, tandem solar cells, and solar films and coatings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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