The global perovskite market was valued at $384.8 million in 2023, and is projected to reach $1.17 billion by 2033, growing at a CAGR of 11.8% from 2024 to 2033.
Perovskites are a unique class of materials that share a distinctive crystal structure originally discovered in the mineral calcium titanium oxide (CaTiO₃). They are engineered from a variety of materials, including metals, organic compounds, and hybrids of both due to their highly adaptable structure. In recent years, perovskites have become popular for their potential in a wide range of applications, particularly in solar energy, electronics, and optoelectronics. Their remarkable properties, such as high efficiency, tunable characteristics, and cost-effectiveness, make them a promising alternative to traditional materials such as silicon.
Advancements in perovskite material research and technology drive the demand for perovskite materials fueled by their exceptional properties such as high efficiency, cost-effectiveness, and versatility. Innovations in manufacturing processes, stability enhancements, and scalability have enabled perovskites to revolutionize several industries such as photovoltaics, optoelectronics, and light-emitting devices. Their superior performance in solar cells, with increase in energy conversion efficiencies, coupled with ongoing developments in tandem cell technology, positions perovskites as a pivotal material for renewable energy solutions.
However, the production of perovskite requires specialized techniques and precise environmental control to ensure high-quality film formation. Techniques such as spin-coating, vacuum deposition, and solution processing add to the complexity and cost, making large-scale manufacturing challenging. In addition, ensuring uniformity and defect-free layers further increases production expenses. The lack of cost-effective, scalable production methods limits the competitive edge of perovskite-based technologies against well-established alternatives such as silicon photovoltaics, slowing their commercialization and broader market adoption. All these factors hamper the perovskite market growth.
On the other hand, perovskite solar cells, known for their superior light absorption, flexibility, and ease of fabrication, are rapidly gaining traction as a next-generation alternative to traditional silicon-based solar cells. Innovations in material stability, improved scalability of production methods, and enhanced power conversion efficiencies boost research and investment in perovskite technology. These advancements are expected to reduce manufacturing costs, enhance device performance, and open new avenues for applications in flexible & wearable solar devices, contributing to the robust growth of the perovskite market. In September 2024, Oxford PV sold its first perovskite tandem solar panels to a U.S. utility-scale project, marking a significant milestone in commercializing perovskite-silicon tandem solar technology.
Perovskites are a unique class of materials that share a distinctive crystal structure originally discovered in the mineral calcium titanium oxide (CaTiO₃). They are engineered from a variety of materials, including metals, organic compounds, and hybrids of both due to their highly adaptable structure. In recent years, perovskites have become popular for their potential in a wide range of applications, particularly in solar energy, electronics, and optoelectronics. Their remarkable properties, such as high efficiency, tunable characteristics, and cost-effectiveness, make them a promising alternative to traditional materials such as silicon.
Advancements in perovskite material research and technology drive the demand for perovskite materials fueled by their exceptional properties such as high efficiency, cost-effectiveness, and versatility. Innovations in manufacturing processes, stability enhancements, and scalability have enabled perovskites to revolutionize several industries such as photovoltaics, optoelectronics, and light-emitting devices. Their superior performance in solar cells, with increase in energy conversion efficiencies, coupled with ongoing developments in tandem cell technology, positions perovskites as a pivotal material for renewable energy solutions.
However, the production of perovskite requires specialized techniques and precise environmental control to ensure high-quality film formation. Techniques such as spin-coating, vacuum deposition, and solution processing add to the complexity and cost, making large-scale manufacturing challenging. In addition, ensuring uniformity and defect-free layers further increases production expenses. The lack of cost-effective, scalable production methods limits the competitive edge of perovskite-based technologies against well-established alternatives such as silicon photovoltaics, slowing their commercialization and broader market adoption. All these factors hamper the perovskite market growth.
On the other hand, perovskite solar cells, known for their superior light absorption, flexibility, and ease of fabrication, are rapidly gaining traction as a next-generation alternative to traditional silicon-based solar cells. Innovations in material stability, improved scalability of production methods, and enhanced power conversion efficiencies boost research and investment in perovskite technology. These advancements are expected to reduce manufacturing costs, enhance device performance, and open new avenues for applications in flexible & wearable solar devices, contributing to the robust growth of the perovskite market. In September 2024, Oxford PV sold its first perovskite tandem solar panels to a U.S. utility-scale project, marking a significant milestone in commercializing perovskite-silicon tandem solar technology.
Segment Review
The perovskite market is segmented into product type, material type, application, and region. On the basis of product type, the market is divided into rigid and flexible. On the basis of material type, the market is segregated into alkaline metal halide perovskites, inorganic oxide perovskites, and organic metal halide perovskites. On the basis of application, the market is classified into lasers, sensors, solar cells, light-emitting diodes, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.Key Findings
- On the basis of product type, the flexible segment accounted for more than three-fifths of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
- By material type, the organic metal halide segment accounted for more than half of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period.
- On the basis of application, the light emitting diode segment accounted for less than half of the perovskite market share in 2023 and is expected to maintain its dominance during the perovskite market forecast period.
- Region-wise, Asia-Pacific was the highest revenue contributor in the global perovskite market share in 2023.
Competition Analysis
The key players in the perovskite market are Oxford Photovoltaics Limited, Saule Technologies, Panasonic Holdings Corporation, Greatcell Solar Materials, LONGi, Toshiba Corporation, Hanwha Vision Co., Ltd, Swift Solar Inc, Xiamen Weihua Solar Co. Ltd., and Phono Solar Technology Co., Ltd.Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the perovskite market analysis from 2023 to 2033 to identify the prevailing perovskite market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the perovskite market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global perovskite market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Analysis of raw material in a product (by %)
- Manufacturing Capacity
- Investment Opportunities
- Technology Trend Analysis
- Go To Market Strategy
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- SWOT Analysis
Key Market Segments
By Product Type
- Rigid
- Flexible
By Material Type
- Alkaline Metal Halide
- Inorganic Oxides
- Organic Metal Halide
By Application
- Lasers
- Sensors
- Solar Cells
- Light-Emitting Diodes
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Spain
- Italy
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Oxford Photovoltaics Limited
- Hanwha Vision Co., Ltd. (Hanwha Group)
- Panasonic Holdings Corporation
- Toshiba Corporation
- Greatcell Solar Materials
- Phono Solar Technology Co., Ltd.
- Saule Technologies
- LONGi
- Swift Solar Inc
- Xiamen Weihua Solar Co. Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PEROVSKITE MARKET, BY PRODUCT TYPE
CHAPTER 5: PEROVSKITE MARKET, BY MATERIAL TYPE
CHAPTER 6: PEROVSKITE MARKET, BY APPLICATION
CHAPTER 7: PEROVSKITE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Oxford Photovoltaics Limited
- Hanwha Vision Co., Ltd. (Hanwha Group)
- Panasonic Holdings Corporation
- Toshiba Corporation
- Greatcell Solar Materials
- Phono Solar Technology Co., Ltd.
- Saule Technologies
- LONGi
- Swift Solar Inc
- Xiamen Weihua Solar Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 420 |
| Published | February 2025 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 384.8 million |
| Forecasted Market Value ( USD | $ 1170 million |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
