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Perovskite Market Expected to Reach $1,170.9 million by 2033

 
2022
Perovskite Market

Report Code : A74280

quote The increasing demand for high-efficiency solar energy solutions is significantly boosting the adoption of perovskite materials in various industries. As companies aim to improve energy conversion efficiency and reduce production costs, these advanced materials offer a crucial solution by enhancing the performance of solar cells and other optoelectronic applications. This results in better energy generation, even in low-light conditions, reducing reliance on traditional silicon-based technologies and enhancing overall system efficiency. The ability of perovskites to optimize energy output in challenging environments further drives the demand for the perovskite market. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Perovskite Market," The perovskite market size was valued at $384.8 million in 2023, and is estimated to reach $1,170.9 million by 2033, growing at a CAGR of 11.8% from 2024 to 2033.

Introduction

Perovskite compounds derive their name from the mineral calcium titanate (CaTiO₃), characterized by a general formula of ABO₃, where "A" represents a divalent metal ion, and "B" is a tetravalent metal ion. These compounds exhibit ferroelectric properties in their cubic or orthorhombic crystalline phases, with barium titanate (BaTiO₃) serving as a prominent example of a material demonstrating ferroelectric and piezoelectric behavior. High-temperature superconducting oxides also feature structural units based on copper oxide within the perovskite framework. Comprising metal ions and oxygen atoms, oxide perovskites are typically produced using physical fabrication techniques, such as the sintering process. In addition, modifying the type and ratio of metal ions in these compounds allows for significant tuning of their physical properties. Beyond oxide-based variants, halide perovskites have also gained considerable attention for their unique characteristics.

Market Dynamics

Perovskite-based solar technologies, known for their high efficiency and flexibility, offer seamless compatibility with smart grids, enabling real-time energy management and optimized power distribution. Their lightweight and adaptable structure allow easy incorporation into decentralized energy solutions and urban infrastructures. In addition, the synergy with advanced energy storage systems enhances reliability and stability, addressing intermittent issues common with renewable sources. This alignment with modern energy infrastructure initiatives positions perovskite solar cells as a key enabler of sustainable, smart energy solutions, driving demand across residential, commercial, and industrial sectors. All these factors are expected to drive the perovskite market trend during the forecast period.

Stability issues in perovskite materials present a significant challenge to the growth of the perovskite market, especially in the context of their application in solar cells and other optoelectronic devices. Perovskites have emerged as a promising alternative to traditional semiconductor materials owing to their exceptional light absorption, high efficiency, and low-cost manufacturing potential. However, the main barrier to their widespread adoption is their long-term stability. Over time, perovskite materials tend to degrade when exposed to environmental factors such as moisture, heat, oxygen, and ultraviolet light, which significantly reduces efficiency and lifespan.

This instability often results in the breakdown of the perovskite structure, leading to a loss of performance in devices such as solar cells, LEDs, and photodetectors. For perovskite-based solar cells, this degradation is translated to a reduction in power conversion efficiency and the need for frequent maintenance or replacement. The susceptibility to moisture and thermal degradation is particularly concerning for solar applications, where durability is a critical factor for both commercial viability and consumer adoption. All these factors are expected to hamper the perovskite market growth.

As global efforts intensify to transition toward sustainable and clean energy sources, perovskite solar cells offer a promising alternative owing to their superior efficiency, lightweight structure, and cost-effective manufacturing processes. Their potential for integration into building-integrated photovoltaics (BIPV), portable devices, and flexible solar panels further broadens their application scope. In addition, government incentives and policies supporting renewable energy adoption amplify market growth prospects. With increasing investment in solar energy infrastructure and technological advancements driving scalability and durability improvements, the perovskite market is well-positioned to capitalize on the accelerating shift toward renewable energy. All these factors are anticipated to offer perovskite market opportunities during the forecast period.

Segments Overview

The perovskite market is segmented into product type, material type, application and region. On the basis of product type, the market is segmented into rigid and flexible. On the basis of material type, perovskite market is segmented 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.

On the basis of product type, the market is divided into rigid and flexible. The rigid segment is anticipated to grow at the fastest CAGR of 12.1% during the forecast period. Rigid perovskite materials offer excellent performance in terms of light absorption and charge carrier mobility, which enhances the overall efficiency of devices. Their robustness and ability to maintain performance in harsh environmental conditions further contribute to their growing popularity, especially in large-scale applications such as solar energy production.

On the basis of material type, the perovskite market is segmented into alkaline metal halide perovskites, inorganic oxide perovskites, organic metal halide perovskites. The alkaline metal halide segment is anticipated to grow at the fastest CAGR of 12.2% during the forecast period. Alkaline metal halide perovskites, particularly those containing cesium (Cs), lead (Pb), and other alkaline metals, have shown excellent efficiency and tunable optoelectronic properties, that make them highly suitable for a range of applications, such as solar cells, light-emitting diodes (LEDs), and lasers. These materials exhibit high absorption coefficients, long charge carrier diffusion lengths, and favorable band gaps, which contribute to their remarkable performance in energy conversion, making them highly competitive in photovoltaic (PV) applications.

On the basis of application, the perovskite market is classified into lasers, sensors, solar cells, light-emitting diodes, and others. The sensors segment is anticipated to grow at the fastest CAGR of 12.3% during the forecast period. Perovskite-based sensors can detect a wide range of stimuli, including light, pressure, and gases, with high precision. In addition, the flexibility, cost-effectiveness, and ease of integration of perovskite materials into various sensor platforms further drive their adoption. As industries increasingly demand more advanced and versatile sensing technologies, the growth of the sensors segment within the perovskite market is set to accelerate.

Region-wise, the perovskite market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to grow at the fastest CAGR of 12.2% during the forecast period. Asia-Pacific region is home to rapidly expanding economies such as China, Japan, South Korea, and India, where there is significant investment in renewable energy, electronics, and advanced materials. The growing adoption of perovskite solar cells owing to the high efficiency and cost-effectiveness, is a major contributor to the market’s growth in the region, especially as governments and industries push for clean energy solutions. In addition, the increasing demand for innovative electronic devices, such as sensors and light-emitting diodes (LEDs), which benefit from the unique properties of perovskite materials, is boosting perovskite market growth.

Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to grow at the fastest CAGR of 12.2% during the forecast period. Asia-Pacific region is expected to continue to maintain its leading position throughout the forecast period due to ongoing technological innovations, government support for clean energy adoption, and increasing demand for efficient, low-cost solar technologies. In addition, the region's large population and growing urbanization rates contribute to the increasing need for sustainable energy solutions, further boosting the demand for perovskite-based technologies.

Key players in the perovskite industry includes 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 Market Insights

  • On the basis of product type, the flexible segment accounted for more than three-fifth 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 of global perovskite market share in 2023

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quote Perovskite Market 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): Global Opportunity Analysis and Industry Forecast, 2024-2033 quote

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