The perovskite solar cell market will grow rapidly

The global perovskite solar cell market is expected to witness tremendous growth in the coming years, with a projected compound annual growth rate (CAGR) of 30.4% during 2023-2031. This is expected to translate into revenues of $6,012.48 million by the end of 2031 from $563.3 million in 2022

In the constantly changing renewable energy landscape, perovskite solar cells are emerging as a leader, ready to revolutionize the global energy sector. At the projected compound annual growth rate (CAGR) by an impressive 30.4% from 2023 to 2031, the perovskite solar cell market will grow to unprecedented heights.

Unprecedented growth forecasts

The projected growth paints a compelling picture and revenues are expected to increase dramatically $563.3 million in 2022 to the astonishing USD 6,012.48 million by climax 2031. This exponential growth not only represents a significant market expansion, but also highlights the growing adoption and acceptance of perovskite solar cells around the world.

Driving factors

Several key factors contribute to this monumental growth trajectory. Technological advances combined with extensive research and development have significantly increased the efficiency and service life of perovskite solar cells.

Their versatility, cost-effectiveness and potential for large-scale production make them an attractive alternative to conventional silicon-based solar cells.

Moreover, the growing focus on sustainability and environmental awareness is driving demand for renewable energy solutions. Perovskite solar cells offer a sustainable, environmentally friendly energy solution that aligns with the global agenda to combat climate change and reduce greenhouse gas emissions.

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Scope of the report

Report attribute


Market size value in 2022

$563.3 million

Expected revenues in 2031

2012.8 million USD

Historical data

Base year


Forecast period




Segments covered

By product type, by module type, by structure, by application, by region

Key companies

BASF SE, Oxford PV, GCL, Hubei Wonder Solar, Swift Solar, Merck and other prominent players.

Extending the application

The versatility of perovskite solar cells goes beyond traditional photovoltaic applications. Their flexibility and lightness enable integration with a variety of surfaces, including building facades, windows and even clothing, opening up new possibilities for the integration of renewable energy.

Moreover, the potential of transparent perovskite solar cells holds promise for applications in electronics, wearables and automotive industries, further diversifying their market reach.

Investments and cooperation

The bullish outlook for the perovskite solar cell market has attracted significant investment from both the public and private sectors. Governments, corporations and research institutions devote resources to research, development and commercialization, supporting innovation and scalability.

Collaborative initiatives between academia, industry stakeholders and government bodies are driving synergistic advances in materials science, manufacturing processes and performance optimization, paving the way for accelerated market growth and adoption.

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The global perovskite solar cell market is divided into the following segments:

By product type

  • Hybrid PSCs
  • Flexible PSC
  • Multi-connector PSC

By module type

  • Rigid module
  • Flexible module

By structure

  • Planar perovskite solar cells
  • Mesoporous perovskite solar cells

By application

  • Smart glass
  • BIPV
  • Power station
  • Defense and Aviation
  • Transport and mobility
  • Consumer electronics (portable devices)
  • Utilities (construction of integrated photovoltaics)
  • Offline applications
  • Other

Through the region

  • North America
  • Europe

    • Great Britain
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Rest of Europe

  • Asia and the Pacific

    • China
    • India
    • Japan
    • Australia and New Zealand
    • ASEAN
    • The rest of Asia and the Pacific

  • Middle East and Africa (MEA)

    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • The rest of the MEA

  • South America

    • Argentina
    • Brazil
    • The rest of South America

Overcoming challenges

While the prospects for perovskite solar cells are promising, the industry faces many challenges. To unlock their full potential and ensure widespread adoption, issues such as stability, scalability and barriers to commercialization must be addressed.

Research into improving the stability and durability of perovskite solar cells, as well as streamlining manufacturing processes, is crucial to overcoming these challenges and establishing their position as a mainstream renewable energy technology.


The perovskite solar cell market trajectory is nothing short of remarkable. With exponential growth forecasts and an evolving market landscape, these innovative solar cells are poised to redefine the future of renewable energy.

As technological advances continue to improve efficiency and reduce costs, perovskite solar cells will play an increasingly key role in shaping a sustainable and greener tomorrow.

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