The global perovskite solar cells market was valued at USD 264.62 million in 2024, and it is forecast to reach USD 7,021.18 million by 2030, growing at a compound annual growth rate (CAGR) of 72.18% during the period from 2025 to 2030. Significant gains have come from technological advances that have pushed power conversion efficiencies up, with perovskite PV cells surpassing most thin-film technologies in small-area lab devices.

Key Market Trends & Insights

• In 2024, the Asia Pacific region led the global perovskite solar cell market, commanding more than 52.14% of revenue share.
• The United States is expected to see strong growth through the forecast period, driven by policy support and R&D investment.
• By product, the rigid segment held the bulk of revenue in 2024, accounting for 69.79% of the market.
• Considering verticals, utility applications dominated with 35.57% of revenue share in 2024.
• By application, solar panels were the largest segment, making up 51.07% of revenue in 2024.

Market Size & Forecast

• 2024 size: USD 264.62 million
• 2030 projected size: USD 7,021.18 million
• CAGR (2025-2030): 72.18%
• Regionally, Asia Pacific led in 2024, both in market size and growth potential.

The market growth is supported by multiple factors. Advances are improving power conversion efficiencies—lab devices have crossed the 25% mark. Perovskite materials can be tuned to respond to different parts of the solar spectrum, improving energy capture. Scalable manufacturing techniques, including sheet-to-sheet and roll-to-roll processes, are enhancing production capacity while helping reduce cost.

Other driving forces include the demand for flexible, lightweight and even transparent solar solutions, suitable for building-integrated photovoltaics (BIPV), portable electronics, smart devices and wearable technologies.

Challenges remain, particularly around stability and durability. Perovskite materials can degrade when exposed to moisture or heat, raising concerns about long-term performance in real-world settings.

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Key Companies & Market Share Insight

Major participants in this market are focusing on expansion, strategic partnerships, product innovations and scaling of production. Their activities help define trends and inform investment into perovskite solar technologies.

Key Companies List

• Alfa Aesar
• Dyenamo AB
• Energy Materials Corp
• Fraunhofer ISE
• Frontier Energy Solution
• FrontMaterials Co. Ltd.
• FUJIFILM Wako Pure Chemical Corporation
• G24 Power Ltd.
• Greatcell Energy
• Microquanta Semiconductor Co., Ltd.
• Oxford PV
• Panasonic Corporation

Conclusion

Perovskite solar cells are clearly emerging as one of the most rapidly expanding sectors in photovoltaics, thanks to their high efficiency, adaptability and potential for cost-effective manufacture. By 2030 the market is projected to grow by more than twenty-five times over its 2024 size. Asia Pacific is likely to continue leading, with utility applications and rigid products forming the backbone of current demand. Key challenges around long-term stability and exposure to environmental stressors must be overcome before full market maturation. Nonetheless, the combination of strong demand, continuous material and process improvements, and growing policy support points to a strong outlook for perovskite solar technologies in both traditional solar panels and newer applications such as BIPV and flexible devices.

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