Perovskite Solar Cell Market Regional Analysis

Asia-Pacific led the perovskite solar cell industry and had the highest revenue share of more than 52.2%. Perovskite solar cell demand in the Asia Pacific is strongly influenced by the high rate of urbanization and growing energy demands of the population. The region has important manufacturing hubs, with China leading the research and production of solar technology. Greater emphasis on utilizing renewable energy sources, supported by government incentives and investment, also fuels market growth. Additionally, the higher efficiency and lower manufacturing cost of perovskite solar cells compared to traditional silicon panels make them more attractive for various applications, including residential & commercial use, building-integrated photovoltaics (BIPV), transportation, thereby fueling overall demand in the region.

China perovskite solar cell market has robust manufacturing capacity enables the mass production of perovskite solar cells, which is becoming cheaper for various applications. The potential for perovskite technology achieving efficiencies of more than 25% and yet being flexible to be used as part of building materials and flexible applications makes it more appealing. As there is ongoing research on stability and durability problems, perovskite solar cells are anticipated to witness an increasing demand in China, thus driving the overall development of the perovskite solar cell market within the region.

The North America perovskite solar cell market is spurred by rising demand for renewable energy alternatives and technological innovations in solar technology. The high priority of the region is to save carbon emissions and ensure energy efficiency is optimal for the use of perovskite solar cells with high efficiency and reduced cost of production. Moreover, favorable government policies and incentives are also responsible for encouraging market growth. The U.S. Department of Energy (DOE) has also led the way, offering substantial investment in perovskite research and manufacturing. In 2021, the DOE offered USD 40 million in funding to sustain perovskite research, with a considerable portion going to the U.S. Manufacturing of Advanced Perovskites Consortium (US-MAP), an initiative led by the National Renewable Energy Laboratory (NREL) that includes laboratories, universities, and private industry. This financing accelerated commercialization efforts by improving the stability, efficiency, and production capacity of perovskite solar technology.

Some of the factors that have been propelling growth of the perovskite solar cell market in the European region are the adoption of supportive policies by the governments and the establishment of a target to shift towards energy sources that are renewable. The European Union mandates a minimum share of 32 percent of renewables share across all energies by the year 2030, which is assisting in the growth of the stock of solar systems. Additionally, the European Union is home to robust research and development activities which promote ingenuity when it comes to the use of perovskite technology enhancing its efficiency and reducing costs. As attention on sustainability increases and the need to lower carbon emissions lose its limits, the use of solar cells based on perovskite in utility, commercial buildings and residential homes is supported by Europe.

The Middle East and Africa region is experiencing increased demand for perovskite solar cells because of the region's abundant solar resources and increasing energy needs. The UAE and South Africa are also investing in renewable energy technology as a way of diversifying energy mixes and reducing dependence on fossil fuels. The high efficiency and reduced cost of production of perovskite solar cells make them an optimal solution for tackling energy challenges in remote and off-grid locations.