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Perovskite Solar Cell Market foreseen to grow exponentially over 2026

Perovskite solar cells is the emerging class of thin-film photovoltaic cells. Perovskite solar cell is a type of solar cell that comprises perovskite structured compound. The perovskite structured compound is mostly composed of hybrid organic-inorganic lead or tin halide-based material, as the light-harvesting active layer. These perovskite materials possess intrinsic properties such as broad absorption spectrum, fast charge separation, long transport distance of electrons and holes, and long carrier separation lifetime.

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These distinct properties possessed by perovskites make them promising material for manufacturing solid-state solar cells. The solar cell efficiencies of devices using these cells have increased significantly over the past decade due to the constant developments. Furthermore, these perovskite solar cells have the ability to absorb light across all visible wavelengths and are easily fabricated. Perovskite solar cells are sued in various applications such as smart glass, outdoor furniture, portable devices, and automotive and other electronic applications.

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Perovskite solar cell aims to increase the efficiency of the cells and lower the cost of solar energy. Perovskite solar cells have the ability to reach a broad range of wavelengths of light. This allows them to convert more solar power into electricity. This is one of the major advantages of perovskite solar cells over the other conventional solar technologies. Furthermore, these solar cells offer properties such as flexibility, semitransparency, and lightweight.

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These characteristics of perovskite solar cells are expected to open new opportunities for various applications of solar cell. Currently, the common electrode material used in perovskite solar cells is gold. Thus, perovskite solar cells are costlier than other commercially used solar cells. This is expected to hamper the perovskite solar cell market during the forecast period.

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The cheaper perovskite solar cells available in the market have shorter lifespan. This further hampers the perovskite solar cell market. Toxicity of a substance called Pbl is another major issue restraining the perovskite solar cell market. Moreover, lead, which significantly pollutes the environment, is majorly used in most perovskite solar cells. However, the development of substitutes is expected to drive the perovskite solar cell market in the near future.

In terms of geography, the global perovskite solar cell market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The perovskite solar cell market is anticipated to expand during the forecast period, led by an increase in electronic developments in countries such as Japan, China, India, and South Korea. Thus, Asia Pacific is estimated to lead the market during the forecast period. North America and Europe are the next attractive markets for perovskite solar cell due to the increase in solar energy practices in these region. The perovskite solar cell market in regions such as Latin America and Middle East & Africa is estimated to expand at a sluggish pace owing to the high development costs of these solar cells.

The perovskite solar cell market is highly consolidated, with a few global manufacturers and developers operating across the globe. Key players in the perovskite solar cell market include Saule Technologies, Fraunhofer ISE, Oxford Photovoltaics, Xiamen Weihua Solar Co.,Ltd, Dyesol, and FrontMaterials.