The expanding environmental concerns due to the rising carbon emissions will bring tremendous growth opportunities for the perovskite solar cell market. The prevalence of alternative energy sources and the swelling number of applications in varied industries will bring immense growth prospects for the perovskite solar cell market during the assessment period of 2016-2026.
- The properties of perovskite solar cells, such as lightweight and flexibility, will lay a red carpet of growth. Furthermore, affordability and high optical absorption will also prove to be a game-changer for the perovskite solar cell market. Developing economies like India and China are increasing their focus on solar energy to a considerable extent. These regions are also densely populated. The rising awareness among a large chunk of the global populace regarding the importance of perovskite solar cells will bring promising growth.
- Research and development activities have a vital role in the growth of the perovskite solar cell market. The players invest in these activities to derive novel insights. These activities help in increasing the revenues of the players in the perovskite solar cell market, eventually boosting the growth of the perovskite solar cell market. Mergers and acquisitions are also crucial for the perovskite solar cell market growth.
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. 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.
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. 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. 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.