The global perovskite solar cell market size was estimated at USD 264.62 million in 2024 and is projected to reach USD 7021.18 million by 2030, growing at a CAGR of 72.18% from 2025 to 2030. This exceptional growth trajectory reflects the rapid pace of innovation and increasing commercialization efforts within the renewable energy sector. Perovskite solar cells have attracted significant attention due to their ability to deliver high performance while potentially lowering manufacturing costs compared to traditional photovoltaic technologies.

Technological advancements have played a central role in driving this growth. Continuous research and development efforts have resulted in substantial improvements in power conversion efficiency, with perovskite photovoltaic (PV) cells surpassing many conventional thin-film technologies in small-area laboratory devices. These efficiency gains demonstrate the material’s strong potential to compete with established solar technologies, positioning perovskites as a promising next-generation solution in the global solar energy landscape.

Another key advantage of perovskite materials lies in their tunability. By altering the material composition, perovskites can be engineered to absorb and respond to different wavelengths or colors within the solar spectrum. This flexibility enhances their ability to capture sunlight more effectively and opens opportunities for tandem solar cell designs, where perovskites are combined with other photovoltaic materials to further improve overall efficiency. Such adaptability strengthens their appeal for diverse solar applications, ranging from utility-scale installations to building-integrated photovoltaics.

The growth of the perovskite solar cell industry is driven by several important factors, including advancements in material stability, scalability of manufacturing processes, and increasing global demand for clean energy solutions. Notably, technological progress has enabled perovskite PV cells to exceed 25% efficiency in laboratory devices, highlighting their rapid performance evolution. In addition, perovskites offer the potential for faster production scale-up compared to conventional silicon PV technologies. Scalable fabrication techniques such as sheet-to-sheet and roll-to-roll processing allow for more efficient and potentially lower-cost mass production, supporting quicker capacity expansion and enhancing the commercial viability of perovskite solar cells in the coming years.

Key Market Trends & Insights:

• The Asia Pacific perovskite solar cell market dominated the global industry with a revenue share of over 52.14% in 2024. This regional leadership can be attributed to strong investments in renewable energy infrastructure, supportive government initiatives promoting clean energy adoption, and the presence of key manufacturing hubs. Countries across Asia Pacific are actively advancing solar energy deployment to meet rising electricity demand while reducing carbon emissions. In addition, the region benefits from well-established electronics and photovoltaic supply chains, which support faster commercialization and large-scale production of emerging technologies such as perovskite solar cells.

• The perovskite solar cell market in the U.S. is expected to grow at a significant CAGR over the forecast period. This anticipated growth is supported by increasing research and development activities, growing emphasis on domestic renewable energy production, and favorable policy frameworks encouraging innovation in next-generation photovoltaic technologies. Academic institutions, research laboratories, and private companies in the U.S. are actively working to enhance cell efficiency, stability, and scalability, which is expected to accelerate commercialization and strengthen the country’s position in the evolving solar energy landscape.

• Based on product, the rigid segment held the largest revenue share of 69.79% in 2024. Rigid perovskite solar cells are widely adopted due to their structural stability, durability, and compatibility with conventional solar panel installations. These products are typically integrated into fixed photovoltaic systems, offering reliable performance and suitability for large-scale energy generation projects. Their established design and ease of integration with existing infrastructure contribute significantly to their dominant market position.

• Based on vertical, the utility segment held the largest revenue share of 35.57% in 2024. Utility-scale projects represent a major deployment area for perovskite solar technology, as governments and energy providers increasingly invest in large renewable energy installations to meet sustainability targets and energy transition goals. The scalability and efficiency potential of perovskite solar cells make them attractive for utility applications, where high energy output and cost optimization are critical considerations.

• By application, the solar panels segment held the largest revenue share of 51.07% in 2024. This dominance reflects the primary use of perovskite materials in panel-based photovoltaic systems designed for residential, commercial, and industrial installations. The ability of perovskite solar cells to enhance panel efficiency and potentially reduce production costs supports their growing integration into mainstream solar panel manufacturing, reinforcing their leading position within the application landscape.

Order a free sample PDF of the Perovskite Solar Cell Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2024 Market Size: USD 264.62 Million

• 2030 Projected Market Size: USD 7021.18 Million

• CAGR (2025-2030): 72.18%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Key players operating in the perovskite solar cell market are actively undertaking a wide range of strategic initiatives to strengthen their competitive position and expand the reach of their products and services across global markets. As the industry continues to evolve rapidly, companies are focusing on enhancing their technological capabilities, improving production scalability, and accelerating commercialization efforts. These initiatives are aimed at gaining a stronger foothold in both emerging and established renewable energy markets while responding to the growing demand for high-efficiency solar solutions.

Strategies such as expansion activities and partnerships play a critical role in propelling market growth. Expansion efforts may include increasing manufacturing capacity, establishing new production facilities, entering untapped regional markets, and investing in advanced research and development infrastructure. At the same time, partnerships and strategic collaborations with research institutions, technology providers, energy companies, and government bodies enable firms to accelerate innovation, share technical expertise, and reduce time-to-market for new products. Such collaborative approaches also help address challenges related to material stability, large-scale manufacturing, and regulatory compliance, thereby supporting the broader commercialization and adoption of perovskite solar cell technology.

Key Players

• 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

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global perovskite solar cell market is poised for rapid expansion in the coming years, driven by continuous technological improvements that have significantly boosted power conversion efficiencies and made the technology more competitive with existing solar technologies. Its versatility — including tunable light absorption and scalable manufacturing processes — supports broader applications in traditional solar panels as well as next-generation photovoltaic solutions. Growing interest in renewable energy, demand for high-performance and cost-effective solar technologies, and expanding commercialisation efforts are encouraging investments and innovation in the sector.