Perovskite Materials Market Size Expected to Reach US$ 573.8 Mn by End of 2031

Posted by Kaustubh Ravan on June 27th, 2024

The research report by TMR on the perovskite materials market is compiled by taking into consideration various parameters that impact market growth. The expert team of analysts makes predictions based on an extensive market survey.

According to the market report by TMR, the global perovskite materials industry was valued at 331.1 Mn in 2022 and is expected to expand at a CAGR of 6.3% from 2023 to 2031.

Perovskite materials are made up of calcium titanate and include halide ions such as iodine, chlorine, and bromine along with metal ions. The characteristics of perovskite materials are high electron mobility, high absorption coefficient, and long carrier lifetimes, making them efficient in wide applications such as sensors, LEDs, solar cells, and others. Hence, demand for perovskite materials is likely to increase in the next few years.

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Perovskite Materials: Growth Drivers

• Burgeoning demand for renewable energy across the globe is anticipated to boost the growth of the perovskite materials market. Environmental degradation has caused a global energy crisis, which can be controlled by adopting the use of renewable energy. The pressing need for usage of renewable energy globally to get over the energy crisis has created significant opportunities in the global perovskite materials market during the forecast period from 2023 and 2031.
• Ample energy production and application in various processes offer unprecedented opportunities to market players. The transition in the world economy with the emergence of renewable energy has transformed economic avenues and strengthened the energy sector.
• Rise in usage of perovskite materials in electric and electronic vehicles has propelled industry growth. These materials are used in numerous electric components such as memory devices, storage devices, energy storage applications, and others. This has increased market demand for perovskite materials.
• Several countries across the globe are setting up plants for solar panel manufacturing. Significant investment by leading players in the setups have bolstered the perovskite materials market. The emerging trend of using green technology to save the environment is augmenting the global perovskite materials market.

Key Findings of Perovskite Materials Market

• Rise in awareness about the conservation of the environment has created a pressing need for the development of sustainable and recycled products. Consumers are increasingly switching to environmentally sustainable alternatives such as perovskite solar cells. Solar cells have proven to be more efficient and convertible as compared to traditional silicon-based cells. In addition, these cells are durable and stable, which has made them popular among the end-users. This aspect has influenced the growth of the perovskite solar cells segment.
• The norms imposed by various regulatory bodies across the globe regarding emissions and increase in focus on the utilization of renewable energy resources have created immense growth opportunities in the organic perovskite type segment.

Perovskite Materials Market: Regional Dynamics

Asia Pacific is projected to dominate the global business, with major market share during the forecast period. This is ascribed to several initiatives undertaken by government bodies in countries such as Japan, South Korea, India, and China. The market in Asia Pacific is projected to grow at a rapid pace in the next few years owing to novel recycling methods adopted in the region. Measures taken by government bodies of various countries across the globe to overcome the energy crisis are driving the perovskite materials market.

Perovskite Materials Market: Competitive Landscape

The leading players operating in the perovskite materials market are leveraging their expertise and focusing on relentless research and development activities to innovate novel products and technologies. These players are also investing in increasing production capacities for better outcomes. Innovations in recycling processes are environment-friendly and non-hazardous and are expected to create potential growth opportunities in the global business. The technologies to make the recycling process ergonomic and quick have created remarkably lucrative growth opportunities in the perovskite materials market. Promotional and advertising campaigns play a vital role in creating product awareness and increasing sales. Strategic collaborations and business tie-ups also add value to the perovskite materials market.

Some of the leading players are:

• Dyesol
• Solaronix
• Healiatek
• Swift Solar
• Greatcell Solar Materials
• Fraunhofer ISE
• Saule Technologies
• Oxford PV
• FrontMaterials
• G24i Power

Perovskite Materials Market: Segmentation

Type

• Organic Perovskite
• Inorganic Perovskite
• Others

Application

• Solar Cells
• LED Lighting
• Photodetectors
• Lasers
• Others

Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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