Wilmington, Delaware, Feb. 06, 2025 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Perovskite Market by Product Type (Rigid and Flexible), Material Type (Alkaline Metal Halide, Inorganic Oxides, and Organic Metal Halide), and Application (Lasers, Sensors, Solar Cells, Light-Emitting Diodes, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “perovskite market” was valued at $384.8 million in 2023, and is estimated to reach $1170.9 million by 2033, growing at a CAGR of 11.8% from 2024 to 2033.
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Prime determinants of growth
Perovskite-based solar technologies, known for their high efficiency and flexibility, offer seamless compatibility with smart grids, enabling real-time energy management and optimized power distribution. Their lightweight and adaptable structure allows easy incorporation into decentralized energy solutions and urban infrastructures. In addition, the synergy with advanced energy storage systems enhances reliability and stability, addressing intermittent issues common with renewable sources. This alignment with modern energy infrastructure initiatives positions perovskite solar cells as a key enabler of sustainable, smart energy solutions, driving demand across residential, commercial, and industrial sectors. All these factors are expected to drive the demand for perovskite during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $384.8 million |
| Market Size in 2033 | $1170.9 million |
| CAGR | 11.80% |
| No. of Pages in Report | 420 |
| Segments Covered | Product Type, Material Type, Application, and Region |
| Drivers | Integration with smart grid and energy storage systems. |
| Advancements in manufacturing techniques | |
| Opportunity | Growing demand for renewable energy solutions. |
| Restraint | Stability issues in perovskite materials. |
The flexible segment held the highest market share in 2023.
By product type, the flexible segment accounted for more than three-fifths of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period. This significant share is driven by its lightweight nature, excellent mechanical flexibility, and suitability for applications in wearable electronics, portable solar devices, and flexible displays. The flexible perovskite segment is expected to maintain its dominance throughout the forecast period, supported by ongoing innovations and increasing demand for flexible and adaptable photovoltaic technologies.
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The organic metal halide segment held the highest market share in 2023.
By material type, the organic metal halide segment held the highest market share in 2023, accounting for more than half of the global perovskite market revenue and is estimated to dominate during the forecast period. Organic metal halide segment dominance is attributed to its superior properties, such as high efficiency, tunable bandgap, and cost-effectiveness, making it highly suitable for solar cell and optoelectronic applications. The organic metal halide segment is anticipated to maintain its leading market share throughout the forecast period, driven by continuous advancements in material science and growing investments in renewable energy technologies.
The light-emitting diodes segment held the highest market share in 2023.
By application, the light-emitting diodes segment accounted for less than half of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period. Growing adoption of light-emitting diodes in consumer electronics, automotive lighting, and energy-efficient illumination systems further solidifies its market position. The light-emitting diodes segment is expected to maintain its dominance throughout the forecast period, fueled by continuous advancements in perovskite-based LED technology and rising demand for sustainable lighting solutions.
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Asia-Pacific held the highest market share in 2023.
By region, the Asia-Pacific region accounted for more than half of the perovskite market share in 2023 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region is expected to continue to maintain its leading position throughout the forecast period due to ongoing technological innovations, government support for clean energy adoption, and increasing demand for efficient, low-cost solar technologies. In addition, the region’s large population and growing urbanization rates contribute to the increasing need for sustainable energy solutions, further boosting the demand for perovskite-based technologies.
Leading Market Players: –
- Oxford Photovoltaics Limited
- Saule Technologies
- Panasonic Holdings Corporation
- Greatcell Solar Materials
- LONGi
- Toshiba Corporation
- Hanwha Vision Co., Ltd
- Swift Solar Inc
- Xiamen Weihua Solar Co. Ltd
- Phono Solar Technology Co., Ltd
The report provides a detailed analysis of these key players in the global perovskite market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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