Cells Market To
Reach USD 3,926.0
Million By 2028
Higher efficiency delivered by perovskite solar cells than conventional solar cells is one of
the major factors influencing market growth.
Market Size – USD 450.1 Million in 2020, Market Growth - CAGR of 32.0%, Market Trends –
Surging demand for clean energy
The global perovskite solar cells market is expected to reach USD 3,926.0 Million by 2028,
according to a new report by Reports and Data. These products comprise a perovskite-organized
compound as an active light-absorbing layer and are deployed in a variety of end-user
Higher efficiency delivered by perovskite solar cells than conventional ones is one of the major
factors influencing market growth. It is an evolving thin-film class photovoltaics also popular as
3rd generation photovoltaics having the potential to deliver improved current efficiency and
performance limits. The product intends to enhance the efficiency of the cells and reduce the cost
of solar energy. These types of solar cells can reach a wide spectrum of light and hence can
convert more solar power into electricity.
Beneficial Aspects of the Report:
Department of Energy, Perovskite solar cells have displayed notable advancement in recent years with
swift improvement in conversion efficiency, from around 3% in 2006 to more than 24% in 2019.
Growing environmental concerns about reduction of carbon emission may drive the market in the
upcoming years. The product provides clean energy by tapping solar energy, and thereby benefitting the
environment. It acts as an alternative source of energy to fossil fuels, thus reducing carbon footprint, as
well as reducing greenhouse gas across the globe. In the past years, the product has outperformed all other
third-generation photovoltaic technologies in terms of conversion efficiency.
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