Perovskite Market

Perovskite Market Size

The global perovskite market was estimated at USD 697.3 million in 2024 and is expected to reach USD 2.8 billion by 2034, growing at a CAGR of 15.1% from 2025 to 2034. The transition toward clean energy and sustainable materials is advancing alongside the consideration of next-generation photovoltaic technologies.

As projected by IEA, the growth rate for renewable electricity capacity will add up to almost 50% as of 2023 and this practically stands as the fastest growth rate within the last two decades. Due to exceptional optoelectronic properties, perovskite materials are gaining traction as substitutes to traditional silicon owing to their low costs and ease of customization. Its effectiveness continues to benefit other commercial fields and contribute towards off-grid applications while undermining policies that are pro solar energy.

Alongside this development, 733 million people are reported to be living without electricity globally, which the United Nations claim needs to be solved by governments using easily available decentralized solar technologies. These innovations are driving the demand for solar and sensing devices.

Moreover, solid-state lighting and next-gen detector technologies serve as promising R&D developed under the initiatives of national sustainability goals set by the U.S. Department of Energy. These initiatives, coupled with private sector investment in the semiconductor and photonics with hope to further enhance the energy infrastructure, are paving the way for perovskite-based consumer electronics, sensors, and infrastructure during the projected period.

Perovskite Market Trends

Progress in the Cryogenic Development of Solar Cells 

The utilization of silicon and perovskite tandem solar cells is in active development for solar conversion. Their popularity comes from their ability to exceed the efficiency limits of single junctions. NREL has reported that the laboratory benchmark of over 33% efficiency for process-perovskite layers tandem cells has already been attained, therefore there is increased need for R&D and pilot-scale customized high-output solar modules. 

Innovations in Non-Toxic Lead Perovskites 

Somewhat harsher policies are also partly responsible for increasing the creativity of substitutes to non-toxic leaded perovskites. The change doesn’t solely stem from policies but rather the growth in the desire to integrate sustainable sources of energy into everyday life. More than 60% of materials R&D projects in photovoltaics are being conducted on non-toxic materials according to ECHA which is driving new ideas in the academic and industrial labs.

Increased Use of Electronics and Their Growing Flexibility

The attention garnered towards perovskite-based films, owing to their lightweight and flexible nature, is due to the practicality they provide in portable solar devices and wearable electronics. An independent report states that the flexible electronics market is bound to grow significantly in the upcoming few years owing to the growth of thin film materials, such as perovskites, which provide new opportunities for designs and integration into consumer and industrial devices.

Adoption of New Sustainable Methods in Solar Manufacturing

In the manufacturing value chain, low energy methods, as well as recyclable components, are being recognized. With focus coming from the U.S. Regulations, the Department of Energy’s Solar Energy Technologies Office increased funding for developing sustainable materials by over 20% in 2023. The growing funding for “cleaner” routes to photovoltaic production because of regulation is bound to accelerate the adoption of perovskite materials.

Tariffs Impact

The U.S.-China trade war is making perovskite more expensive for American buyers as all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries. With new tariffs, Trump's proclamation on aluminum increases the tariff rate on aluminum articles and derivative aluminum articles from 10% to 25% for all countries, except Russia.

For Chinese manufacturers, the tariffs are anticipated to squeezed profit margins. Although China does not export a lot of steel or aluminum directly to the U.S. Many producers are now redirecting exports to Southeast Asia and Africa, but these markets can't fully replace lost U.S. business.

The ripple effects hurt both sides: U.S. manufacturers face higher costs during already tough times, while other producers see declining revenues across globe. Ironically, the tariffs may ultimately benefit third-party suppliers in other countries as both markets adjust to this new trade policies.

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The halide perovskites segment reached USD 415.7 million in 2024 and is anticipated to expand 16.7% of CAGR during 2025 to 2034.

• Halide Perovskites are starting to capture attention due to their relative efficacy in solar cells and photodetectors compared to others. Their wide-ranging light absorption capabilities make them especially valuable in case with tandem solar cells claimed to be used in conjunction with silicon for improved efficacy.
  
• IRENA states that investments engaging in next generation solar technology like halide perovskites expanded by twelve percent in 2023 indicating healthy confidence in the market which is considered as a world first. This innovation growth area is predicted to advance the solutions provided through solar energy as well as those applied in photonics.
  
• According to a report from the National Science Foundation (NSF), non-halide perovskite research grew by 15% in the past two years, which highlights the advanced technological application potential these materials offer beyond traditional solar energy capture systems.

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The solar cells application segment was valued at USD 460.5 million in 2024 and gained 18% CAGR from 2025 to 2034 with a market share of 66.1%. 

• The advancement of perovskite materials is still focused on their use in solar cells and increasingly in tandem solar cells. Both residential and commercial solar systems are adopting and installing solar perovskite-based cells owing to their greater efficiency and lower production costs.
  
• As estimated by the International Energy Agency (IEA), solar energy will spearhead the global shift towards cleaner fuels, subsequently enhancing the focus on advanced solar technologies which include perovskites.
  
• The U.S. Department of Energy has reported about adoption of solid-state lighting as a new trend with projection that LEDs will occupy more than 80% market share of the global lighting market by 2030. By aiding energy savings in many industries, perovskite LEDs are expected to be widely taken up in lighting applications and thus become key players in energy consumption reduction.
  

The energy and power generation end-use industry segment was valued at USD 333.5 million in 2024 and gained 14.2% CAGR from 2025 to 2034 with a market share of 46.5%.

• The use of perovskite materials has grown significantly in the context of power and energy generation because it offers unparalleled opportunities in new and renewable energy technologies. Also, as pointed out by IRENA, the capacity of solar power is likely to grow by 17%, this also results in pushing perovskites as the low cost, high-efficiency, clean energy technology of choice.
  
• The Construction and Building Materials sectors are refocusing on energy saving, eco-friendly materials. More and more buildings and facades are now being designed to accommodate Perovskite-based solar cells as they form part of the ‘energy-efficient building’ movement. According to the U.S. Department of Energy, Building-Integrated photovoltaics (BIPV) adoption will grow significantly soon, and perovskites will be crucial in the merging of solar technology with architectural design.

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China controls over 80% of the global value chain in solar energy, which includes the manufacturing of polysilicon, ingots, wafers, cells, and modules. Additionally, in 2024, China is forecasted to export around 235.93 GW of solar panels, which is a growth of 13% on last year. This bolstered solar power export growth demonstrates China's growing importance in global solar energy supply systems.

Japan's investment in ultra-thin perovskite solar cell technology is estimated to reach $1.5 billion and plans to realize the power output equivalent to 20 nuclear power plants by 2040.

The renewable energy sector alongside the evolving incentives from the federal government is set to propel the United States’ perovskite solar cell market size to $1.23 billion by the year 2030, marking a 24.2% annual growth rate from 2025.

Perovskite Market Share

Oxford PV is one of the leading companies working to develop and commercialize perovskite solar cells. Oxford PV has made outstanding strides in this area, securing over $100 million for expanding production and refining the efficiency of their solar cells. Oxford PV manufactures ultra-high efficiency solar cells, eclipsing traditional silicon solar cells, with layered perovskite designed to outperform them. The firm is a leader in the research and development of perovskite-silicon tandem solar cells which can achieve over 30% increase in power output. These companies, together with their strategic partners, have been able to attract some of the big solar firms and venture capitalists with their novel technology. In addition, Oxford PV's latest deals with international manufacturing partners are expected to boost their next generation solar cell production capacity, thereby reinforcing their position in the emerging industry. Further, the combination of supportive government spending policies and escalating appetite for alternative energy solutions adds fuel to the firm’s expansion plans. The impact of the firm in the solar energy industry may prove to be critical in reshaping the global renewable energy framework.

Perovskite Market Companies

The top 5 market leaders are:

• Oxford PV carries considerable market share as a leader in perovskite solar cell technology because they have strong R&D capabilities and formidable partnerships with major solar manufacturers. Their focus on tandem solar cells has achieved relative success, and recent collaborations will likely expand their market presence further enabling them to maintain leadership in the emerging perovskite solar cell expansion market. 
  
• Saule Technologies has rapidly emerged as a dominant figure particularly for the development of flexible perovskite solar cells. The unique strategy of the company to place perovskite solar cells into flexible substrates allows it to target wide ranging industries from electronics to automotive. This allows them to increase their market penetration and diversify their customer base in developing markets. 
  
• Microquanta Semiconductor is advancing with an emphasis on the production of high-efficiency perovskite solar cells. His efforts have driven the adoption of the company’s products because of increasing the energy conversion efficiency of the cells. Increased market share is expected through partnerships with dominant providers of solar energy in regions where there are high demands for efficient and low-cost solar energy goods.
  
• Swift Solar is focusing on developing thin-film perovskite solar cells, which positions them strongly in the market. The company’s focus on easing scalability and lowering costs gives them a competitive advantage in commercial applications. Meeting their large scale production goals would significantly bolster their utility-scale solar market share.
  
• Frontier Materials produce high-powered perovskite solar cells while stressing performance and sustainability. Their manufactured goods that are environmentally friendly, coupled with cost efficiency, allows great capture in the market that demands green technology. This focus could provide a substantial edge in heavily regulated areas with tough environmental policies.
  

Perovskite News

• In 2025, The Chinese solar developer MicroQuanta Semiconductor has successfully grid-connected the world’s largest perovskite PV plant which is in Lishui city. The plant has an 8.6 MW capacity with 90 W perovskite panels and is a ground mounted solar plant along with agricultural integration. This achievement shows the indisputable aspiration of China in commercializing next gen solar technologies on truly unprecedented scales.
  
• In 2025, AISIN Corporation has commenced Japan’s first grid-connected demonstration of perovskite solar cells at its Anjo Plant. The system is designed to achieve 30kW by September 2025 and makes use of flexible lightweight panels on the walls and rooftops which are great for areas not suited for conventional silicon cell applications. Roughly more than two decades of R&D along with proprietary thin glass film technology for durability and high efficiency went into this project.
  
• In 2025, Sekisui Chemical from Japan has announced that by 2027 they will start building a lightweight, flexible perovskite solar cell manufacturing plant with a capacity of 100 MW. Sekisui Solar Film Co will spearhead this project, which represents an important milestone towards achieving broad commercial value of thin-film perovskite technology and enhancing Japan's position as a leader in solar technology.
  

This perovskite market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Kilo Tons) from 2021 to 2034, for the following segments:

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Market, By Material Type

• Halide perovskites
  • Organic-inorganic hybrid halide perovskites
  • All-inorganic halide perovskites
  • Lead-based halide perovskites
  • Lead-free halide perovskites
• Oxide perovskites
  • Titanate-based oxide perovskites
  • Ferroelectric oxide perovskites
  • Other oxide perovskites
• Other perovskite materials
  • Double perovskites
  • Layered perovskites
  • Perovskite-inspired materials

Market, By Application

• Solar cells
  • Single-junction perovskite solar cells
  • Tandem perovskite-silicon solar cells
  • Flexible perovskite solar cells
  • Building-integrated photovoltaics (bipv)
  • Space applications
• Light-emitting diodes (leds)
  • Display technologies
  • Lighting applications
• Photodetectors and sensors
  • X-ray detectors
  • Photodetectors
  • Gas sensors
  • Pressure sensors
• Lasers and optical applications
• Energy storage devices
• Quantum computing applications
• Other applications
  • Catalysis
  • Thermoelectric devices
  • Neuromorphic computing

Market, By End Use Industry

• Energy and power generation
• Electronics and optoelectronics
• Construction and building materials
• Automotive and transportation
• Aerospace and defense
• Healthcare and medical devices
• Telecommunications
• Others      

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa