The perovskite solar cell market size is projected to grow from USD 271 million in 2024 to USD 2,268 million by 2028, registering a CAGR of 70.1% during the forecast period.The major growth opportunity for the perovskite solar cell market during the forecast period is the upsurge in the demand for renewable energy.

The Perovskite Solar Cell Market is characterized by several key trends that are shaping its trajectory:

Technological Advancements: Continuous research and development efforts are driving advancements in perovskite solar cell technology, leading to improvements in efficiency, stability, and scalability.
Strategic Partnerships: Collaboration between industry players, research institutions, and government agencies is facilitating technology transfer, commercialization, and market expansion.
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Regulatory Support: Favorable government policies and incentives are encouraging investment in perovskite solar cell research, manufacturing, and deployment, further fueling market growth.
Environmental Concerns: Growing awareness of climate change and environmental sustainability is driving demand for clean energy solutions, positioning perovskite solar cells as a key contributor to the transition towards a low-carbon economy.
India is expected to register the highest CAGR in the Asia Pacific perovskite solar cell market during the forecast period

India is expected to be the largest market for perovskite solar cells in Asia Pacific. According to the Ministry of New and Renewable Energy recommendations, imported PV cells and modules should have a basic customs duty. The ministry has brought in a manufacturing-linked tender with an inbuilt subsidy to promote the domestic manufacturing of PV cells and modules. With the government pushing for local manufacturing of PV cells and modules in India, the research and development for perovskite solar cells are expected to grow significantly in the country during the forecast period.

The report profiles key players in the perovskite solar cell market and analyzes their market shares. Players profiled in this report are Hanwha Q CELLS (South Korea), CubicPV (US), EneCoat Technologies (Japan), Microquanta Semiconductor (China), Greatcell Energy (Australia), Oxford PV (UK), P3C (India), PEROVSKIA SOLAR AG (Switzerland), Saule Technologies (Poland), Toshiba Corporation (Japan), Tandem PV (US), Swift Solar (US), FrontMaterials (Taiwan), Alfa Chemistry Materials (US), Avantama AG (Switzerland), Borun New Material Technology (China), Dyenamo (Sweden), Nanox (Canada), Ossila (UK), Caelux (US), Evolar (Sweden), Panasonic Corporation (Japan), and Array Technologies (US).

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