Perovskite solar technology: revolutionary applications reshaping energy markets
Maia Benstead
Solar power is one of the fastest-growing renewable energy technologies globally. With rising energy demands, decarbonisation goals, and concerns over energy security, this technology is set to account for a considerable portion of the energy market.
Silicon-based solar technologies dominate; however, there is rising interest in an emerging technology known as perovskite. Perovskites have the potential to enhance existing silicon solar supplies, but which applications can perovskite solar be used for, and how will it compete in a market dominated by an already well-established technology?
In a new report from IDTechEx, Perovskite Photovoltaic Markets 2025-2035: Technologies, Players and Trends, the emerging perovskite photovoltaic (PV) technologies, the major players, and the key application areas driving their adoption are comprehensively covered. Data-driven benchmarking of solar technologies, including single-junction perovskite, perovskite/silicon tandem and all-perovskite tandem PV, along with detailed analysis of multiple major and emerging market players, helps to formulate granular 10-year market forecasts.
Additionally, detailed cost analysis is used to provide price point forecasts by solar technology type, along with annual perovskite PV revenue, which is forecast by IDTechEx to reach almost $12 billion (R220bn) by 2035.
By combining a perovskite solar cell on top of a silicon solar cell in a tandem device architecture, the theoretical PCE limit is increased to around 43%. As such, perovskite solar cells are increasingly explored as a low-cost enhancement to traditional silicon solar. The addition of the top perovskite sub cell increases the solar module's PCE, allowing for greater power outputs for the same spatial area with limited additional manufacturing costs. The ease of production of perovskites and the ability to scale manufacturing means there are fewer additional capital expenses required to adapt manufacturing for perovskite fabrication. The similar properties of perovskite/silicon tandem solar modules to traditional silicon means they are likely to see uptake for traditional solar applications, including solar farms and rooftop applications.
Employing tandem solar cells for utilities and residential rooftop applications increases the return on investment (ROI) for customers due to achieving higher power outputs for little extra cost; there is also a shorter payback time when selling the generated electricity to utility providers. Along with this, governments can also hope to achieve decarbonisation goals sooner as a greater percentage of a country's energy production per capita will come from a renewable source.
In IDTechEx's view, perovskite/silicon tandem solar cells will account for the greatest share of the entire perovskite market, with significant growth anticipated as first-generation solar cells begin to reach end of life from 2030 and beyond. Oxford PV and Microquanta have already completed commercial sales of perovskite PV for utility applications, with several other companies also looking to target these sectors once commercialisation is achieved.
The rigidity and relatively high weight of silicon solar means that it cannot be integrated in low-weight tolerant applications, over curved surfaces, and for emerging novel applications. Single-junction perovskite solar cells pose a solution to these issues. The thin film technology's lightweight and flexible nature means it is being explored not just for traditional applications but for use in building integrated photovoltaics (BIPV) and wireless electronics.
The concept of BIPV has existed commercially since the 1990s. However, the use of this technology has remained restricted to relatively niche applications due to the cost, durability, and design required for systems. With the upscale and commercialisation of flexible and lightweight perovskite PV, this could become a viable application sector. BIPV refers to the use of solar cells for windows or as tiling on the sides of buildings, essentially replacing conventional building materials with solar cells.
There are concerns, however, over the lifetime of the technology. Typically, commercial buildings are designed to last for 50-60 years, a lifetime double that of even the greatest durability silicon solar panels. If the panels are integrated into the building's cladding and facade, replacement of the end-of-life modules can be complicated and costly and may deter investment into the sector. Comparatively, for building applied PV (BAPV), the modules are not integrated into the building's envelope, allowing for ease of removal and replacement with minimal effect to the building itself.
Notable players currently developing perovskite PV for both BAPV and BIPV are Poland-based Saule Technologies, along with several Chinese companies, including Microquanta and Renshine Solar, and Japan-based Sekisui Chemical and Panasonic.
Emerging as a viable application area for thin-film perovskite solar is the wireless electronics market, or Internet of Things (IoT). Over the next decade, the number of IoT devices is set to rapidly accelerate. There is increased interest in wireless indoor energy harvesting to power these devices, such as smoke alarms, motion sensors, and small electronic displays.
These small electronics typically rely on batteries which require replacement every few years at the expense of high material and labour costs. Providing power to these devices using small, low-cost PV modules with greater longevity than batteries is a very promising application. Several companies are already developing perovskite PV for small electronics, including Saule Technologies and Perovskia, which are currently targeting ramp-up to their manufacturing capacity.
Although there exists a well-established solar panel application market, emerging applications will also help to drive the growth of perovskite PV technologies.
Maia Benstead is a technology analyst at IDTechEx
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