The dependence on renewable energy sources for generating energy has increased considerably over the past few years. As the awareness regarding the negative effects of using fossil fuels for generating energy is increasing, people as well as government authorities are now becoming more inclined towards making use of clean energy and sustainable living. Because of these factors, the adoption of solar energy has risen, along with the adoption of solar photovoltaic (PV) cells. The current PV cell technology, wafer-based and thin film cell, however is not free from issues related to efficiency and performance.

Owing to this, the need for advanced technology that can overcome efficiency issues is increasing rapidly. Researchers have now started paying attention to perovskite and its potential when it comes to improving solar PV cell technology, which is predicted to result in the growth of the global perovskite solar cell market in the years to come, as per a report by PS Intelligence. A PSC a type of solar cell that consists of a perovskite structured compound, generally a hybrid tin handle-based material or organic-inorganic lead, as the active layer that harvests light. Perovskite materials are further cheap to produce and simple to manufacture.

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The materials have a number of properties, such as fast charge separation, broad absorption spectrum, long carrier separation lifetime, and long transport distance of electrons and holes, which make them promising materials for solid-state solar cells. The perovskite-structured compound further offers magnetoresistance and superconductivity. The major applications of a perovskite solar cell are utilities, solar panels, electronics, and smart glass. Out of all these, a considerable demand for PSCs is projected to be created by the smart glass application in the years to come. This is because of the rising utilization of these solar cells in glass windows for converting the sunlight that is absorbed into electricity.

Geographically, the perovskite solar cell market has been categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). A significant demand for perovskite based solar cells is expected to arise from the North American region, during the forecast period. This is attributable to the large-scale research activities in the region, particularly the U.S., for the development of PSCs.