Perovskite PV Panels: Advancing Solar Energy Transition

Highlights:

• Introduction
• Reasons for the rising adoption of perovskite cells
• M&A deals in the sector 

Perovskite is a class of minerals with a crystal structure similar to calcium titanate (chemical formula CaTiO3) and demonstrates the same properties, such as magnetoresistance and superconductivity. The three-dimensional structure of atoms in these compounds provides them with certain unique electrical, optical, and physical characteristics that make them ideal for several industrial applications. For instance, their ability to absorb light of different wavelengths, ranging from infrared to ultraviolet, has increased their utility in photovoltaics and solar cell applications.

Transition toward solar energy boosting the industry’s revenue share

Over the last few years, perovskites have been increasingly used to manufacture solar cells and photovoltaic panels to address the evolving needs of the power generation sector. The rising emphasis on clean fuel and renewable energy has led to a surge in demand for solar PV technology, thus expanding the scope of the perovskite market. As per a study, the total photovoltaic (PV) installations across the globe reached around 456 GW in 2023, out of which 50% was contributed by China alone. These changes in electricity production and distribution approaches are predicted to play a major role in the growth of the industry in the coming period.

Along with this, the efficiency offered by perovskite cells is much higher than that of traditional silicon counterparts. Research in the field of material sciences has demonstrated that single-junction perovskites have a conversion efficiency of around 30%, while that of multi-junction technology can reach up to 45%. On the contrary, conventional silicon-based cells such as IBC, PERC, HJT, and TOPCon panels possess a conversion efficiency of nearly 20-25%. Due to this advantage, solar PV cells manufactured from perovskite compounds operate seamlessly even in low-light environments and cloudy weather.

Another important reason behind the growing adoption of perovskite materials by solar PV panel manufacturers is the low cost of manufacturing. Silicon-based compounds are highly sensitive to impurities and hence require a purity of 99.9999% for effective use in solar panels. On the other hand, perovskite materials work efficiently even when certain impurities are present in the compound. This ability helps companies reduce their expenses on material purification processes, thereby enhancing their profit margins in the long run.

M&A deals creating favorable conditions for sectoral growth

The perovskite industry accounted for $384.8 million in 2023 and is predicted to gather a revenue of $1,170.9 million by 2033, rising at a CAGR of 11.8% during 2024-2033. The strategic alliances established by leading companies in the sector have contributed to the expansion of the industry in recent times. For instance, in May 2023, First Solar, a major solar panel manufacturing company based in the U.S., announced the acquisition of Evolar AB, a company specializing in perovskite solar technology. The press statement issued by First Solar highlighted that the business move was aimed at improving the firm’s next-gen PV panel production capabilities. Furthermore, the acquisition is predicted to boost First Solar’s efforts in developing tandem PV technology, thus helping them increase their footprint in the industry.

In June 2023, FuturaSun, a solar energy equipment developer in Italy, released a press statement that reported that it had acquired Solertix, a perovskite solar cell research startup. As per several industry experts, Solertix was one of the first companies to develop halide perovskite solar cells. Over the last few years, the company has gained a lot of reputation due to its huge investments in R&D activities and emphasis on innovation. Alessandro Barin, CEO of FuturaSun, stated that the acquisition is anticipated to help both companies to merge their resources and expertise to design state-of-the-art solar PV panels for high-end applications. Many market analysts have stated that the increasing demand for agrivoltaics, rooftop solar, and infrastructure-integrated solar PV systems has been one of the major reasons behind FuturaSun’s decision to acquire the start-up enterprise.

In summary, the growth of the perovskite industry is attributed to the rising energy demand from commercial spaces and industrial facilities across the globe. The gradual transition toward renewable energy sources, especially solar power, has boosted the revenue share of the market in recent times. The growing popularity of perovskite PV panels and the strategic alliances by leading companies of the sector are expected to play a major role in the growth of the landscape in the near future.

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