Until a few years ago, many saw perovskite photovoltaic cells as a distant promise–just another experimental technology. However, they’re now starting to gain traction in the solar panel industry. Analysts even estimate that their market value could reach $10 billion by 2035.
Perovskite’s moment to shine. Due to its optical and electronic properties, perovskite has drawn industry interest since its early days. However, in 2009, perovskite solar panels converted only 3% of solar energy into electricity, wasting the remaining 97%.
Thanks to advancements in materials, manufacturing processes, and design, these devices currently exceed efficiencies of more than 25%. Moreover, when combined with silicon technology, they’ve achieved record efficiencies of up to 34.6%, surpassing the theoretical limits of single-technology solar cells.
Context. Perovskite solar cells are photovoltaic devices manufactured on various substrates, from glass to flexible plastics. Their specific crystalline structure allows them to convert a significant portion of the electromagnetic spectrum into electricity.
Unlike traditional silicon solar panels that require complicated and expensive production methods, perovskite solar panels can be made using thin-film deposition techniques. This method greatly lowers manufacturing costs and improves scalability.
Advantages and disadvantages. Perovskite solar panels are easier and cheaper to produce and can be made in thin and flexible formats. This adaptability enables their integration into complex terrains, building facades, and even portable or wearable devices.
However, despite significant advancements in recent years, perovskite cells are generally less durable than silicon solar panels. They’re more susceptible to degradation from environmental factors such as moisture and radiation.
Future outlook. Two recent reports highlight the next decade as a pivotal time for consolidating perovskite technology. According to estimates from IDTechEx, the number of perovskite photovoltaic system installations is projected to grow annually by 39% over the next 10 years, potentially reaching 85 GW of capacity by 2035.
Similarly, a recent report on perovskite materials estimates that the perovskite industry will surpass $10 billion by 2035, with the photovoltaic segment driving this growth.
The increasing demand for renewable energy isn’t the only reason for this expansion. The economic benefits of these versatile and efficient devices, especially when integrated with established silicon technology, are also responsible.
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