New report by Frost & Sullivan says perovskite solar cells are set to revolutionize the solar sector

Perovskite-based solar cell technologies have low manufacturing costs and higher operational output and efficiency

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California — Frost & Sullivan‘s recent analysis, Emerging Innovations Driving Efficiency Enhancements in Perovskite Solar Cells, finds that technology advancements are transforming the solar industry. It is witnessing a shift from first- (silicon-based) to second-and third-generation solar technologies (amorphous silicon, perovskite, and bifacial).

Perovskite-based (third-gen) solar cell technologies have gained attention due to their low manufacturing costs and higher operational output and efficiency limits compared to first- and second-generation solar cells. Aside from the emerging innovations, the study focuses on the key stakeholders, R&D, and growth opportunities within the solar industry.

“Perovskite solar cells have demonstrated significant progress in recent years owing to the rapid increase in operational efficiency, from approximately 3% in 2006 to over 25% in 2020,” said Abhigyan Tathagat, TechVision Senior Research Analyst at Frost & Sullivan. “Perovskites are materials demonstrating similar physical structures along with phenomenal operational specifications. Going forward, the materials can be easily synthesized, which make them a promising futuristic solar cell technology for producing efficient and low-cost photovoltaics.”

Tathagat added: “Governments across the globe are exploring goals to achieve emissions reductions by 30% by 2030 as compared to 2016 levels. Hence, disruptive technological developments such as perovskite solar cells have brought in a change in terms of applicability and sustainability of solar cells.”

The paradigm shift from first- and second-generation to third-generation solar technology presents immense growth opportunities. Market participants in the perovskite solar cell space should:

  • Assimilate their technical expertise with smart designing, monitoring, and control companies for long-term growth, which will be fueled by the ongoing shift toward smart solar technologies to minimize human intervention within field operations.
  • Interoperate with installers, system integrators, and utilities to facilitate open access to consumers requiring solar services and systems while enabling smooth operational and monetary transactions between the system integrators and consumers.
  • Align technology and material developments with research and development (R&D) mandates, grid requirements, and consumer preferences.
  • Build business and research consortiums, associations, or alliances to augment and establish R&D-aided collaborations that will commercially support technological developments.

Emerging Innovations Driving Efficiency Enhancements in Perovskite Solar Cells is the latest addition to Frost & Sullivan’s Technical Insights research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has over a decade of solar industry research, marketing, and content strategy experience.

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