A perovskite solar cell is basically a type of solar cell which consists of a perovskite structured compound, usually a tin halide-based material or a hybrid organic-inorganic lead, as the active light harvesting later. Perovskite materials have very low production costs and simple production cycles. In addition to this, they have various properties such as high superconductivity and magnetoresistance, long carrier separation lifespans, fast charge separation, and broad absorption spectrum, which make them very suitable for use in solar cells. 

A major factor responsible for the soaring usage of these solar cells is the rising public awareness of the numerous benefits offered by these solar cells over the conventionally used silicon photovoltaic (PV) panels. Additionally, the surging research and development (R&D) activities being conducted on the perovskite solar cells (PSCs) are resulting in the development of advanced PSCs suitable for use in various residential and commercial applications. Furthermore, these solar cells have significantly higher efficiency than the traditionally used silicon cells, on account of their greater power conversion ability and are thus, widely used in various applications.

Besides the above-mentioned advantages, the PSCs also have high thermopower and excellent magnetic properties. Additionally, these solar cells are lighter in weight and more flexible than the silicon ones and can react to the different light wavelengths received by the solar panel. Due to these factors, the usage of these solar cells is increasing rapidly across the world. As a result, the global perovskite solar cell market is predicted to exhibit huge growth in the forthcoming years.

Smart glass, utilities, electronics, and solar panels are the major application areas of the perovskite solar cells. Out of these, the usage of these solar cells is predicted to be significantly high in the smart glass applications during the coming years. This is ascribed to the burgeoning utilization of these cells in the glass windows of buildings for absorbing and converting the sunlight into electricity. According to Richard Lunt, a chemical engineer from the Michigan State University, PSCs can power the lighting of commercial buildings easily.

Out of Asia-Pacific (APAC), Middle East and Africa (MEA), Europe, Latin America (LATAM), and North America, the perovskite solar cell market will demonstrate rapid progress in North America in the future years, as per the forecast of the market research firm, P&S Intelligence. The main factor fueling the popularity of perovskite solar cells in this region is the increasing number of R&D projects being launched in the North American countries, especially the U.S., for developing these cells. Moreover, the rising public awareness of the benefits of PSCs will further boost their sales in the region in the upcoming years.

Thus, it can be said without any hesitation that the popularity of perovskite solar cells will increase significantly all over the world in the upcoming years, mainly because of their numerous advantages over the silicon-based solar cells and the high solar power generation efficiency offered by them in comparison to the traditionally used ones.