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| Author | Hardy He |
| Updated | May 08, 2026 |
The global PV industry is standing at its most critical technology inflection point in half a century. After decades of industrialization, conventional crystalline silicon (c-Si) PV cells are approaching their theoretical efficiency ceiling, with power conversion efficiency (PCE) gains hitting a plateau and the industry’s core drivers for cost reduction and efficiency improvement gradually weakening. On the market side, geopolitical tensions and trade frictions continue to disrupt the pace of the global energy transition. Coupled with overcapacity across the PV industry and weaker end-market demand, the sector remains in a phase of deep structural adjustment.
The PV sector is shifting from scale-first expansion toward efficiency-led, sustainable growth. On the one hand, companies are phasing out outdated capacity and accelerating deployment of high-efficiency technologies such as BC and TOPCon 3.0. On the other hand, perovskite technology has gradually gained industry-wide recognition as a next-generation PV technology, with both traditional c-Si players and emerging companies accelerating efforts to bring perovskite into a new stage of growth.
Efficiency revolution: fifty years of technology evolution
Looking back at the efficiency evolution of global PV technologies over the past nearly five decades, performance gains across different technology routes have diverged significantly. According to the global solar cell efficiency database of National Laboratory of the Rockies (NLR; formerly National Renewable Energy Laboratory, NREL), c-Si cells have long remained the industry mainstream, completing the full development cycle from early commercialization to advanced industrialization. Their PCE has increased steadily, but the growth curve has continued to flatten, with limited room for further efficiency gains.
By contrast, emerging perovskite technology has achieved near-exponential efficiency gains within a much shorter development cycle, making it the fastest-improving technology route in the history of global PV, and demonstrating strong potential for scaled mass production.
Perovskite landscape: format segmentation emerges, with tandems leading in efficiency
Judging from reported lab-tested efficiencies and corresponding formats, most manufacturers can achieve PCE exceeding 30% in small-area cells, primarily through tandem architectures, underscoring the efficiency potential of tandem technology. From an industry development perspective, many leading traditional c-Si companies have also stepped up R&D and commercialization efforts in perovskite tandem technology; LONGi, in particular, has achieved a world-record 35% efficiency for small-area tandem cells.
While upscaling entails some efficiency loss, many manufacturers have demonstrated the ability to fabricate perovskite products in 2 m² or larger formats. Led mainly by emerging perovskite companies, this larger-format segment is injecting strong momentum into perovskite’s transition toward mass production.
Mass-production benchmark: single-junction technology still lags, while tandems reshape perovskite PV competitiveness
Based on specifications released for mass-produced products from leading perovskite manufacturers, single-junction perovskite modules generally deliver PCE of 16%–20%, still below the efficiency baseline for mass-produced crystalline silicon modules. They also continue to lag significantly in mass-production stability, large-area fabrication uniformity, and module lifetime.
By contrast, tandem modules now offer efficiency levels above those of conventional crystalline silicon products. With their prominent performance advantages, tandems have become the core pathway for perovskite technology to achieve commercial breakthroughs and scaled deployment.
Route competition: tandems lead perovskite’s development, but technology-path debates remain
The structural design for tandem cells has evolved into three major technology routes: two-terminal (2T), three-terminal (3T), and four-terminal (4T) tandems. These routes differ significantly in structural design, electrical configuration, fabrication process, material system, advantages, and challenges. The global industry has yet to converge on a unified optimal solution, making technology-route competition a core variable shaping current industry development.
Global capital arms race: countries position strategically as China maintains its industrialization lead
As a core next-generation PV technology route, perovskite has become a strategic battleground in the global clean energy transition. Major economies such as the U.S., EU, and Japan have introduced dedicated subsidies and industrial support policies, intensifying the global race to secure strategic positions in technology and capital. The U.S. was the first to launch targeted measures, while Japan and the EU have also been accelerating their funding in recent years.
China’s financial support for the perovskite industry is characterized by limited transparency and low public disclosure. Judging from industrialization outcomes, China has fully entered the sprint toward GW-scale mass production and remains firmly in the first tier of global perovskite commercialization, holding a strong lead across core segments of the value chain.
Perovskite’s golden window: first movers define the next decade
Perovskite PV has completed proof-of-concept validation, achieved laboratory efficiency breakthroughs, and verified small-batch pilot production, marking a critical inflection point in its transition from technology exploration to GW-scale mass production. As a next-generation core technology with the potential to disrupt the conventional PV landscape, perovskite has not only surpassed c-Si in efficiency through tandem architectures but also become a focal point in global clean energy competition, supported by its supply-chain synergy potential and strategic value in global markets.
At present, the industry is showing clear signs of divergence: leading traditional c-Si players are accelerating deployment of tandem technology on the back of funding and capacity advantages, while emerging technology startups continue to make breakthroughs in key mass-production areas such as large-area fabrication and stability optimization. An ecosystem of supply-chain collaboration and innovation is gradually taking shape. Meanwhile, core challenges remain, including the efficiency gap between single-junction perovskite products and c-Si/tandems, the need to improve long-term stability, and cost control in scaled production. The industry continues to face dual pressures from technology iteration and commercialization.
Looking ahead, as GW-scale mass-production lines are gradually deployed and breakthroughs emerge in the localization of key materials and equipment, perovskite PV is set to enter a golden development period marked by faster efficiency iteration, rapid cost declines, and broader application scenarios.
For companies, whether they can secure first-mover advantages in key areas such as tandem technology route selection, breakthroughs in process scalability, and supply-chain ecosystem development will directly determine their market position in the next-generation PV industry.
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