Key Points
- Chinese researchers have made a breakthrough in stabilizing flexible perovskite solar cells using host-guest composite layers, achieving 24.52% conversion efficiency and retaining 92.5% efficiency after 10,000 bend cycles.
- Perovskite solar cells offer a promising high-end niche market in space applications, potentially replacing expensive gallium arsenide (GaAs) cells and adding ¥10 billion RMB ($1.4 billion USD) annually in revenue by 2035.
- The terrestrial market for perovskite cells is projected for explosive growth, with production capacity rising from ~2GW in 2024 to 161GW by 2030, and market size growing from ¥3.75 billion RMB ($525 million USD) in 2025 to ¥95 billion RMB ($13.3 billion USD) by 2030.
- Several Chinese companies are actively building out perovskite technology, electronics including JinkoSolar, which achieved a certified N-type TOPCon/perovskite tandem cell efficiency of over 34.76%, and Leadmicro, whose manufacturing equipment is already in industrial application.
- Institutional investors are showing strong conviction, with 16 perovskite-related stocks averaging a 17.06% year-to-date increase as of January 30, and significant net margin purchases in key players like JinkoSolar and Jundee (Junda Gufen 钧达股份).
The race for next-generation solar technology is heating up.
And perovskite solar cells are becoming the dark horse that could reshape the entire photovoltaic (PV) industry.
Chinese researchers and companies are making serious moves.
They’re solving manufacturing problems that experts thought would take years longer to crack.
They’re exploring applications in space that could unlock billions in new markets.
And they’re positioning themselves to dominate a technology that could become as essential as silicon solar panels are today.
The Breakthrough: Flexible Perovskite Cells Finally Work at Scale
Here’s the problem that’s plagued perovskite research for years:
These solar cells are incredibly efficient in the lab.
But when you try to make them bigger and more flexible, they fall apart.
The materials degrade.
The interfaces deteriorate.
Bending them causes performance to nosedive.
Scientists have known this for a while.
But now, researchers from Jinan University (Jinan Daxue 暨南大学) and Shanghai Jiao Tong University (Shanghai Jiaotong Daxue 上海交通大学) led by Professor Mai Yaohua and Professor Han Liyuan have figured out a solution.
Their research, published in Nature Energy, details how amorphous passivation layers can stabilize perovskite batteries (Gaitaikuang dianchi 钙钛矿电池) at commercial scale.
What Was Broken Before
Traditional approaches to making perovskite cells stable had serious limitations:
- PbI2 passivation: Single energy level, high crystallinity, damages interfaces during operation.
- Low-dimensional perovskites: Organic components diffuse over time, causing long-term failures.
- Bending stress: Crystalline materials change performance when the cell flexes.
These problems meant companies couldn’t scale production.
And they definitely couldn’t use perovskites in applications that required flexibility.
The Solution: Host-Guest Composite Layers
The research team took a different approach.
Instead of relying on single passivation materials, they created host-guest composite materials combined with Pb-I compounds.
This amorphous layer achieves several things simultaneously:
- Regulates energy levels through smart molecular design.
- Stays stable when the cell bends repeatedly.
- Maintains performance over long-term use.
- Works at meter-scale dimensions.
The results speak for themselves.
The Numbers Are Impressive
Conversion efficiency: 24.52% for flexible cells—competitive with rigid silicon panels.
Durability: After 10,000 bend cycles, the cells retained 92.5% of their initial efficiency.
Real-world modules:
- A 0.5m² module produced 86.9W of power.
- A 1.4725m² large-area module produced 226W.
- Specific power density reached 558W/kg.
That lightweight advantage is huge.
It means perovskite cells can do things silicon can’t.
They can be integrated into clothing, wearables, vehicles, and aircraft.
And now they can actually survive real-world use.
The Real Money: Space Applications and Aerospace Markets
Here’s where things get really interesting for investors.
The solar cell market on Earth is competitive and mature.
Margins are getting thinner.
But space is an entirely different game.
Why Space Needs Perovskite Cells
Currently, satellites use gallium arsenide (GaAs) cells for power generation.
They’re ultra-reliable.
They’re also insanely expensive.
A single satellite might need tens of thousands of dollars worth of solar cells.
Now imagine deploying 15,000 satellites per year—which industry forecasts predict for 2035.
That’s billions in annual demand.
Perovskite-silicon tandem cells could replace GaAs while cutting costs dramatically.
They also have superior power-to-weight ratios, which matters when launching payloads into space.
Space PV analyst Jiang Chenyi from SMM (Shanghai Youse Wang 上海有色网) sees this as a “promising high-end niche market.”
And the industry consensus is that large-scale commercial deployment happens between 2028 and 2030.
The Financial Opportunity
Let’s do the math on market size:
Short-term (2028-2030): Solar wings for satellite power generation.
Long-term: Geostationary earth orbit solar power stations—essentially power plants in space.
According to research from Founder Securities (Fangzheng Zhengquan 方正证券), if the industry deploys 15,000 satellites annually by 2035 with power requirements increasing from 15kW to 30kW per satellite, the space PV market could add ¥10 billion RMB ($1.4 billion USD) annually in perovskite tandem cell revenue alone as these cells replace GaAs technology.
That’s not speculative.
That’s based on stated satellite deployment plans from companies like SpaceX, Amazon, and Chinese operators.
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The Market Forecast: Explosive Growth Expected
The terrestrial market for perovskite cells isn’t sitting still either.
According to data from the China Business Industry Research Institute:
- 2024 production capacity: ~2GW
- 2025 production capacity: ~4GW
- 2030 production capacity projection: 161GW
In revenue terms, the picture is equally striking:
- 2025 market size: ¥3.75 billion RMB ($525 million USD)
- 2030 market size projection: ¥95 billion RMB ($13.3 billion USD)
That’s roughly 25x growth in six years.
For context, that growth rate exceeds virtually all major consumer tech categories right now.
It rivals AI adoption curves.
And it’s happening in a market where the underlying technology is finally becoming viable at scale.
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Who’s Actually Building This: The Companies Making Moves
Here’s where investors get practical.
Which public companies are actually executing on perovskite technology?
Several A-share listed companies have announced concrete progress:
Rongqi Technology (Rongqi Keji 荣旗科技)
What they do: Equipment and inspection systems for manufacturing.
Latest milestone (January 29): Successfully developed AOI (automated optical inspection) equipment for multiple perovskite production processes.
What this means: They’re enabling other manufacturers to scale production with confidence in quality control.
That’s a critical bottleneck in manufacturing—if you can’t reliably inspect products, you can’t scale.
JinkoSolar (Jingke Nengyuan 晶科能源)
What they do: Full-scale solar cell manufacturing and R&D.
Latest achievement: Certified N-type TOPCon/perovskite tandem cell efficiency exceeding 34.76%.
What this means: They’re hitting efficiency records that should be commercially viable.
This isn’t theoretical lab work—it’s certified, third-party validated performance.
Leadmicro (Weidao Nami 微导纳米)
What they do: Manufacturing equipment for perovskite production.
Coverage: Their equipment handles three different manufacturing routes:
- Traditional crystalline silicon-perovskite tandem cells.
- Large-area glass substrate production.
- Pure flexible perovskite routes.
Current status: Already in industrial application with multiple customers.
This isn’t pre-commercial.
This is deployed.
Lian de Equipment (Liande Zhuangbei 联得装备)
What they do: Core production equipment manufacturing.
Equipment focus:
- Slot-die coating systems.
- Vacuum extraction equipment.
- High-temperature crystallization systems.
Current status: Pilot-line verification phase—meaning these systems are being tested in semi-commercial environments before full production rollout.
Laiter (Laite Guandian 莱特光电)
What they do: Materials science for perovskite manufacturing.
Focus areas:
- Perovskite substrates.
- Additives for performance enhancement.
- Charge transport materials.
Current status: Two additives currently in customer testing through strategic partnerships.
Materials suppliers are critical because they enable core manufacturers to hit efficiency and stability targets.
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Stock Performance and Investor Sentiment
Here’s what the market is actually doing with this opportunity:
16 perovskite-related stocks across multiple institutions’ research show consensus forecasts for net profit growth exceeding 20% in both 2026 and 2027.
As of January 30, these 16 stocks had averaged a 17.06% year-to-date increase.
Three stocks massively outpaced the group:
- Jundee (Junda Gufen 钧达股份): +30% cumulative gains.
- Dycotec (Dike Gufen 帝科股份): +30% cumulative gains.
- Alaid (Aoulaide 奥来德): +30% cumulative gains.
On the capital side, institutional buying showed conviction:
Six stocks saw net margin purchases exceeding ¥100 million RMB ($14 million USD) in January alone:
- BOE Technology (Jingdongfang A 京东方A)
- LONGi Green Energy (Longji Lvneng 隆基绿能)
- JA Solar (Jingao Keji 晶澳科技)
- JinkoSolar (Jingke Nengyuan 晶科能源)
- Raycus Laser (Ruike Jiguang 锐科激光)
- Jundee (Junda Gufen 钧达股份)
That kind of institutional capital inflow suggests sophisticated investors are treating this seriously.
Why This Matters for the Bigger Picture
Perovskite solar cells aren’t just another solar technology.
They represent a fundamental shift in how we think about energy generation.
Flexibility opens applications that rigid silicon can’t touch.
Manufacturing costs that could be 50-70% lower than silicon threaten incumbent players.
Weight advantages enable space applications worth billions.
Scalability from 2GW today to 161GW by 2030 suggests this isn’t a niche play—it’s infrastructure transformation.
The Chinese government is supporting this development.
The companies involved are no longer in speculative R&D phases—they’re in production and deployment.
The market forecasts show explosive growth, and institutional investors are starting to position accordingly.
For tech investors focused on Chinese manufacturing and energy, perovskite solar cells represent one of the highest-conviction bets available right now.
The fundamental science works.
The production problems are being solved.
The market is forming.
And the money is starting to flow.
