Perovskite solar cells are an evolving technology owing to self-assembling and highly tunable bandgap properties of materials. In this context, thin films of perovskites have attracted immense attention and witnessed great advancement because of their low manufacturing cost. The key development in these devices is the conversion efficiency, which rose from 3.8% to 28%. The formulation of innovative materials with the proper replacement of lead in perovskites is imperative to mitigate lead toxicity. Here, we analyzed the challenges like material and structural stability, device stability under high temperature and humidity conditions, lifetime, manufacturing cost, etc. faced in the commercialization of perovskite devices. This review shows that challenges such as device engineering, performance stability against the harsh environment, cost-effectiveness, and environmental concern should be taken into consideration for the widespread acceptance of perovskite-based solar devices. In conclusion, we suggested that an enormous scope exists for exploring high-performance and long-lasting perovskites for energy applications.
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