| Abstract: | Although the efficiency of Dye‐sensitized and Perovskite solar cell is still below the performance level of market dominance silicon solar cells, in last few years they have grabbed significant attention because of their fabrication ease using low‐cost materials, and henceforth these cells are considered as a promising alternative to commercial photovoltaic devices. However, third generation solar cells have significant absorption in the visible region of solar spectrum, which confines their power conversion efficiency. Subsequently, the performance of current photovoltaics is significantly hampered by the transmission loss of sub‐band‐gap photons. To overcome these issues, rare earth doped luminescent materials is the favorable route followed to convert these transmitted sub‐band‐gap photons into above‐band‐gap light, where solar cells typically have significant light‐scattering effects. Moreover, the rare earth based down/up conversion material facilitates the improvement in sensitization, light‐scattering and device stability of these devices. This review provides insight into the application of various down/up conversion materials for Dye‐sensitized and perovskite solar cell applications. Additionally, the paper discusses the techniques to improve the photovoltaic performance in terms of current density and photo voltage in detail. |
