Photovoltaic Materials Market Synopsis
Market Research Future (MRFR) proposes that the global photovoltaic materials market is slated to exhibit 8% CAGR during the forecast period (2016-2022). The augmenting concern associated with the emission of CO2 is estimated to favor the market growth. Also referred to as solar cells, photovoltaic cells are used to generate electricity from sunlight. The materials which are used in solar cells are acknowledged as photovoltaic materials. Photovoltaic materials are generally used in solar panels to harness solar energy in order to generate electric power. The most commonly used forms are copper indium, cadmium telluride, monocrystalline silicon, gallium selenide, and polycrystalline silicon. Photovoltaic materials are gaining prominence across the globe with the increasing concern regarding the environment.
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Market Potential and Pitfalls
With global warming hitting worldwide, concerns regarding environmental issues are increasing due to the increasing use of conventional energy. This has led to increased adoption of solar energy. The growing greenhouse gas emission has led to an increased demand for clean energy, thereby surging the demand for photovoltaic materials across the globe. Manufacturers are focusing on R&D activities for innovation of new products which is further contributing to the market growth.
Moreover, low production price coupled with the power conversion efficiency is influencing the market growth to a large extent. The decline in PV materials prices has increased its usage across several applications. Government globally are highly investing in solar energy and are also offering schemes and incentives for the construction of buildings integrated with solar technology. Such initiatives by the government are propelling the market growth throughout the assessment period. Additionally, factors such as low maintenance and operating costs are driving the market growth.
Photovoltaic materials are gaining huge prominence owing to the growing manufacturing of solar modules. With the accelerating popularity of organic photovoltaic and dye-sensitized solar cells, the market is predicted to flourish. Also, the government across the world are aiming towards increasing the share of renewable energy, thereby fueling the market.
On the contrary, high capital cost due to high technology prices is considered one of the top barriers likely to deter the market growth across the globe. Initial expenditure during installation is another factor considered to hamper the market growth in the coming years.
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Global Photovoltaic Materials Market: Segmental Analysis
The global photovoltaic materials market has been segmented on the basis of type and end-user.
By mode of type, the global photovoltaic materials market has been segmented into thin film, crystalline materials, and others. Among these, crystalline materials are predicted to occupy a major share owing to abundance of raw materials and its easy manufacturing process.
By mode of end-users, the global photovoltaic materials market has been segmented into commercial, residential, and utility. Among these, the utility segment is predicted to occupy a significant share in the market. Government across the world committing to minimize carbon emissions and rising focus on renewable energy are some of the factors favoring the growth. The segment is soon likely to lose its market share due to the increasing number of commercial and residential solar installations.
Regional Insights
Geographically, the photovoltaic materials market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is considered to occupy the largest market share and is estimated to expand at an enormous rate owing to the presence of a large population and prominent industry players in this region. China is considered the major dominating nation in this region due to increased demand for solar photovoltaic installations in the power production industry.
The North American region is presumed to hold a significant share due to escalating demand for solar photovoltaic materials. Countries such as Canada and the U.S. are extensively investing in the installation of photovoltaic, which is driving the market.
Industry Updates
February 27, 2019: At the International Photovoltaic Power Generation Expo 2019, DuPont Photovoltaic Solutions and JinkoSolar Holding Co., Ltd. together will reveal the brand new Jinko high-efficiency bifacial module, Swan protected by clear DuPont Tedlar PVF film-based back sheet. With a combination of high-efficiency clear DuPont Tedlar PVF film and Cheetah bifacial cells, the bifacial panel named Swan can achieve a high-power output of 400W at the front side while approximately 20 percent energy gain from the rear side.
Competitive Dashboard
The prominent players operating the global photovoltaic materials market are Ferrotec, Polyrise, SolarBuyer, Cencorp, Bandgap, Targray, Sinovia Technologies, Applied Materials, Natcore, DuPont, Engineering 1366 Technologies, and others.
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