PV market size was over 38 GW in 2015. Renewable energy market trends are expected to witness shift towards off-grid installations in some regions, where a large percentage of the population has limited access to a national grid. Initial expenditure during installation is expected to be a restraint for industry growth. However, low maintenance and operating cost in long term is likely to drive growth. Reduction in raw material prices is anticipated to hamper PV materials market price trend.
PV system converts sunlight into electricity which can be used by people. This renewable energy is reliable, safe, easy to install, and incurs less operating costs. These systems help to deliver safe, clean, pollution-free and affordable electricity. One successful PV installation can supply power for more than 15 years with a smaller amount of maintenance and no fuel costs.
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Photovoltaic materials can be segmented into polycrystalline silicon, monocrystalline silicon, amorphous silicon, copper indium gallium selenide, cadmium telluride, crystalline silicon, and copper solar cables. Crystalline silicon was the leading semiconducting material; these cells help to generate solar power from sunlight.
Polysilicon is likely to grow at high rate as it is used as a raw material in the majority of solar energy applications owing to its semiconductor-like material properties. It is an initial manufacturing process of silicon based photovoltaic materials systems.
Amorphous silicon is the non-crystalline silicon form, used in solar cells or thin-film solar cells. This material is expected to grow at a negligible rate owing to tough competition from conventional crystalline silicon materials and thin-film technologies such as copper indium gallium selenide and cadmium telluride.
Copper indium gallium selenide is a semiconductor material used for CIGS solar cells, a thin-film technology. This segment is likely to witness significant growth as it produces light-weight and highly flexible solar panel. Copper solar cables connect arrays, modules and sub-fields; increasing clean and renewable energy technology trend is likely to positively drive this PV materials segment.
Increase in military and defense budget in many countries accompanied by limited conventional energy resources is likely to drive demand. Manufacturing industries that requires large amount of energy are likely to adopt this renewable technology in order to reduce operational cost.
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More than 39% of energy is extracted with the help of coal which causes environmental pollution. Alarming environmental situation coupled with rising energy consumption is likely to influence industries towards more imperishable and worthwhile energy resources. These factors are likely to positively impact photovoltaic materials market growth.
This latest Photovoltaic (PV) Materials Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Photovoltaic (PV) Materials industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Report, “Photovoltaic (PV) Materials Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.” in detail along with the table of contents:
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Key Insights in this Report
- Global Photovoltaic (PV) Materials Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Photovoltaic (PV) Materials Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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