Global photovoltaic materials market is set for a potential growth and is expected to reach USD ~25 billion by 2022.
Photovoltaic Materials (PV) Market Highlights
Photovoltaic is a technology to convert sunlight into electricity. The term photo means light and voltaic means energy. Photovoltaic is also known as solar cells. The most used cell type today are silicone PV as they are low in cost. The PV cell produces upto 2 watts of power. To increase the power output many PV cells are connected together to form moduels which are future arranged into larger unit called arrays these will future be used in various end-use industries such as utility, commercial and residential.
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Key Players are Photovoltaic Materials (PV)
• Wacker Chemie AG (Germany)
• du Pont de Nemours and Company (US)
• Honeywell International Inc. (US)
• Coveme SpA (Italy)
• Mitsubishi Materials Corporation (Japan)
• Targray (Canada)
• Hangzhou Foster Applied Materials Co. Ltd (China)
• Ferrotec Corporation (US)
• JinkoSolar Holding Co. Ltd (China)
• SunPower Corporation (US)
• Baoding Lightway Green Energy Technology Ltd (China)
• Shine Earth (Fujian) New Energy Co. Ltd (China)
• Power Solar Systems Ltd (India)
• Wuxi Suntech Power Co. Ltd (China)
• Acciona Energía SA (Spain)
Segment Analysis:
PV materials are segmented on basis of type: crystalline materials, thin film, and others. Crystalline materials are future segmented into single crystal silicone, polycrystalline silicon and Gallium Arsenide (GaAs). Single crystal silicone are the most common in PV industry. Polycrystalline silicon material is much stronger and can be cut into one-third the thickness of single-crystal material. It also has slightly lower wafer cost and less strict growth requirements. The market of polycrystalline silicon is growing at faster rate has it is highly utilized in commercial sector. Gallium Arsenide is one the highest used in utility segment i.e, in space and military sector as it has strong resistance radiations and high cells efficiency are required in this sector. However, the drawback of GaAs is that is high in cost of single GaAs. Thin Film, a thin semi-conductor layer of Pv materials is deposited on low cost supporting layer such as glass, metal and plastic folic. Thinner layers of material gives significant cost saving. Also, the deposition techniques in which PV materials are sprayed directly onto glass or metal substrate are cheaper owing to this the manufacturing process is faster, using up less energy and mass production is made easier than the ingot-growth approach of crystalline silicon. The market of Thin Film is expected to touch down in billions in the year 2022.
Regional analysis:
The Asia-Pacific photovoltaic material market is expected to grow due to growing application industry. China consumes largest market share in global photovoltaic material market. The report estimates the size of the photovoltaic material market, both in terms of volume and value. Other regions like India, Indonesia and Brazil are expected to drive the demand owing to lenient regulations by government in setting up industries and producing large amounts of products to meet growing population demand.
North America is expected to grow at faster pace, the U.s and Canada are anticipated to have a largest share due to industrial development and government regulations. In Europe, UK and Germany are key contributiors for this region, photovoltaic material market size is growing due to government policies and increase in use of renewable sources. High electricity price and government subsidies over solar energy is likely to positively drive the market in Middle East and Africa region.
Segmentation:
The global photovoltaic material market is majorly segmented on the basis of type and application. Based on type of photovoltaic material the market is segmented into crystalline materials, Thin Film, and others and on basis of application photovoltaic material the market is segmented into utility, commercial and residential.
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Industry/ Innovation/ Related News:
June 29, 2017– The silicon wafer manufacturer 1366 Engineering Technologies has announced that the Japan based IHI Corporation has completed the grid connection and begun commercial operation of a 500 kW solar installation. This system is featuring 1366’s high performance wafers through its wholly-owned subsidiary IHI Plant Construction Co., Ltd (IPC). According to their calculations, during its lifespan, the array is expected to cut down approximately 9,500 metric tons of CO2 from entering the atmosphere.
May 2, 2017- Mitsubishi Materials Corporation (MMC), a conglomerate having expanse in over 29 countries has acquired Luvata Special Products to further expand their global copper processing business. Luvata Special Products has 12 sites in 7 countries across the Americas, Europe and Asia and it is serving the automotive, energy, healthcare, and science and manufacturing industries. Luvata Special Products includes 12 locations in 7 countries across the Americas, Europe and Asia, supplying solutions for the automotive, energy, healthcare, science and manufacturing industries. This development is expected to propel the global expansion of MMC’s copper-processing business.
January 27, 2017- The University Institute for Advanced Materials Research at the Universitat Jaume I (UJI) has participated in the European Project called Sunflower. This project intends to develop less toxic organic photovoltaic materials viable for industrial production. A consortium of 17 research and business institutions carried out this nanotechnology research over four years. The achievement of solar cells with a good performance, low cost and very interesting architectural characteristics. This is anticipated to promote further research in photovoltaic cell with least carbon footprint whatsoever.
June 29, 2016- Mitsubishi Materials Corp has started operation of solar power plants with a total output of about 8.3MW in Fukushima Prefecture. The power producer for the mega (large-scale) solar power plants, Yabuki Solar Power Plant, is MM Sun Power, a 50-50 joint venture between Mitsubishi Materials and Mitsubishi UFJ Lease & Finance Co Ltd. The Yabuki Solar Power Plant consists of four solar power plants with the total site area is 103,624 square meter, and the total output of solar panels installed at the plants is 8.284MW. The plants transmit a total of 6.544MW of electricity to the power grid.
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