Global Photovoltaic Material Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Photovoltaic Material Market Overview:

“The global Photovoltaic Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Photovoltaic cells also known as solar cells are used to generate electricity from sunlight. The materials used in the solar cells are called photovoltaic materials. Traditional solar cells are made from silicon, usually flat and are efficient. Silicon cells are used in different structures namely mono-crystalline and polycrystalline.

Growing demand for clean energy or renewable resources coupled with rising concerns regarding the emissions from fossil fuel based energy generation is expected to drive the solar PV market which in turn is expected to boost the demand for photovoltaic materials over the forecast period. Growing demand for photovoltaic materials is increasing owing to rising demand for solar cell modules. Government initiatives to promote the renewable energy resources is expected to fuel the market growth over the forecast period.

Polycrystalline segment is expected to be the major material segment in the global photovoltaic market. Single crystalline silicon or polycrystalline has regular structure and has better response rate than other solar cells. High-efficiency property coupled with easy manufacturing process is expected to drive the market growth.

Residential is the fastest growing application segment in the market. Government initiatives like subsidies on the installation of solar panels are expected to propel the market growth. Growing demand for solar heating or thermal power generation using solar PV technology in residential applications is expected to drive the market growth of photovoltaic materials over the forecast period. However, high installation costs are expected to hamper the growth of the market over the forecast period.

The Asia Pacific is expected to be the largest region in the global photovoltaic material market. The demand is majorly driven by the growing demand for renewable energy resources in China, India, Japan, and Australia. Presence of large number of photovoltaic module manufacturers in the region is expected to have a positive impact on the market growth. Growing export of photovoltaic panels to developed region such as North America and Europe is driving the production of photovoltaic modules in the region.

Market segmentation and key players operating in the global photovoltaic material market:

By material:

• Polycrystalline silicon
• Monocrystalline silicon
• Copper Indium Gallium Selenide (CIGS)
• Others

By product:

• Encapsulants
• Back sheet
• Front sheet
• Others

By application:

• Utility
• Residential
• Non-residential

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa