Global Solar Photovoltaic Material Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Solar Photovoltaic Material Market: Overview

"The Solar Photovoltaic Material 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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Solar energy, along with other renewable energy sources such as wind, wave & tidal, and geothermal energy, is accelerating growth of the renewable energy market. Solar photovoltaic material produces zero emissions as they convert sunlight directly into energy via the photovoltaic effect as a power generation process. Photovoltaic power generation includes solar panels which consist of number of solar cells containing a photovoltaic material.

Solar Photovoltaic Material Market: Dynamics

Increasing awareness regarding usage of renewable energy sources, and rising concerns regarding the environmental issues are some of the factors expected to drive the growth of the target market over the forecast period. Increase in the adoption of solar energy owing to awareness regarding fossil fuel conservation and greenhouse gas emissions anticipated to lead the demand for clean energy sources and drives market over the long run.

In addition to this, stringent environmental rules and regulations by various governments, technological advancements, and increasing research and development activities are some of the factors expected to create lucrative opportunities for growth of the target market over the forecast period.

Solar Photovoltaic Material Market: Segment Analysis

Global solar photovoltaic material market is segmented on the basis of material type, end-user, and geography. By material type, the global market is segmented into crystalline, polycrystalline, cadmium telluride, and copper indium diselenide. Polycrystalline segment is expected to hold significant share in the target market over the forecast period.

By end-user, global market is segregated into residential, commercial, and industrial. Commercial segment is expected to lead the target market owing to government initiatives and policies regarding use of renewable energy sources.

Solar Photovoltaic Material Market: Regional Analysis

Geographically, Asia Pacific is the largest regional market for renewable energy generation across the globe. Increasing demand for solar PV installations in emerging economies such as china and India, expected to contribute for growth of the target market.

Moreover, government targets and introduction of favorable polices for promoting renewable energy and to reduce carbon emissions also anticipated to play an important role for growth of the target market over the forecast period. In many countries such as India and Europe countries, the policies such as feed-in-tariff (FIT), portfolio standard (RPS), tax credits, pricing laws etc., have been developed and implemented to promote the use of solar energy. North America, along with Europe, is projected to grow at a significant rate.

Cost-effective nature, affordable technology prices, and growing networks of solar installers in the region helps to drive the market towards growth. Furthermore, the Middle East and Africa solar energy market is witnessing exceptional developments as government-driven auctioning and net-metering schemes drive down costs of solar photovoltaic materials and attract investments.

In June 2016, The World Bank Group signed an agreement with the International Solar Alliance (ISA), consisting 121 countries led by India, to collaborate to increase solar energy usage across the globe, with the goal of organizing USD 1 trillion in investments by 2030.

Global Solar Photovoltaic Material Market Segmentation:

Segmentation by Material Type:

• Crystalline
• Polycrystalline
• Cadmium Telluride
• Copper Indium Diselenide

Segmentation by End-user:

• Residential
• Commercial
• Industrial

Segmentation by Region:

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