The latest research study by IMARC Group, “Photovoltaic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global photovoltaic materials market analysis. The global photovoltaic materials market reached a value of US$ 26.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 52.09 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027.
Photovoltaic Materials Industry Outlook:
Photovoltaic (PV) materials are semiconducting materials that absorb and convert solar energy into electricity. They are made of metal chalcogenides, monocrystalline, polycrystalline or amorphous silicon, gallium arsenide, and organometallics. They help manufacture cost-efficient, mechanically flexible, and large-area PV devices to provide relevant access to renewable and clean energy. As a result, PV materials find extensive applications across residential, non-residential, and utility sectors due to their accessibility, capacity, and efficiency.
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Market Trends:
The global photovoltaic materials market is primarily driven by the increasing production of solar cell modules to power residential and non-residential areas. Moreover, reduction in the costs of PV materials and depleting fossil fuels have accelerated product adoption rates. Additionally, there is an increase in the demand for organic photovoltaics to provide earth-abundant and low-energy-production PV solutions.
In line with this, the rising use of dye-sensitized solar cells (DSSC) to convert artificial and natural light into energy and power numerous electronic devices is propelling the market growth. Besides this, the surging concerns regarding greenhouse gas emissions and the rising awareness about solar energy benefits are positively influencing market growth.
Furthermore, the governments of various countries are taking favorable initiatives to support PV projects with grid connection convenience to encourage the use of renewable energy, thereby contributing to the market growth. Other factors, including the rising employment of thin film-based solar technology, technological advancements, and unlimited solar energy potential, are also anticipated to create a favorable market outlook.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Polycrystalline Silicon
- Monocrystalline Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide (CIGS)
- Others
Breakup by Material:
- Front Sheet
- Encapsulant
- Back Sheet
- Others
Breakup by Application:
- Utility
- Residential
- Non-residential
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are American Elements, COVEME s.p.a., DuPont de Nemours Inc., Ferrotec Holdings Corporation, Honeywell International Inc., KYOCERA Corporation, Merck KGaA, Mitsubishi Materials Corporation, Novaled GmbH (Samsung SDI Co. Ltd.), Targray, Tata Power Solar Systems Limited (Tata Power Company Limited) and Wacker Chemie AG.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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