Photovoltaic Materials Market Analysis
The global photovoltaic materials market is likely to grow at a phenomenal 8% CAGR over the forecast period (2021-2030) to touch USD 25 billion by 2030, as per Market Research Future. Initially used in the space program, the photovoltaic (PV) systems today are used to generate electricity to pump water, activate switches, supply the electric utility grid, charge batteries and light up the night life.
As there is no use of fuel, the PV systems will not release any harmful water or air pollution into the environment, endanger human or animal health or deplete natural resources.
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Photovoltaic materials are utilized in solar panels to harness solar energy for generating electric power. It is available in different types of which the most commonly used include cadmium telluride, copper indium, gallium selenide, monocrystalline silicon, and polycrystalline silicon. Advantages of these materials include easy installation, affordable, and above all possess the capacity of operating for more than two decades. Over the years the demand for the photovoltaic materials market is on the rise owing to limited availability of fossil fuels and their increasing prices. PV materials are increasingly finding applications in residential sectors, non-residential sectors and utilities. Though PV technology is an ideal pick for a long list of applications in the market, poor installation, poor maintenance practices and high capital costs are the restricting factors in the complete deployment of photovoltaics.
Key driving factors of the photovoltaic materials market include increasing awareness of using renewal energy sources and depletion of traditional fuel sources. The fall in prices of the PV materials has increased its use across various applications. Moreover, governments the world over are investing largely towards the use of renewable sources such as solar energy. Besides, governments are also providing schemes and incentives for constructing buildings that are integrated with solar technology. Apart from these, the other factors propelling the growth of the photovoltaic materials market include low operating costs and maintenance.
Segmentation
In Market Research Future (MRFR) report, the global photovoltaic materials market share is segmented on the basis of type and end-user.
Based on type, it is segmented into crystalline and thin films. Of these, the crystalline materials segment has a major market share owing to its easy manufacturing process and abundance of raw materials.
Based on end-user, the photovoltaic materials market is segmented into residential, commercial, and utility. Residential application includes water heaters, batteries and chargers, pool heaters and attic fans. The key installations in the non-residential application were observed in offices, hotels and hospitals. Utility is further segmented into industrial projects, military, space and defense and power plant.
Regional Analysis
Based on region, the global photovoltaic materials market covers the current trends and growth opportunities across North America, Europe, Asia Pacific and Rest of the World (RoW). Of these, Asia Pacific has the largest market share and is anticipated to grow at an incredible rate due to the presence of prominent industry players and also increase in population.
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The UK and Germany are expected to be the chief contributing countries in the Europe photovoltaic materials market owing to government support and policies associated to renewable energy sources. On the other hand, North America is anticipated to grow at an alluring rate, Canada and the US are projected to capture a big share due to government influence and industrial growth in the region. Moreover, government subsidies and high electricity is likely to positively drive the photovoltaic materials market in Middle East Africa (MEA).
Industry News
May 2018- Vikram Solar Limited, an Indian company has setup branches in cities for better servicing and capturing the demanding and evolving solar market, ease of performing business through prompt response in business communication and minimizing barriers such as distance.
September 2017- The partnership between Desert Technologies and DuPont helped them in strengthening their presence in Saudi Arabia by promoting reliable solar solutions within the region.
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