Solar Photovoltaic Material Market - Global Industry Analysis, Size, Share, Growth 2024 | Research Report
Global Solar Photovoltaic Materials Market: Snapshot
The
global solar photovoltaic (PV) materials market has gained significant
momentum over the last few years. The rising concerns over various
environmental problems, especially greenhouse gas emission and the
increasing carbon footprint, have surfaced as the main factor behind the
growing demand for solar PV and, consequently, solar PV materials
across the world. The research activities for the innovation and
development of new materials with low manufacturing cost and power
conversion efficiency is increasing at a faster rate.
This
140 page report gives readers a comprehensive overview of the Solar
Photovoltaic Materials Market. Browse through 18 data tables and 50
figures to unlock the hidden opportunities in this market.
Going
forward, the government stringent rules and regulations, increasing
investment in renewable energy generation, and the reducing dependency
on fossil fuels are anticipated to drive this market substantially in
the years to come. The opportunity in this market was US$7.55 bn in
2015. Rising at a healthy CAGR of 11.4% between 2016 and 2024, it is
anticipated to reach US$19.60 bn by the end of 2024.
Asia Pacific to Continue as Leading Regional Market for Solar Photovoltaic Materials
The
Middle East and Africa, North America, Europe, Asia Pacific, and Latin
America are the prime regional markets for solar PV materials across the
world. In 2015, Asia Pacific emerged as the key contributor to the
global market with a share of nearly 60%. Thanks to the high demand for
solar photovoltaic installations in the power industry and in generating
electricity from renewable sources, the Asia Pacific market for solar
photovoltaic materials is expected to remain on the top over the next
few years. China is the key domestic market for solar PV materials in
Asia Pacific.
North
America is another significant regional market for solar PV. On account
of the exponential growth in the power industry in terms of renewable
energy generation, North America is anticipated to witness an increasing
demand for solar PV materials in the near future. The markets for solar
PV materials in Europe, the Middle East and Africa, and Latin America
are also expected to exhibit stable growth over the next few years.
Demand for Polycrystalline Materials to Remain High
Crystalline,
polycrystalline, cadmium telluride, and copper indium diselenide are
the key materials available in the global market for solar PV materials.
Among these, the demand for polycrystalline is higher than others and
this scenario is expected to remain so over the next few years.
Polycrystalline silicon acquired a share of more than 72% in the overall
market in 2015 and is anticipated to witness a significant rise in its
demand in the near future due to its cheap manufacturing process as
compared to that of other materials.
Crystalline
silicon is also experiencing considerable demand across the world.
However, the high cost associated with it may act as a limit force in
the years to come. Cadmium telluride and copper indium diselenide are
cheaper and have less power conversion efficiency. Market players are
performing research to increase their efficiency.
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Due
to the presence of a large pool of participants, the global market for
solar PV materials displays a highly fragmented competitive landscape.
BASF SE, Mitsubishi Material Corp., Hemlock Semiconductor Corp. LLC, LDK
Solar Co. Ltd., Okmetic, Wacker Chemie AG, Applied Materials Inc.,
Shin-Etsu Chemicals Co. Ltd., Atecom Technology Co. Ltd., Topsil
GlobalWafers A/S, Silicor Materials Inc., and Targray Technology
International Inc. are some of the prime vendors of solar photovoltaic
materials across the world.
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