Overview of the Photovoltaic Materials Market
By 2024, the market for photovoltaic (PV) materials is anticipated to be worth USD 19.63 billion and develop at a CAGR of 11.20% over the forecast period of 2018–2024.
Semiconductor-based photovoltaic materials are used to convert solar energy directly into electricity. The photovoltaic technology has developed significantly in recent years as a sustainable energy source and a replacement for fossil fuel-based electricity. Furthermore, the development of renewable energy sources like solar and wind energy is being fueled by rising concern over environmental issues like climate change and global warming. Additionally, solar energy’s sustainable and limitless potential combined with technological advancements make it an inefficient source for supplying the world’s expanding energy demands. Additionally, recent advancements in technology and the cost of raw materials have boosted the solar business, which has raised demand for photovoltaic materials.
The expansion of solar PV capacity additions is one of the main demand-side factors taken into account for the growth of the photovoltaic materials industry. Around 98 GW of solar PV capacity was installed globally in 2017, which is almost twice as much as its renewable energy peer, namely wind power. The phenomenal cost decline of solar energy has greatly contributed to the increase in solar power generation.
Many nations have been investing in the creation and transfer of clean power technology due to the low cost of solar energy. Due to the rising demand for solar modules, the photovoltaic materials market is anticipated to have considerable growth over the forecast period. Additionally, it is anticipated that rising government initiatives and supportive policies to raise the proportion of renewable energy in the world’s power generation will spur market expansion.
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In 2018, China and the Asia-Pacific region as a whole dominated the worldwide market. China became the market leader for solar PV in 2017 after adding 53.8 GW of new solar capacity. India, China, and Thailand are predicted to have the quickest rate of growth for photovoltaic materials during the projected period. During the projected period, the market for photovoltaic materials in Europe is anticipated to expand at a moderate rate. Italy, France, and Germany are predicted to follow Germany as the market leader in Europe. Government initiatives to boost the proportion of renewable energy sources in the electrical mix and initiatives to reduce carbon emissions are responsible for the region’s growth. In 2018, it is predicted that North America would be the third-largest market for solar products.
Based on type, material, end-use, and geography, the global market for photovoltaic materials has been divided.
The global photovoltaic materials market has been divided into three types based on type: thin films, crystalline materials, and others.
The global photovoltaic materials market has been divided into silicon-based and non-silicon-based categories depending on material. Amorphous silicon (a-Si) and crystalline silicon are two more classifications for silicon-based photovoltaic materials (c-Si). Cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), gallium arsenide (GaAs), and other non-silicon-based photovoltaic materials are further divided.
The global photovoltaic materials market has been segmented into three categories based on end use: residential, commercial, and utility.
The regions that make up the worldwide photovoltaic materials market are North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa