Photovoltaic Materials Market (By Material Type: Monocrystalline Silicon, Copper Indium Gallium Selenide, Polycrystalline Silicon, Cadmium Telluride, Others; By Product: Back Sheet, Front Sheet, Encapsulant, Others; By End Use: Non-residential, Residential, Utility) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027

The global photovoltaic materials market value is expected to reach of around US$ 41 Bn by 2027 and is anticipated to grow at a CAGR of around 7.2% in terms of revenue during the forecast period 2020 – 2027.

The use of semi-conductive materials present in photovoltaic cells that further belongs to solar panels can be described as the process of converting light into electricity. Such panels are required to use solar energy and can be installed on different surfaces depending on space available. Photovoltaic material can be described as the material used for the manufacture of these solar cells in the panels.

The report provides analysis of global Photovoltaic Materials market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Dynamics

Rising demand for clean energy or renewable resources and growing emissions of fossil fuels will drive the solar photovoltaics market, which in turn will raise photovoltaic material demand during the forecast period. Due to increased demand for solar cell modules, the market for photovoltaic materials is growing. In order to increase the use of renewable energy, governments are increasingly investing in the production of solar power to support market growth. However, high solar system installation costs hinder market growth. Decrease of photovoltaic materials costs will bring growth opportunities in emerging markets amid the projected time frame.

Regional Stance

Asia Pacific held significant market share in 2019 and projected to govern the market amid the projected time span. China became the leading participant in the world market of solar photovoltaics with an additional 53.8 GW in 2017. The European photovoltaic materials market will increase moderately during the prediction period. Germany, followed by France and Italy, is projected to lead the European industry. Government efforts to increase the share of renewables in the electricity combined with efforts to reduce emissions of carbon can be attributed to growth in the region. The third largest market in photovoltaic equipment in 2018 is projected in North America.

The Middle East and Africa are expected to become one of the fastest growing markets for photovoltaic materials during the forecast period under ideal conditions for solar power and low solar tariffs. The main economies for photovoltaic materials are projected to be Saudi Arabia, Egypt and Turkey, and double figure annual composition growth is expected to occur before 2025. Latin America will be an emerging market for photovoltaic materials amid the forecast period. Because of the rapid increase in solar PV capacity expansion, Mexico and Brazil are expected to become a key driver for the demand in Latin America.

Report coverage

The market research study on “Photovoltaic Materials Market (Photovoltaic Materials Market By Material Type: Monocrystalline Silicon, Copper Indium Gallium Selenide, Polycrystalline Silicon, Cadmium Telluride, Others; Photovoltaic Materials Market By Product: Back Sheet, Front Sheet, Encapsulant, Others; Photovoltaic Materials Market By End Use: Non-residential, Residential, Utility) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Photovoltaic Materials market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Photovoltaic Materials market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Photovoltaic Materials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.  

The global Photovoltaic Materials market is segmented as below:

Market Segmentation

Photovoltaic Materials Market By Material Type

• Monocrystalline Silicon
• Copper Indium Gallium Selenide
• Polycrystalline Silicon
• Cadmium Telluride
• Others

Photovoltaic Materials Market By Product

• Back Sheet
• Front Sheet
• Encapsulant
• Others

Photovoltaic Materials Market By End Use

• Non-residential
• Residential
• Utility

Photovoltaic Materials Market By Geography

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa

Key Players and Market Situation

Participants include major global players such Sinovia Technologies, DuPont, Merck, Bandgap Engineering, 1366 Technologies, SolarBuyer, Targray, Polyrise, Natcore, Applied Materials, Ferrotec, and Others.

The key approaches adopted by the market participants are research and development and new product creation. The growing demand for such goods has led to an rising focus on the goods and goals of the producer. Companies focus on different areas of the solar cell module and create goods through recognizing the end user's needs.