According to the latest report by IMARC Group, titled “Photovoltaic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global photovoltaic materials market size reached US$ 30.6 Billion in 2022. Photovoltaic materials are substances that possess the unique ability to convert sunlight directly into electricity through the photovoltaic effect. These materials play a crucial role in the development of solar energy technologies, enabling the generation of clean and sustainable power. They comprise monocrystalline, polycrystalline, or amorphous silicon, gallium arsenide, metal chalcogenides, and organometallics. They help in the production of low-cost, mechanically flexible, and large-area photovoltaic devices to allow relevant access to sustainable and clean energy. They help mitigate climate change and reduce reliance on fossil fuels, contributing to cleaner and greener energy production. Some commonly available photo voltaic materials include silicon-based solar cells, thin-film semiconductors such as cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and organic materials like polymers.
Global Photovoltaic Materials Market Trends:
The market is majorly driven by the rising awareness about climate change and the need for sustainable energy solutions. Moreover, the governments of several countries are implementing favorable policies, such as subsidies, feed-in tariffs, tax credits, and renewable portfolio standards, and are providing incentives to promote renewable energy, including solar power, to encourage the adoption of photovoltaic systems, thereby impelling the demand for photovoltaic materials. In line with this, several leading players are heavily investing in extensive research and development (R&D) activities to improve the efficiency, durability, and cost-effectiveness of solar cells, thus providing a boost to the market. Apart from this, the growing demand for electricity, coupled with the need to diversify energy sources, is significantly supporting the demand worldwide. The market is further driven by the integration of photovoltaic materials with advanced technologies, such as the Internet of Things (IoT) and smart grid systems, that offer various benefits, such as efficient management, monitoring, and control of electricity distribution. Looking forward, the market value is projected to reach US$ 57.8 Billion by 2028, expanding at a CAGR of 10.76% during 2023-2028.
- Based on the type, the market has been segmented into polycrystalline silicon, monocrystalline silicon, cadmium telluride, copper indium gallium selenide (CIGS), and others.
- On the basis of the material, the market has been divided into front sheet, encapsulant, back sheet, and others.
- Based on the application, the market has been bifurcated into utility, residential, and non-residential.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Type, Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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