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Photovoltaic Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global photovoltaic materials market reached a value of US$ 26.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 52.09 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Photovoltaic materials are semiconducting materials that can absorb solar energy and convert it into electricity. 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. As a result, they find extensive applications in residential, non-residential, and utility sectors. At present, there is a rise in the installation of solar photovoltaics due to their accessibility, capacity, and efficiency, which is catalyzing the demand for photovoltaic materials worldwide.

 

 
 

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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Photovoltaic Materials Market Trends:

The growing manufacturing of solar cell modules to supply power to residential and non-residential areas represents one of the key factors driving the market. Moreover, the rising awareness among individuals about the benefits of solar energy, along with increasing concerns about greenhouse gas emissions, are propelling the growth of the market. In addition, declining costs of photovoltaic materials, coupled with the limited availability of fossil fuels across the globe, is positively influencing the market. Besides this, there is a rise in the demand for organic photovoltaics to provide earth-abundant and low-energy-production photovoltaic (PV) solutions. In line with this, the increasing utilization of dye-sensitized solar cells (DSSC), which enable the user to convert both artificial and natural light into energy and power various electronic devices, is bolstering the market growth. Apart from this, governments of several countries are undertaking initiatives to increase the usage of renewable energy. In addition, they are working towards the formulation and implementation of policies that support photovoltaic projects with grid connection convenience. Additionally, the rising employment of thin film-based solar technology due to its lightweight and cost-efficiency compared to traditional solar technology is strengthening the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global photovoltaic materials market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, material and application.

Breakup by Type:

 

 
 

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  • Polycrystalline Silicon
  • Monocrystalline Silicon
  • Cadmium Telluride
  • Copper Indium Gallium Selenide (CIGS)
  • Others
     

Breakup by Material:

  • Front Sheet
  • Encapsulant
  • Back Sheet
  • Others
     

Breakup by Application:

  • Utility
  • Residential
  • Non-residential
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Material, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Photovoltaic Materials Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Polycrystalline Silicon
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Monocrystalline Silicon
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Cadmium Telluride
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Copper Indium Gallium Selenide (CIGS)
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Others
        6.5.1 Market Trends
        6.5.2 Market Forecast
7    Market Breakup by Material
    7.1    Front Sheet
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Encapsulant
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Back Sheet
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Others
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Application
    8.1    Utility
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Residential
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Non-residential
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    American Elements
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
        14.3.2    COVEME s.p.a.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3    DuPont de Nemours Inc.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Ferrotec Holdings Corporation
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
        14.3.5    Honeywell International Inc.
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    KYOCERA Corporation
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Merck KGaA
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Mitsubishi Materials Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Novaled GmbH (Samsung SDI Co. Ltd.)
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Targray
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11    Tata Power Solar Systems Limited (Tata Power Company Limited)
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
        14.3.12    Wacker Chemie AG
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis

List of Figures

Figure 1: Global: Photovoltaic Materials Market: Major Drivers and Challenges
Figure 2: Global: Photovoltaic Materials Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Photovoltaic Materials Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Photovoltaic Materials Market: Breakup by Type (in %), 2021
Figure 5: Global: Photovoltaic Materials Market: Breakup by Material (in %), 2021
Figure 6: Global: Photovoltaic Materials Market: Breakup by Application (in %), 2021
Figure 7: Global: Photovoltaic Materials Market: Breakup by Region (in %), 2021
Figure 8: Global: Photovoltaic Materials (Polycrystalline Silicon) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Photovoltaic Materials (Polycrystalline Silicon) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Photovoltaic Materials (Monocrystalline Silicon) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Photovoltaic Materials (Monocrystalline Silicon) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Photovoltaic Materials (Cadmium Telluride) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Photovoltaic Materials (Cadmium Telluride) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Photovoltaic Materials (Copper Indium Gallium Selenide (CIGS)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Photovoltaic Materials (Copper Indium Gallium Selenide (CIGS)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Photovoltaic Materials (Other Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Photovoltaic Materials (Other Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Photovoltaic Materials (Front Sheet) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Photovoltaic Materials (Front Sheet) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Photovoltaic Materials (Encapsulant) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Photovoltaic Materials (Encapsulant) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Photovoltaic Materials (Back Sheet) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Photovoltaic Materials (Back Sheet) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Photovoltaic Materials (Other Materials) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Photovoltaic Materials (Other Materials) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Photovoltaic Materials (Utility) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Photovoltaic Materials (Utility) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Photovoltaic Materials (Residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Photovoltaic Materials (Residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Photovoltaic Materials (Non-residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Photovoltaic Materials (Non-residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: North America: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: North America: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: United States: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: United States: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Canada: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Canada: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Asia-Pacific: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Asia-Pacific: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: China: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: China: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Japan: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Japan: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: India: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: India: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: South Korea: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: South Korea: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Australia: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Australia: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Indonesia: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Indonesia: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Others: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Others: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Europe: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Europe: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Germany: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Germany: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: France: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: France: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: United Kingdom: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: United Kingdom: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Italy: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Italy: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Spain: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Spain: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Russia: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Russia: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Others: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Others: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Latin America: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Latin America: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Brazil: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Brazil: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Mexico: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Mexico: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Others: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Others: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Middle East and Africa: Photovoltaic Materials Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Middle East and Africa: Photovoltaic Materials Market: Breakup by Country (in %), 2021
Figure 80: Middle East and Africa: Photovoltaic Materials Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 81: Global: Photovoltaic Materials Industry: SWOT Analysis
Figure 82: Global: Photovoltaic Materials Industry: Value Chain Analysis
Figure 83: Global: Photovoltaic Materials Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Photovoltaic Materials Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Photovoltaic Materials Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Photovoltaic Materials Market Forecast: Breakup by Material (in Million US$), 2022-2027
Table 4: Global: Photovoltaic Materials Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Photovoltaic Materials Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Photovoltaic Materials Market: Competitive Structure
Table 7: Global: Photovoltaic Materials Market: Key Players


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Key Questions Answered in This Report

The global photovoltaic materials market was valued at US$ 26.28 Billion in 2021.

We expect the global photovoltaic materials market to exhibit a CAGR of 11.20% during 2022-2027.

The rising installation of solar photovoltaics to supply power across the residential and non-residential spaces, owing to their accessibility, capacity, cost-efficiency, etc., is primarily driving the global photovoltaic materials market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous manufacturing units for solar photovoltaics, thereby limiting the demand for photovoltaic materials.

Based on the type, the global photovoltaic materials market can be segmented into polycrystalline silicon, monocrystalline silicon, cadmium telluride, Copper Indium Gallium Selenide (CIGS), and others. Currently, polycrystalline silicon holds the majority of the total market share.

Based on the material, the global photovoltaic materials market has been divided into front sheet, encapsulant, back sheet, and others. Among these, encapsulant exhibits a clear dominance in the market.

Based on the application, the global photovoltaic materials market can be categorized into utility, residential, and non-residential. Currently, the utility sector accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global photovoltaic materials market include 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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