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.

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:

• 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:

• 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: