The new report by Expert Market Research titled, ‘Global Photovoltaic Materials Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global photovoltaic Materials market, assessing the market based on its segments like material, product, and application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14.04%
Photovoltaic technology has expanded tremendously in recent years as a sustainable source of energy and a replacement for fossil fuel-based electricity. Furthermore, growing awareness about environmental concerns like global warming and climate change is fueling the expansion of renewables like solar and wind energy. With technological improvement and solar energy’s sustainable and limitless potential, it has become an idle source to satisfy the expanding future energy requirements.
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Furthermore, recent cost reductions in raw material and technology have boosted the solar sector, resulting in a rise in demand for photovoltaic materials. Moreover, the growing consciousness pertaining to the environment is also driving consumers to increasingly invest in sustainable energy mechanisms. These aspects are predicted to bolster the market in the coming years. In addition, many government initiatives offering tax rebates to PV cell users are further increasing its popularity among consumers.
Industry Definition and Major Segments
Photovoltaics is a new sustainable energy generating technique that is gaining popularity across the world. In this process charged electrons travel through the material in the form of an electric current extracted by the conductive metals, which then powers the electric grid, supplying electricity to different electronic and electrical equipment. It essentially refers to the conversion of solar energy into electricity using photovoltaic materials, which are semiconducting materials that absorb the energy and transmit it to negatively charged particles known as electrons.
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By material, the market is divided into:
• Polycrystalline Silicon
• Monocrystalline Silicon
• Cadmium Telluride
• Copper Indium Gallium Selenide (CIGS)
• Others
On the basis of product, the industry can be segmented into:
• Front Sheet
• Encapsulant
• Back Sheet
• Others
On the basis of application, the industry can be segmented into:
• Utility
• Residential
• Non-Residential
The global regions for radiology positioning aids market include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Tandem and perovskite technologies, for example, are improving the efficiency of classic silicon solar cells. Furthermore, with increased eco-consciousness throughout the world, fueled by fast rising pollution levels, customers are progressively investing in renewable energy supplies. Simultaneously, governments are investing in the development of sustainable energy producing facilities as well as the deployment of renewable energy throughout sectors in order to minimize carbon emissions.
Furthermore, rising expenditures in the research and development of improved PV cell prototypes in order to increase their capacity and usefulness are expected to drive industry growth. Furthermore, because they are compatible with upcoming technical breakthroughs such as half-cut cells, novel cell structure architecture such as passive emitter and rear cells are progressively being employed which helps to grow the market in the forecasted period.
Key Market Players
The major players in the market are DuPont de Nemours, Inc., American Elements Corporation, Merck KGaA, NovoPolymers NV, Hangzhou First Applied Material Co., Ltd. And others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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