Photovoltaic Materials Market Outlook
According to the report by Expert Market Research (EMR), the global photovoltaic materials market size is projected to grow at a CAGR of 14% between 2024 and 2032. Aided by the escalating demand for renewable energy and technological advancements in solar power, the market is expected to grow significantly by 2032.
Photovoltaic materials are used to convert solar energy into electricity, playing a crucial role in solar panel construction. These materials include various types of silicon, thin-film materials, and newer compounds like perovskites. The growth of the PV materials market is intrinsically linked to the global shift towards sustainable energy sources and the rising demand for solar power installations.
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The primary driver behind the photovoltaic materials market growth is the global commitment to reducing carbon emissions and combating climate change. Governments worldwide are implementing policies and providing incentives to promote renewable energy sources, particularly solar power. This political and environmental commitment is significantly boosting the demand for photovoltaic materials.
Technological advancements are also boosting the photovoltaic materials market demand. Innovations in photovoltaic materials have led to more efficient and cost-effective solar panels. For instance, the development of perovskite solar cells presents a promising future due to their low manufacturing costs and high efficiency. Furthermore, advancements in silicon-based solar cells continue to improve their efficiency and reduce production costs.
The residential sector is a significant contributor to the demand for photovoltaic materials, as homeowners increasingly adopt solar power for its cost savings and environmental benefits. The commercial and industrial sectors are also rapidly integrating solar energy into their operations, further fuelling the demand for high-quality photovoltaic materials.
Geographically, the Asia Pacific region accounts for a significant portion of the photovoltaic materials market share, largely due to the significant investments in solar energy in countries like China, India, and Japan. These countries have established themselves as leaders in solar power production, driving the demand for photovoltaic materials in the region.
Europe and North America are also major markets for photovoltaic materials. The European Union’s aggressive targets for renewable energy adoption and the growing solar power market in the United States due to favourable government policies and technological innovations contribute to the market’s growth in these regions.
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Photovoltaic Materials Market Segmentation
The market can be divided based on material, product, application, and region.
Market Breakup by Material
- Polycrystalline Silicon
- Monocrystalline Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide (CIGS)
- Others
Market Breakup by Product
- Front Sheet
- Encapsulant
- Back Sheet
- Others
Market Breakup by Application
- Utility
- Residential
- Non-Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global photovoltaic materials market. Some of the major players explored in the report by Expert Market Research are as follows:
- DuPont de Nemours, Inc.
- American Elements Corporation
- Merck KGaA
- NovoPolymers NV
- Hangzhou First Applied Material Co., Ltd.
- Others
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