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

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

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.
Key Questions Answered in This Report:
How has the global photovoltaic materials market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global photovoltaic materials market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the material?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global photovoltaic materials market and who are the key players?
What is the degree of competition in the industry?