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Global Photovoltaic Materials Market Insight
2022-02-15 Comments

The photovoltaic materials is forecast to crazy over the next few years. According to WK-chem Research,“Global Photovoltaic Materials Professional Survey Report 2022, Forecast to 2027”, The photovoltaic materials industry is growing rapidly as consumer demand for light energy . The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 11.65% base on WK-chem Research regression analysis model.
Analysts’ Viewpoint:
“There is a growing emphasis on clean energy, and photovoltaic materials are receiving a lot of attention. The growing popularity of material-sensitized solar cells and organic photovoltaics is expected to have a positive impact on the photovoltaic materials industry. The photovoltaic materials market is promising.” said Eva Joy, Senior analyst,Chemical & Materia Market Research Center in WK-chem Research.
Market insight:
The development trend of the photovoltaic materials market over the forecast period will be influenced by the development of solar photovoltaic technology. Solar photovoltaic technology has been one of the fastest growing renewable energy sources over the past few years. Cost reductions due to technological improvements and as well as increased reliability are key features for the growth of the solar photovoltaic market. In addition, the growing concern for environmental and clean energy awareness is also conducive to the growth of the photovoltaic materials market. Countries around the world have successively introduced supportive government regulations aimed at expanding the share of renewable energy. The incentives provided by these governments will promote solar panels. use as it generates electricity through renewable energy. These trends point to a promising market for photovoltaic materials, presenting lucrative opportunities for manufacturers.
Despite cost reductions, high initial costs still prevent potential market players from entering the competition. The installation cost of a solar PV system depends on the type of infrastructure required, and the price of this system is on the high side due to the high cost of purchasing, space, installation and maintenance of solar panels.
Competition Landscape:
The industry is highly fragmented due to the presence of a large number of large and small manufacturers, with the main players being Wacker Chemical, DuPont, Merck, Honeywell, Coveme and Mitsubishi Materials, other players include Topray Solar, Hangzhou First Applied Materials, Ferrotec Corporation (USA), Hangzhou First Applied Materials, Novaled, Targray, NovoPolymers NV and American Elements. R&D and new product development are the main strategies employed by industry players. The growing demand for these products has led manufacturers to focus more on product and service purposes. Companies are targeting specific areas of solar cell modules and developing products by understanding the needs of end users.
Segmentation of Photovoltaic Materials Market:
The main photovoltaic materials are polycrystalline silicon, single crystal silicon, copper indium gallium selenide and cadmium telluride. Polysilicon and monocrystalline silicon are the main market segments. The simple manufacturing process of these materials coupled with high efficiency and abundant availability is driving the market demand. The demand for other materials such as copper indium gallium selenide (CIGS) and cadmium telluride is expected to grow rapidly over the forecast period owing to the growing popularity of thin film solar cells. Cadmium telluride is the only material that offers the same efficiency as the crystalline silicon variant. The market share of CIGS and cadmium telluride is expected to remain low over the forecast period as industry players prefer silicon wafer technology. The other materials segment includes perovskites, quantum dots and other silicon derivatives. Due to the high efficiency exhibited by these materials, perovskites show great potential in the future.
On the basis of product type, the photovoltaic materials market is segmented into front sheets, encapsulants, back sheets, and others. The demand for backsheets is expected to remain high over the forecast period owing to the rising popularity of installing solar panels. The backsheet is a key dielectric element that enhances the performance of solar cell modules. The increasing importance of dielectrics in solar cell construction accounts for the high market share of these products. Encapsulants and front sheets are expected to experience high demand over the forecast period owing to the growing adoption of technologies such as dye-sensitized solar cells and organic photovoltaics. The demand for sealants is driven by the lack of other alternative technologies. Growing adoption of thin film solar technology is expected to drive the market demand for front sheets.
Applications for photovoltaic materials include utility, residential, and non-residential. The utility application segment had the largest share in 2016 and is expected to increase over the forecast period. Growing focus on renewable energy and government commitments to reduce carbon emissions are reasons for the growth in demand. The utility segment is expected to lose market share over the forecast period owing to increasing number of residential and commercial solar installations.
Photovoltaic Materials Market: Regional Analysis
The photovoltaic materials market is geographically segmented into North America, Europe, Asia Pacific, Central and South America, and MEA. Asia Pacific is the largest regional market, and the presence of a large number of PV module manufacturers in China and India is the reason for the high market share. Growth in exports of photovoltaic modules to North America and Europe is driving the consumption of photovoltaic materials. Future consumption in the region is driven by growing domestic demand for solar PV modules. The North American market is driven by growing PV installations in countries such as the United States and Canada. Innovation in materials used to make solar cells is expected to be a major driver. Growing number of companies engaged in the manufacture of photovoltaic materials is expected to further boost the market growth.
Cagr: 11.65%
Largest share area:Asia Pacific
Largest share country:China
Product Type(by material):polysilicon, monocrystalline silicon, copper indium gallium selenide and cadmium telluride
Product Type(by product):front plate, potting compound, back plate
Application: Utilities, Residential and Non-ResidentialApplication: Utilities, Residential and Non-ResidentialLeading Company:Wacker Chemie, DuPont, Merck, Honeywell, Coveme and Mitsubishi Materials