The global photovoltaic materials market was valued at USD 16,102 million in 2017 and is anticipated to grow at a CAGR of 12% during the forecast period. Photovoltaic materials are used in solar panels and other modules, which are used to harness solar energy to generate electric power. The different types of photovoltaic materials include Polycrystalline Silicon, Monocrystalline Silicon, Copper Indium Gallium Selenide, and Cadmium Telluride among others. These materials are affordable and easy to install while having the capability to operate for over two decades. The demand for photovoltaic materials has increased over the years owing to increasing prices and limited availability of fossil fuels. These materials are increasingly finding applications in utilities, residential, and non-residential sectors.
The major driving factors of the market include depletion of traditional fuel sources, and increasing awareness regarding use of renewable energy sources. The decreasing price of photovoltaic materials has increased its adoption across different applications. Governments across the globe are investing significantly towards the development of renewable sources such as solar energy. Governments also offer incentives and schemes for construction of buildings integrated with solar technologies. Other factors driving the growth of this market include less maintenance and low operating costs. However, high installation cost would limit the growth of the market during the forecast period. Declining prices of solar systems and limited availability of fossil fuels would provide numerous growth opportunities in the market.
The global Photovoltaic Materials market is segmented on the basis of material type, product, end-user, and geography. The material type segment is categorized into Monocrystalline Silicon, Polycrystalline Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, and others. The product segment is segmented into back sheets, encapsulants, front sheets, and others. The end-users of photovoltaic materials include commercial, residential, utility, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Photovoltaic Materials Market in 2017.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. For instance, In September 2017, DuPont collaborated with Desert Technologies. This partnership enabled the companies to strengthen their presence in Saudi Arabia and promote the adoption of reliable solar solutions in the region. In June 2017, Heraeus Photovoltaics, a major player in the photovoltaic materials market, partnered with Solar Space, a China-based multicrystalline solar cell producer. This collaboration was aimed at technological development of photovoltaic materials used in solar systems. In September 2017, Heraeus Photovoltaics, entered into a partnership agreement with JinkoSolar Holding Co., Ltd. (JinkoSolar). Through this partnership, the companies plan to develop new-generation Super PV Cells offering higher efficiency and lower costs. The companies also aim to explore the developing energy markets in China. Other leading players in the market include DuPont, Targray Technology International, Inc, Shin-Etsu Chemicals Co., Ltd., Mitsubishi Material Corporation, Hemlock Semiconductor Corporation LLC, Atecom Technology Co., Ltd., American Elements, Ferrotec Corporation, Topray Solar, Hangzhou First Applied Material Co. Ltd., 1366 Technologies Inc., and NovoPolymers NV among others.