According to a new report published by Polaris Market Research the worldwide Photovoltaic Materials Market is anticipated to reach around USD 44,073 million by 2026. In 2017, the Polycrystalline Silicon segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global Photovoltaic Materials market.
The increase in the adoption of renewable energy sources drives the growth of this market. Growing concerns regarding environmental pollution caused by fossil fuels and their limited availability support the market growth. There has been an increasing demand of solar technology owing to low operating costs and less maintenance. Governments are increasingly investing in the development of solar technology to accelerate the adoption of renewable sources, thereby supporting market growth. However, high installation costs of solar systems limit the growth of the market. New emerging markets, and declining costs of photovoltaic materials would provide growth opportunities in the coming years.
Asia-pacific dominated the global Photovoltaic Materials Market during the forecast period. A significant rise in the initiatives taken by governments of China, India, and Japan to promote the use of solar technology to reduce carbon footprint supports the growth of the market in the region. Incentives provided by the governments to the commercial sector industries using solar technology has resulted in high demand of photovoltaic materials in the region. China leads the Asia-Pacific Photovoltaic Materials market during the forecast period. Regions such as North America and Europe export solar cells from Asia-Pacific, thereby supporting market growth in the region. Increasing awareness regarding use of renewable sources and green technologies augments the market growth in the region. Leading global players are expanding their presence in developing nations of India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
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The various types of photovoltaic materials include Monocrystalline Silicon, Polycrystalline Silicon, Cadmium Telluride, and Copper Indium Gallium Selenide among. The Polycrystalline Silicon segment is expected to lead the market during the forecast period owing to affordable manufacturing process and use in varied applications. The Copper Indium Gallium Selenide segment is expected to grow at the highest CAGR during the forecast period.
The well-known companies profiled in the report 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., NovoPolymers NV among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.