New York, NY, May 04, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Global Photovoltaic Materials Market [By Material Type (Monocrystalline Silicon, Polycrystalline Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, Others); By Product (Back Sheets, Encapsulants, Front Sheets, Others); By End-User (Commercial, Residential, Utility, Others); By Region]: Market Size & Forecast, 2023 – 2032” in its research database.
“As per the latest research analysis, the global photovoltaic materials market size/share will be valued at roughly USD 26.41 Billion in 2022, and its revenue is projected to reach about USD 59.22 Billion by 2032. The market is forecasted to expand at a compound annual growth rate of approximately 8.4% between 2023 and 2032.”
What are Photovoltaic Materials? How Big is Photovoltaic Materials Market Size & Share?
- Overview
Photovoltaic materials are substances that head-on transforms solar energy into electricity. They provide a pragmatic and viable solution to the provocation of encountering rising global energy demands. The rapidly rising demand for the photovoltaic materials market can be attributed to the fact that they are engaged where power lines from utility grids are moreover not feasible or do not prevail as in outer space and distinctive rural locations.
The increasing focus on clean energy and apprehensions regarding discharge from fossil fuel-dependent energy creation is anticipated to have an affirmative influence on market demand. They are also garnering recognition because of the escalating making of solar cell modules. The escalating favor of dye-susceptible solar cells and organic photovoltaics is anticipated to have an affirmative influence.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- DuPont
- Targray Technology International Inc
- Shin-Etsu Chemicals Co. Ltd.
- Mitsubishi Material Corporation
- Hemlock Semiconductor Corporation LLC
- Atecom Technology Co.
- American Elements
- Ferrotec Corporation
- Topray Solar
- Hangzhou First Applied Material Co. Ltd.
- 1366 Technologies Inc.
- NovoPolymers NV
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/photovoltaic-materials-market/request-for-sample
Prominent Market Drivers
- Escalating demand for PV substances: The demand for PV substances in the country is propelled by escalating price disparity between electricity produced by solar energy and retail electricity. The photovoltaic materials market size is expanding as the cost-effectiveness is boosting research on photovoltaic materials concentrated on advancing solar cells with enhanced productivity.
- Sustainable wellspring of energy: Solar PV technology is one of the speedily escalating sustainable wellspring of energy covering the past few years. Photovoltaic materials market sales are soaring as these techniques are engaged in commercial, residential, and utility entreaties because of several elements, including reducing cost and enhanced productivity.
- Encouraging government rules: Encouraging government rules in several regions is anticipated to have an affirmative influence on the market. Inducement provided by governments particularly advances the usage of solar panels as it creates power through viable sources and is anticipated to have a positive influence on demand.
- Progression in technology: Over the past few years, the price of solar energy has reduced notably, rendering it more attainable and economical for consumers and businesses. This has been feasible due to the progression in technology and advancements in manufacturing procedures.
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Top Report Findings
- The escalating price disparity between electricity produced by solar energy and retail electricity is pushing market growth.
- The market is essentially divided into material type, product, end-user, and region.
- The leading region of the market in North America
Top Trends Influencing the Market
- Manufacturing of solar panels: Crystalline silicon is an extensively utilized photovoltaic material deemed for around about 90% of the global PV market. It is an extremely productive substance that is used frequently in the manufacturing of solar panels.
- Cost-effective: Thin film solar cells are manufactured from thin veneers of semiconductor materials such as amorphous silicon, cadmium telluride, and copper indium gallium selenide. These substances are spread onto a substrate such as metal, plastic, or glass. Thin film solar cells are minimally more productive than crystalline silicon, but they are cheaper to make and can be utilized in a broader scope of applications.
- Organic photovoltaic materials: Organic photovoltaic materials are composed of organic polymers that are flexible, flimsy, and can be fabricated utilizing cheaper manufacturing products such as printing. These materials are less productive but have probability in a broad gamut of applications involving building-integrated photovoltaics and wearable gadgets.
Segmental Analysis
- The copper Indium Gallium Selenide (CIGS) segment is anticipated to witness the fastest growth
Based on material type, Copper Indium Gallium Selenide (CIGS) segment is anticipated to witness the fastest growth over the forecast period. Photovoltaic materials market demand is on the rise due to their escalated productiveness which can be roughly 22% of laboratory cells and approximately 17% of commercial cells.
- The encapsulants segment accounted for the largest market share
Based on product, the encapsulants segment accounted for the largest market share. Photovoltaic materials market trends include the fact that they safeguard solar cells from tangible injury, moisture, and UV radiation, which can reduce cell production of the cells over time.
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Photovoltaic Materials Market: Report Scope & Coverage
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 59.22 Billion |
| Market size value in 2023 | USD 28.59 Billion |
| Expected CAGR Growth | 8.4% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | 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 |
| Segments Covered | By material type, By Product, By end-user, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: The region is expected to witness significant growth due to numerous elements, including the increasing demand for solar energy, government inventiveness to reinforce the acceptance of renewable energy, and the obtainability of cheap labor and substances in the region.
North America: This region is extremely competitive for makers persistently inspecting contemporary methods to evolve their commodities and provide special advantages to customers. Photovoltaic Materials can enhance the mouthfeel, texture, and steadiness of food and beverage commodities rendering it an alluring element for manufacturers seeming to improvise the functionality and beneficial features of their products.
Browse the Detail Report “Global Photovoltaic Materials Market [By Material Type (Monocrystalline Silicon, Polycrystalline Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, Others); By Product (Back Sheets, Encapsulants, Front Sheets, Others); By End-User (Commercial, Residential, Utility, Others); By Region]: Market Size & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/photovoltaic-materials-market
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Recent Developments
- In March 2023, the company launched JinkoSolar, bringing its new liquid cooling energy storage system for C&I application and showcasing it in this year's PV Japan 2023.
- In January 2022, JinkoSolar launched the Second-Generation Tiger Neo.
Frequently Asked Questions
- Who are the key companies in the market?
- What is the CAGR estimated to be calculated for the market?
- What are the key segments covered?
- What are the key driving factors in the market?
- What will be the market value estimated during the forecast year?
- What are the key regions in the market?
- What is the expected growth rate of the market?
Polaris Market Research has segmented the Global Photovoltaic Materials market report based on component, Material Type, Product, End-User, and region:
By Material Type Outlook
- Monocrystalline Silicon
- Polycrystalline Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide
- Others
By Product Outlook
- Back Sheets
- Encapsulants
- Front Sheets
- Others
By End User Outlook
- Commercial
- Residential
- Utility
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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