Energy and Power

Photovoltaic Materials Market Report Cover

Photovoltaic Materials Market

Photovoltaic Materials Market Report Cover

Photovoltaic Materials Market Size, Share, Growth & Industry Analysis, By Material (Polycrystalline Silicon, Monocrystalline Silicon, Cadmium Telluride, Copper Indium Gallium Selenide (CIGS), Others), By Product (Herbicides, Insecticides, Fungicides, Others), By Application (Electricity Generation, Energy Storage) and Regional Analysis, 2023-2030

Author : Shantanu S.

Pages : 120

Base Year : 2022

Release : February 2024

Report ID: KR417

Photovoltaic Materials Market Size

The global Photovoltaic Materials Market size was valued at USD 50.12 billion in 2022 and is projected to reach USD 129.24 billion by 2030, growing at a CAGR of 12.75% from 2023 to 2030. In the scope of work, the report includes products offered by companies such as 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, Targray and Others.

The global photovoltaic materials market is witnessing significant growth due to the increasing demand for renewable energy sources and the growing focus on environmental sustainability. In addition, photovoltaic materials are used in the manufacturing of solar cells, which convert sunlight into electricity. This trend is driven by the rising adoption of solar energy across various sectors, including residential, commercial, and industrial. Additionally, government initiatives and favorable policies promoting the use of solar energy are propelling market growth.

Furthermore, advancements in technology have led to the development of more efficient and cost-effective photovoltaic materials, thereby making solar energy a viable alternative to traditional sources of power. Moreover, declining prices of these materials, combined with their long lifespan and low maintenance requirements, have contributed to market expansion. With the growing focus on reducing carbon emissions and combating climate change, the market is anticipated to experience continued growth in the forthcoming years.

Analyst’s Review 

The market for photovoltaic materials has witnessed substantial growth in recent times as a result of the growing acceptance of renewable energy sources. In addition, the push for clean energy and the need to reduce carbon emissions has led to a surge in the demand for photovoltaic materials. Furthermore, advancements in technology, such as the development of higher-efficiency solar cells and the increasing use of thin-film solar panels, are key trends shaping the photovoltaic materials market landscape. These trends present lucrative growth opportunities for investors and stakeholders in the photovoltaic material industry.

In addition, this surge in demand for photovoltaic materials has led to significant investments in research and development, resulting in improved efficiency and cost-effectiveness of solar panels. Moreover, government incentives and subsidies have further boosted the growth of the photovoltaic material industry. As more countries prioritize sustainability and clean energy, the market is expected to continue expanding, offering potential long-term benefits for those involved in the industry. Investors and stakeholders who recognize this potential are likely to experience considerable gains in the forthcoming years.

Market Definition

The global market refers to the industry that produces materials used in the manufacturing of solar cells and modules. These materials are essential for converting sunlight into electricity, making them a crucial component of the renewable energy sector. They include materials such as silicon, cadmium telluride, copper indium gallium selenide, and various thin-film materials. In addition, the growing demand for solar energy and the increasing adoption of photovoltaic systems are driving the growth of the market.

As countries around the world continue to prioritize clean energy solutions, the market is witnessing significant growth. Furthermore, the advancements in technology have made solar energy more affordable and efficient, leading to a surge in demand for photovoltaic materials. Moreover, governments are implementing favorable policies and providing incentives to encourage the adoption of solar power, thereby fueling market expansion.

Market Dynamics

Increasing solar installations is driving the growth of the market. a greater number of people are recognizing the benefits of using solar energy, there has been a significant increase in the installation of solar panels and systems. This surge in demand for solar installations has directly contributed to the development of the market. In addition, manufacturers and suppliers of these materials are experiencing a higher demand for solar cells, modules, and other components necessary for solar energy generation.

This trend is expected to continue as the world focuses on transitioning toward clean and sustainable energy sources. Furthermore, the market is projected to witness substantial growth in the coming years, as governments and organizations worldwide continue to invest in renewable energy projects.

Additionally, advancements in technology and manufacturing processes are making solar panels more efficient and cost-effective, thus driving the demand for photovoltaic materials. Moreover, the increasing awareness of climate change and the rising need to reduce carbon emissions are propelling the adoption of solar energy, thereby fueling the growth of the photovoltaic materials market.

However, the high initial costs associated with the installation of photovoltaic systems are expected to hinder their widespread adoption. Additionally, the efficiency of solar panels is still relatively low compared to traditional energy sources, which may deter some potential users. Despite these challenges, advancements in technology and government incentives are gradually making solar energy more affordable and accessible to the general public. As the demand for clean and sustainable energy continues to grow, the costs associated with photovoltaic systems are likely to decrease, making them a more viable option for both residential and commercial use.

Segmentation Analysis

The global market is segmented based on material, product, application, and geography.

By Material

Based on material, the market is bifurcated into front sheet, encapsulant, back sheet, and others. Encapsulant dominated the photovoltaic material market market in 2022 due to its crucial role in enhancing the efficiency and durability of solar panels. This specialized material is used to encapsulate the photovoltaic cells, protecting them from external factors such as moisture, dust, and mechanical stress. Additionally, encapsulant materials provide optical properties that help improve light absorption, which leads to increased energy conversion efficiency. As the demand for solar energy continues to rise, the need for high-quality encapsulant materials becomes even more pronounced, thereby fostering the growth of the market.

By Application

Based on application the market is bifurcated into utility, residential, and commercial. The utility segment held the largest photovoltaic material market market share in 2022, primarily attributed to the growing popularity of utility-scale solar projects. These projects offer an economical solution for generating electricity on a large scale. Thus, in order to meet their sustainability objectives and reduce their carbon emissions, utility companies are increasingly embracing renewable energy sources. This has resulted in significant investments in solar power plants, leading to a surge in the demand for photovoltaic materials within the utility segment.

Photovoltaic Materials Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

In 2022, the Asia-Pacific region acquired the largest revenue share in the photovoltaic materials market. This considerable growth is mainly propelled by the region's strong presence in the manufacture of photovoltaic materials, with countries such as China, Japan, and South Korea leading the way. These nations have invested significantly in research and development, resulting in technological advancements and cost reductions.

Moreover, the region exhibits a substantial demand for clean and sustainable energy sources, which supports the progress of the photovoltaic industry. Furthermore, governments in the Asia-Pacific region have implemented favorable policies and incentives to promote the adoption of solar energy, thus driving the expansion of the market.

North America experienced rapid growth in the global photovoltaic material market in 2022. Several factors such as supportive government policies and incentives encouraging the adoption of solar energy, decreasing costs, and advancements in photovoltaic technology are contributing significantly to domestic market development.

Additionally, the rising concerns about the environment and the increasing emphasis on sustainability have stimulated demand, with businesses and governments aligning themselves with clean energy initiatives. Furthermore, the growing public support for solar energy and investments in large-scale solar projects have played a significant role in aiding market progress.

Competitive Landscape

The global photovoltaic material industry report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Photovoltaic Materials Market

Key Industry Developments

March 2023 (Launch): The company JinkoSolar launched its new liquid cooling energy storage system for C&I application and showcased it at PV Japan 2023.

The Global Photovoltaic Materials Market is Segmented as:

By Material

  • Polycrystalline Silicon
  • Monocrystalline Silicon
  • Cadmium Telluride
  • Copper Indium Gallium Selenide (CIGS)
  • Others

By Product

  • Front Sheet
  • Encapsulant
  • Back Sheet
  • Others

By Application

  • Utility
  • Residential
  • Commercial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global photovoltaic material market is projected to reach USD 129.24 billion by 2030, growing at a CAGR of 12.75% from 2023 to 2030.
The global market was valued at USD 50.12 billion in 2022.
The major driving factor for the market growth is the increasing demand for renewable energy sources, along with rise in awareness about the benefits associated with photovoltaic materials.
Top manufacturers of Photovoltaic Material are 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, and Targray, among others.
North America is the fastest growing region in the forecasted period (2023-2030).
By product, encapsulant segment will hold the maximum share in the photovoltaic material market in forecast period.
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