Newark, NJ, Feb. 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global photovoltaic (PV) materials market is expected to grow from USD 17.61 billion in 2019 and to reach USD 33.20 billion by 2027, growing at a CAGR of 8.25% during the forecast period 2020-2027.
Concerns related to the discharges from fossil fuel-based power creation and the increasing focus on clean energy is anticipated to drive the growth of the market. Expanding production of solar cell modules helps to get attention for photovoltaic materials. The increasing demand for organic photovoltaic and dye-sensitized solar cells is anticipated to have a significant influence. The government's attempts to raise the share of renewable power in the total energy produced periodically are anticipated to boost the market growth. Over the past several years, solar PV technology has been accounted for the highest growing sources of renewable energy. On account of reducing cost and high productivity, these systems are used for utility applications, commercial and residential. Economies of scale coupled with enhanced adaptability and cost reductions due to technological development are key reasons of solar PV market growth.
Photovoltaic devices are generally constructed with the help of materials such as silicon (amorphous, polycrystalline, monocrystalline), metal chalcogenides, gallium arsenide and organometallics. In industrial markets, mesoscopic solar cells have recently created a huge impact. Photovoltaic (PV) devices utilize semiconductors in order to produce electricity directly from sunlight. It is achieved through an automated process in materials. Electrons are released through solar energy. Then it is persuaded to move in an electrical circuit that powers electrical devices or transfers electricity to the grid. PV devices are utilized to power anything from home appliances to large commercial businesses.
Supportive state guidance and efforts in different regions will positively influence the global photovoltaic material market. Encouragement by governments, particularly encouraging the adoption of solar panels, are anticipated to have a tremendous positive influence on the market. The fundamental limitation to the penetration of photovoltaic materials is a huge capital cost resulting from huge technology prices. Huge initial investment restrain new entrants from entering the market. The fitting costs of solar PV systems are related with the nature of the infrastructure required. Due to the huge expenditure of solar panels, installation, acquisition, space, and maintenance, these systems are priced higher.
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Key players operating in the global photovoltaic (PV) materials market include Du Pont, Honeywell, Mitsubishi Materials, Wacker Chemie, Coveme, Merck and Topray Solar. To gain a significant market share in the global photovoltaic (PV) materials market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The encapsulant photovoltaic (PV) materials segment is expected to register the highest share over the forecast period
The product segment includes back sheet, encapsulant and front sheet. The encapsulant photovoltaic (PV) materials segment is expected to register the highest share in the global photovoltaic (PV) materials market over the forecast period. Growing popularity of technologies such as dye-sensitized solar cells and organic photovoltaics are anticipated to experience high demand over the forecast period for Encapsulants. The absence of other replaceable technology increases the demand for encapsulants. The growing popularity of thin film-based solar technology is expected to boost the further demand for the market.
The residential segment is expected to show the highest share over the forecast period
The application segment includes non-residential, residential and utility. Due to government incentives offered on installations, residential is expected to show the fastest-growing application segment over the forecast period. The demand is driven by incentives given by electricity boards for the usage of solar power. The solar heating demand in residential applications is one of the major reason for rapidly growing market demand. However, market will be affected due to high installation cost. The increasing expendable income of consumers in most parts of the Asia Pacific and the Middle East is expected to drive the solar PV installations.
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Regional Segment Analysis of The Photovoltaic (PV) Materials Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global photovoltaic (PV) materials market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is expected to show the highest growth over the forecast period. Growing PV installations in countries such as the U.S. and Canada boost the North America market. A major driving factor will be the innovation of materials used in the manufacturing of solar cells. The growing number of companies investing in the manufacturing of photovoltaic materials is expected to further intense market growth.
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About the report:
The global photovoltaic (PV) materials market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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