According to Data Bridge Market Research new Market report, global photovoltaic materials market will account to an estimated USD 17.41 billion in 2018 growing at a CAGR of 11.15% during the forecast period of 2019 to 2026.
Global Photovoltaic Materials Market
Photovoltaic materials can be defined as the components that are used in the solar panels inside the solar cells. These solar cells are used for conversion of solar energy into electricity and then resulting in storing this energy. These photovoltaic materials are an essential part of the working of solar panels, as they convert the solar energy with the help of semiconducting materials present in the photovoltaic cells into electricity that is used for energy consumption.
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Global photovoltaic materials market is segmented on the basis of materials, product, application and geography.
By Materials (Polycrystalline Silicon, Monocrystalline Silicon, CIGS, Cadmium Telluride, Others), Product (Front Sheet, Encapsulant, Back Sheet, Others), Application (Residential, Non-Residential, Utility) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN PHOTOVOLTAIC MATERIALS MARKET
Rising adoption of solar energy:
According to Renewable Energy Agency, global installed capacity of solar energy has been increasing year-on-year; it was valued at 225,033 MW in 2015, and that number rose to 297,019 MW in 2016 and this number raised to 389,572 MW by 2017. This year-on-year growth of rising solar energy capacity is expected to be one of the major drivers for photovoltaic materials market.
Photovoltaic materials are used as the components in the solar cells used in the solar panels, they store the energy by converting solar light and converting it into electricity and in the end storing this energy.
Few of the major competitors currently working in the photovoltaic materials market are Kaneka Corporation, KYOCERA Corporation, Mitsubishi Electric Corporation, DuPont, American Elements, 1366 Technologies, Merck KGaA, Honeywell International Inc., Coveme, Targray, Novaled GmbH, Ferrotec (USA) Corporation, HANGZHOU FIRST APPLIED MATERIAL CO.LTD., Wacker Chemie AG, ARMOR, Tata Power Solar Systems Ltd., Vikram Solar Limited, Conergy, Panasonic Corporation, SHARP CORPORATION, First Solar, Trina Solar, Jinko Solar, Jingao Solar Holdings Co. Ltd., Hanwha Q CELLS, Renesola, Yingli Solar, Duke Energy Corporation, Shunfeng International Clean Energy Limited, and RISEN ENERGY CO. LTD.
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