Global Photovoltaic Materials Market, By Materials (Polycrystalline Silicon, Monocrystalline Silicon, CIGS, Cadmium Telluride, Others), Product (Front Sheet, Encapsulant, Back Sheet, Others), Application (Residential, Non-Residential, Utility), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2026
Market Analysis: Global Photovoltaic Materials Market
Global Photovoltaic Materials is expected to rise from its initial estimated value of USD 17.41 billion in 2018 to an estimated value of USD 40.55 billion by 2026, registering a CAGR of 11.15% in the forecast period of 2019-2026. This rise in market value can be attributed to the rising awareness regarding clean energy and initiatives taken by the government for renewable energy sources.
Market Definition: Global Photovoltaic Materials Market
Photovoltaics can be defined as the process of conversion of light into electricity with the help of semiconductor materials present in the photovoltaic cells that are present in the solar panels. These panels are required for the utilization of solar energy and these panels can be mounted on a number of surfaces as per the availability of space. The materials included in the production of these solar cells in the panels can be defined as photovoltaic materials.
- Concerns regarding the environment and clean energy awareness are few of the factors that are expected to drive the market growth
- Government initiatives and programs to promote renewable energy and its market share in the company is also expected to drive the market growth
- High cost and requirements of a number of other resources for the installation of solar cells is expected to act as a restraint to the market growth
- High set-up cost and entry barriers for the manufacturers is also expected to restrain the market growth
Segmentation: Global Photovoltaic Materials Market
- By Materials
- Polycrystalline Silicon
- Monocrystalline Silicon
- Copper Indium Gallium Selenide (CIGS)
- Cadmium Telluride
- Front Sheet
- Back Sheet
- By Application
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- North America
Key Developments in the Market:
- In May 2018, Vikram Solar Limited announced the establishment and inauguration of a corporate office in Gurugram, Haryana, India. This expansion is aimed at expanding the customer base and expanding its customer share in the northern part of India.
- In December 2017, Duke Energy Corporation announced that they had completed the acquisition of REC Solar, with the acquisition enabling the companies to better serve the customer base and expand their market share due to the expertise of both the companies in the renewable energy business.
Competitive Analysis: Global Photovoltaic Materials Market
Global photovoltaic materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of photovoltaic materials market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Photovoltaic Materials Market
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.
Research Methodology: Global Photovoltaic Materials Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved