Photovoltaic Materials Market Outlook 2031
The Global Photovoltaic Materials Market size was valued at USD 27.02 Billion in 2022 and is likely to reach USD 70.25 Billion by 2031, expanding at a CAGR of 11.2% during the forecast period, 2023–2031. The market growth is attributed to the growing demand for photovoltaic materials owing to the increasing installations of solar photovoltaic renewable energy solutions across the world.
Photovoltaic materials or PV materials are semiconducting materials or devices that absorb sunlight and convert it into electricity. A single unit of PV device is identified as a cell. One PV cell can typically generate one to two watts of electrical energy.
PV cells are manufactured from different semiconductor materials. These materials are usually as thick as the thickness of four human hairs or lesser. For these materials to withstand for a long time in outdoor conditions the cells are placed in between protective materials in a combination of glass or plastics.
For increasing the power production from the PV cells, they are connected in chain format to make them into a larger unit, which is known as a solar panel or solar module. A panel can be used as a single or connected to form an array structure.
A single array or multiple arrays then are connected to the electric grid as a part of a whole photovoltaic system. The PV modular structure allows the building of any large or small-size PV system to meet the electricity requirements.
Global warming and other climate change factors are making governments across the world rethink energy generation policies. Renewable energy sources such as solar and wind energy have the potential to significantly reduce the load on traditional energy resources such as coal or fossil fuels that are causing carbon (CO2) emissions into the environment.
COVID-19 Impact on Photovoltaic Materials Market
The market report finds that the COVID-19 pandemic affected the global photovoltaic materials market growth. The production and supply chain operations were impacted owing to the lockdowns implemented by the governments to curb the spread of virus infection.
For instance, the lockdown restrictions in China hampered global market growth as the majority of PV panel production factories are located in the region.
The manufacturing and supply chains were affected severely as a result of the strict lockdown implementation by the Chinese government. This resulted in major companies stopping the shipping of goods from Chinese ports to other nations during the COVID-19 period.
Photovoltaic Materials Market Dynamics
The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global photovoltaic materials market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
What are the Key Trends in the Global Photovoltaic Materials Market?
Growing Use of Solar Cell Modules to Supply Power to Residential and Non-Residential Units
One of the key trends that are boosting the global photovoltaic market growth is the growing use of solar cell modules in producing power for supplying it to residential and non-residential areas.
The rising awareness about the environmental protection and cost benefits enabled by solar power is enabling residential and non-residential entities to adopt more sustainable power solutions than traditional power solutions.
The rise in solar energy storage and converting it into electricity for residential and non-residential supply is expected to help the significant growth of the global market during the forecast period.
Which Major Factors are Likely to Fuel the Demand for the Global Photovoltaic Materials Market?
Supporting Policies Implementation by Various Global Governments
Solar energy utilization is rising across the globe owing to supportive government policies. Governments from developed economies as well as emerging economies are formulating and implementing policies that are supportive of solar photovoltaic projects.
The encouragement and support provided by governments in nations such as Canada, the USA, France, and Canada are strengthening the key players in the solar industry to produce cost-effective solar energy solutions for the global market.
Various governments across the globe are aiming to reduce greenhouse gas emissions. PV materials absorb solar energy and convert it into sustainable and clean energy, which is helpful in reducing dependency on traditional energy resources that emit CO2 into nature. The government’s supportive policies are expected to fuel global photovoltaic materials market growth during the forecast period.
What are the Major Restraining Factors that can Hamper the Global Photovoltaic Materials Market Expansion?
Lack of Highly Skilled Professionals
The solar panel installations need to be carried out under the guidance of expert technicians and installers. The solar industry requires skilled professionals in roles such as research and development, technicians, and other professionals to help end-user properly implement solar PV modules.
In addition, the maintenance of large-area photovoltaic devices requires constant guidance from trained professionals.
Moreover, there are regular technological advancements happening in the solar industry, and installing them properly there is a need for experienced installers. However, the talent gap is resulting in project delays and a rise in maintenance costs. The lack of trained professionals is expected to affect the global photovoltaic market growth in the coming years.
What are the Growth Opportunities in the Global Photovoltaic Materials Market?
Growing Technological Advancements to Reduce Costs
Technological advancements to reduce PV materials costs and increase energy output are expected to create significant growth opportunities for the global photovoltaic materials market. The use of renewable energy solutions such as solar power, wind power, and other such sources is rising across the world. The requirement for PV material is coming from residential and non-residential consumers.
Low-cost PV materials with high efficiency are expected to expand their user base across the globe. The technological advancements in the production and implementation of solar panel renewable energy solutions are projected to benefit the providers in the photovoltaic materials industry to provide low-cost and long-lasting solutions to the end user during the projection period.
Scope of The Photovoltaic Materials Market Report
The global photovoltaic materials market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Photovoltaic Materials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Monocrystalline Silicon, Polycrystalline Silicon, Amorphous Silicon, Cadmium Telluride, Copper Indium Gallium Selenide, and Others), End-User (Residential, Non-residential, and Utility), and Product (Encapsulants, Front Sheets, Back Sheets, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mitsubishi Materials Corporation; Tata Power Solar Systems Ltd.; Honeywell International Inc.; COVEME s.p.a. - Società Unipersonale; Targray; Hangzhou Foster Applied Materials Co. Ltd; Baoding Lightway Green Energy Technology Ltd; Wacker Chemie AG ; Ferrotec Corporation; Jinko Solar; SunPower Corporation; Wuxi Suntech Power Co., Ltd.; Acciona; DuPont; Merck & Co., Inc.; COVEME s.p.a; American Elements; Shenzhen Topray Solar Co., Ltd.; Novaled GmbH; NOVOPOLYMERS; Topsil GlobalWafers A/S; SILICOR MATERIALS; Hemlock Semiconductor Operations LLC; Shin-Etsu Chemical Co., Ltd.; Natcore Technology; PI Berlin; Polyrise; Applied Materials, Inc.; Sinovia Technologies; and Cencorp
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Photovoltaic Materials Market Segment Insights
How is the Polycrystalline Silicon Segment Generating More Revenue Share in the Global Photovoltaic Materials Market?
Low-cost Manufacturing Process is Driving the Segment Growth
On the basis of type, the global photovoltaic materials market is segmented into monocrystalline silicon, polycrystalline silicon, amorphous silicon, cadmium telluride, copper indium gallium selenide, and others.
The polycrystalline silicon segment held the major share of the market in 2021 is expected to expand at a significant growth rate during the projected period owing to its low-cost manufacturing process as compared to the other PV materials. Additionally, the plentiful availability and high efficiency of polycrystalline silicon are expected to further boost its growth in the coming years.
The copper indium gallium selenide (CIGS) segment is also anticipated to hold a considerable share of the global market in the coming years. The growth of the segment is attributed to the growing popularity of thin film-based solar panels in the global market.
What are the Main Aspects that are Boosting the Utility Segment?
Rising Implementation of Renewable Energy Solutions
On the basis of end-user, the global market is segregated into residential, non-residential, and utility. The utility segment is projected to register a considerable CAGR during the forecast period owing to the rising implementation of renewable energy solutions for utility purposes.
Additionally, governments from various countries worldwide, are committed to reducing CO2 emissions, which is resulting in government support for solar energy solutions for utility use. Government schemes and subsidies for the implementation of renewable energy solutions are expected to boost the utility segment growth during the forecast period.
Furthermore, the non-residential segment is anticipated to account for a major market share in the coming years owing to the rising installation of renewable energy sources such as solar panels in non-residential buildings and factories.
Renewable energy helps businesses in saving costs on a long-term basis. Moreover, it aids in meeting environmental goals set by the organizations. The rising use of solar energy solutions at non-residential facilities is anticipated to the global photovoltaic market growth in the coming years.
Which Major Factors Influence the Significant Growth of the Back Sheets Segment?
Protecting the Inner Components of a Solar Panel on a Long-term Basis
On the basis of product, the global photovoltaic materials market is categorized into encapsulants, front sheets, back sheets, and others. The back sheets segment is expected to grow rapidly during the forecast period owing to the growing need to efficiently protect the inner components of solar panels from external factors.
The back sheet materials are critical in the construction of solar panels. The back sheets are the outermost layer of the solar panel, which enables the protection of the inner components. The best quality back sheets allow the solar module to function safely and also help in saving maintenance costs.
Furthermore, the front sheets segment is expected to grow second fastest in the product category during the projection period. The growth of the segment is attributed to the protection it provides from weather conditions to solar panels. The increasing popularity of thin film-based solar panel technology is anticipated to fuel the demand for front sheets in the global market during the forecast period.
Photovoltaic Materials Market Regional Outlook
Why is Asia Pacific Dominating the Global Photovoltaic Materials Market?
Strong Presence of PV Materials Manufacturers in the Region
In terms of region, the global photovoltaic materials market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of Asia Pacific is expected to dominate the global market during the projected period The growth of the market in the region is owing to the strong presence of PV materials manufacturers in emerging economies such as India and China.
Additionally, the high demand for PV materials in the region from residential as well as non-residential users is also expected to benefit the growth of the Asia Pacific region in the coming years.
Moreover, the market of North America is anticipated to expand at a rapid pace during the forecast period. This growth is anticipated on the account of exponential growth in demand for renewable energy solutions from the power industry.
The rising demand for solutions to generate electricity from solar energy is expected to fuel the demand for PV materials in the region, helping the global market growth during the projection period.
Segments
Type
- Monocrystalline Silicon
- Polycrystalline Silicon
- Amorphous Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide
- Others
End-User
- Residential
- Non-residential
- Utility
Product
- Encapsulants
- Front Sheets
- Back Sheets
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Mitsubishi Materials Corporation
- Tata Power Solar Systems Ltd.
- Honeywell International Inc.
- COVEME s.p.a. - Società Unipersonale
- Targray
- Hangzhou Foster Applied Materials Co. Ltd
- Baoding Lightway Green Energy Technology Ltd
- Wacker Chemie AG
- Ferrotec Corporation
- Jinko Solar
- SunPower Corporation
- Wuxi Suntech Power Co., Ltd.
- Acciona
- DuPont
- Merck & Co., Inc.
- COVEME s.p.a
- American Elements
- Shenzhen Topray Solar Co., Ltd.
- Novaled GmbH
- NOVOPOLYMERS
- Topsil GlobalWafers A/S
- SILICOR MATERIALS
- Hemlock Semiconductor Operations LLC
- Shin-Etsu Chemical Co., Ltd.
- Natcore Technology
- PI Berlin
- Polyrise
- Applied Materials, Inc.
- Sinovia Technologies
- Cencorp
Competitive Landscape
The competitive landscape of the global photovoltaic materials market report provides key insights into the growth strategies and development initiatives implemented by the key players in the market. Key players competing in the global photovoltaic materials market are Mitsubishi Materials Corporation; Tata Power Solar Systems Ltd.; Honeywell International Inc.;
COVEME s.p.a. - Società Unipersonale; Targray; Hangzhou Foster Applied Materials Co. Ltd; Baoding Lightway Green Energy Technology Ltd; Wacker Chemie AG; Ferrotec Corporation; Jinko Solar; SunPower Corporation; Wuxi Suntech Power Co., Ltd.; Acciona; DuPont; Merck & Co., Inc.; COVEME s.p.a; American Elements; Shenzhen Topray Solar Co., Ltd.;
Novaled GmbH; NOVOPOLYMERS; Topsil GlobalWafers A/S; SILICOR MATERIALS; Hemlock Semiconductor Operations LLC; Shin-Etsu Chemical Co., Ltd.; Natcore Technology; PI Berlin; Polyrise; Applied Materials, Inc.; Sinovia Technologies; and Cencorp.
Some of these major companies adopted various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
- On January 25, 2022, Mitsubishi Materials Corporation a Japan-based company in the PV materials market, announced its participation in the Green Innovation Fund Project called Development of Next-gen Solar Cells. The project is launched by New Energy and Industrial Technology Development Organization (NEDO), which is a company commissioned by EneCoat Technologies Co., Ltd. The project is aimed to develop peripheral materials that reduce costs and also improve the performance of Perovskite Solar Cells.
- On April 07, 2021, Tata Power Solar Systems Ltd. an India-based largest integrated solar company announced a significant expansion of its state-of-the-art production facility in Bengaluru. The company intends to take the overall production capacity of cells and modules to 1,100 MW. The increase in production is in line with meeting the increased demand for the company’s solar modules, due to supportive policies launched by the government of India.
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