Solar Photovoltaic Material Market to Reach US$ 19,607.5 Mn by 2024: Transparency Market Research

Transparency Market Research in its new report forecasts the global solar photovoltaic material market to reach US$ 19,607.5 Mn by 2024, expanding at a CAGR of 11.4% between 2016 and 2024. The solar photo-voltaic material market was valued at US$ 7,557.8 Mn in 2015. Solar photovoltaic materials are the material that is used in manufacturing of solar panels or modules. These solar photovoltaic materials have excellent properties of generating electricity when exposed to sunlight. Solar photovoltaic materials are basically categorized into two types- Crystalline and Thin film. Both crystalline and thin film inhibits different properties and is further categorized into different types. Crystalline materials are segmented into crystalline silicon, polycrystalline silicon, gallium arsenide and thin film into amorphous silicon, cadmium telluride, and copper indium dieselenide. These materials have different power energy con-version efficiency depending upon their chemical properties. Crystalline materials have more power conversion efficiency as compared to thin film whereas thin film are cheaper and have less complex manufacturing process.

Solar photovoltaic material is widely used in renewable energy industries. Growth in the power industry coupled with various government rules and regulations has been driving the demand for solar photovoltaic material in the last few years. This trend is projected to continue during the forecast period. However, factors such as fluctuating in prices of raw materials such as silicon and using material such as cadmium, tellurium, which is toxic can affect the market growth.

In terms of volume and value, polycrystalline covers the two third share of the solar photovoltaic material market in 2015. It was followed by crystalline said the research firm. Polycrystalline is the most widely used solar photovoltaic material across the globe because of cheap manufacturing process as compared to that of crystalline silicon. Crystalline silicon is the most efficient solar photovoltaic material but is costlier as compared to others. Cadmium telluride and copper indium diselenide are cheaper and have less power conversion efficiency, research and development to increase their efficiency is on process. Thin film materials are anticipated to grow in the coming future. Rise in demand for solar photovoltaic installation in the power industry is expected to drive the demand for solar photovoltaic material during the forecast period said the Transparency Market Research in its report. Solar photovoltaic installations have wide range of application in end user industry. Commercial and industrial sector are anticipated to grow substantially in coming forecast period. Solar photovoltaic installation in commercial building such as airports, hospitals making them independent source for generating electricity and also large scale utility installations is also driving solar photovoltaic material market.

In terms of volume, Asia Pacific accounted for significant share of the solar photovoltaic material market in 2015 note the research firm. High growth in industrial and commercial industries in Asia Pacific is estimated to drive the solar photovoltaic material market in the near future. Transparency Market Research projects the demand for solar photovoltaic material to be stable in North America and Europe during the forecast period. Countries in Latin America such as Chile, Brazil and Mexico are projected to provide significant growth opportunities for the solar photovoltaic material market during the forecast period. Major manufacturers operating in the solar photovoltaic material market include BASF SE, Mitsubishi Material Corporation, Hemlock Semiconductor Corporation LLC, LDK Solar Co. Ltd., Okmetic, Wacker Chemie AG, Applied Materials, Inc, Shin-Etsu Chemicals Co., Ltd., Atecom Technology Co., Ltd., Topsil GlobalWafers A/S, Silicor Materials, Inc., and Targray Technology International, Inc. Transparency Market Research’s report provides comprehensive view of the solar photovoltaic material market in terms of volume and revenue. It includes current demand analysis and forecast for end-user segments in North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.