Photovoltaic materials market size was worth over USD 20 billion in 2015, and is estimated to exceed USD 35 billion by 2023, growing at over 7% CAGR from 2016 to 2023.PV market size was over 38 GW in 2015. Renewable energy market trends are expected to witness shift towards off-grid installations in some regions, where a large percentage of the population has limited access to a national grid.
Initial expenditure during installation is expected to be a restraint for industry growth. However, low maintenance and operating cost in long term is likely to drive growth. Reduction in raw material prices is anticipated to hamper PV materials market price trend.
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Asia Pacific was the largest contributor to the photovoltaic market in 2015 and is likely to grow at a high rate owing to the presence of key industry players and rise in population. Germany and UK are anticipated to be the key contributing countries in Europe PV materials market size due to the government policies and support pertaining to renewable energy sources.
North America is expected to grow at a significant rate, the U.S. and Canada are projected to occupy large share owing to industrial growth and government influence in the region. High electricity prices and government subsidies over solar energy usage is likely to positively drive Middle East & Africa (MEA) photovoltaic materials market.
PV system converts sunlight into electricity which can be used by people. This renewable energy is reliable, safe, easy to install, and incurs less operating costs. These systems help to deliver safe, clean, pollution-free and affordable electricity. One successful PV installation can supply power for more than 15 years with a smaller amount of maintenance and no fuel costs.
Photovoltaic materials can be segmented into polycrystalline silicon, monocrystalline silicon, amorphous silicon, copper indium gallium selenide, cadmium telluride, crystalline silicon, and copper solar cables. Crystalline silicon was the leading semiconducting material; these cells help to generate solar power from sunlight.
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Key applications can be bifurcated into utility, residential and non-residential sectors. Utility sector is further segmented into power plant, space and defense, military, and industrial projects. Residential application segment consists of attic fans, pool heaters, batteries & chargers, and water heaters. In non-residential application segment, major installations were observed in hospitals, hotels, and offices.
Increase in military and defense budget in many countries accompanied by limited conventional energy resources is likely to drive demand. Manufacturing industries that requires large amount of energy are likely to adopt this renewable technology in order to reduce operational cost.
More than 39% of energy is extracted with the help of coal which causes environmental pollution. Alarming environmental situation coupled with rising energy consumption is likely to influence industries towards more imperishable and worthwhile energy resources. These factors are likely to positively impact photovoltaic materials market growth.
Acceptance is increasing owing to increasing environmental consciousness and natural resource diminution. It is a practical conventional energy substitute as well as an affordable and inexhaustible technology with enormous long term profit.
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PV materials market share is comprised of DuPont, 1366 Technologies, Bandgap Engineering, Sinovia Technologies, SolarBuyer, Polyrise, Natcore, Targray, Ferrotec, Applied Materials, and Cencorp.