USD 23.20 billion
Photovoltaic Materials Market Size, Share, Growth Analysis, By Type(Silicon and thin-film materials), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2287 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
34
|Figures:
74
Photovoltaic Materials Market Insights
Photovoltaic Materials Market size was valued at USD 23.20 billion in 2021 and is poised to grow from USD 26.4 billion in 2022 to USD 55.86 billion by 2030, growing at a CAGR of 8.4% in the forecast period (2023-2030).
The global photovoltaic materials market is experiencing significant growth due to the increasing demand for solar energy as a clean and renewable source of power.
The market is driven by the growing adoption of photovoltaic systems in residential, commercial, and utility-scale applications. Photovoltaic materials, such as silicon, cadmium telluride, and copper indium gallium selenide, play a crucial role in the conversion of sunlight into electricity.
The market is witnessing advancements in materials technology, including the development of new materials with improved efficiency and durability.
Additionally, supportive government policies and incentives promoting the use of solar energy are further fueling the market growth. The global photovoltaic materials market is expected to continue its upward trajectory in the coming years as solar energy becomes increasingly mainstream and cost-effective.
US Photovoltaic Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
silicon
Fastest Growth
silicon
Growth Rate
8.4% CAGR
Global Photovoltaic Materials Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Photovoltaic Materials Market Segmental Analysis
The global photovoltaic materials market is segmented by type and region. Based on type, the market can be segmented into silicon and thin-film materials. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Photovoltaic Materials Market Analysis by Type
Among these types, silicon is the dominant sub-segment in the market. Silicon-based photovoltaic cells have been widely adopted due to their high efficiency and reliability. Silicon materials offer good electrical conductivity and stability, making them suitable for large-scale solar energy projects.
The fastest growing sub-segment in the testing type of the photovoltaic materials market is the thin-film materials category. Thin-film materials offer advantages such as flexibility, lightweight, and low manufacturing costs. They can be used in various applications, including building-integrated photovoltaics and portable solar devices. With advancements in thin-film technology and increasing research and development efforts, the demand for thin-film photovoltaic materials is expected to witness significant growth in the coming years.
Global Photovoltaic Materials Market By Type
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Photovoltaic Materials Market Regional Insights
One dominant region in the global photovoltaic materials market is Asia-Pacific. This region has emerged as a key player in the production and consumption of photovoltaic materials due to the rapid growth of the solar energy sector in countries like China, Japan, and India. The availability of skilled labor, supportive government policies, and a strong manufacturing base contribute to the dominance of Asia-Pacific in the market. Additionally, the region benefits from a large domestic market and growing investments in renewable energy infrastructure.
One of the fastest-growing regions in the global photovoltaic materials market is North America. The region has witnessed significant growth in solar energy installations and is projected to continue its upward trajectory in the coming years. Factors such as favorable government incentives, technological advancements, and increasing environmental consciousness are driving the demand for photovoltaic materials in North America. The United States, in particular, is a major contributor to the growth of the market, with several large-scale solar projects and initiatives supporting the adoption of photovoltaic materials.
Global Photovoltaic Materials Market By Geography
- Largest
- Fastest
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Photovoltaic Materials Market Dynamics
Photovoltaic Materials Market Drivers
Increasing Adoption Of Renewable Energy Sources
- One driver of the global photovoltaic materials market is the increasing adoption of renewable energy sources, particularly solar power, to meet the growing global energy demand. Governments and organizations worldwide are focusing on reducing carbon emissions and promoting clean energy generation, leading to a surge in the installation of solar photovoltaic (PV) systems. This has created a significant demand for photovoltaic materials such as solar cells, modules, and other associated components.
Photovoltaic Materials Market Restraints
High Cost Associated With Pv Technologies
- On the other hand, a restraint of the global photovoltaic materials market is the cost associated with PV technologies. Although the prices of solar panels and PV systems have significantly decreased over the years, the initial investment required for installing solar power systems can still be relatively high. This can pose a challenge, especially in regions with limited financial resources or where other energy sources are more cost-effective. Additionally, the fluctuating prices of raw materials used in photovoltaic materials, such as silicon, can impact the profitability and cost-effectiveness of PV projects.
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Photovoltaic Materials Market Competitive Landscape
The global photovoltaic materials market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Photovoltaic Materials. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Photovoltaic Materials Market Top Player’s Company Profiles
- DuPont (United States)
- Shin-Etsu Chemical Co., Ltd. (Japan)
- Wacker Chemie AG (Germany)
- Hanwha Chemical Corporation (South Korea)
- Dow Chemical Company (United States)
- LG Chem Ltd. (South Korea)
- Heraeus Holding GmbH (Germany)
- Targray Technology International Inc. (Canada)
- Covestro AG (Germany)
- Mitsubishi Chemical Corporation (Japan)
- First Solar, Inc. (United States)
- Huntsman Corporation (United States)
- Saint-Gobain (France)
- AGC Inc. (Japan)
- Hanergy Thin Film Power Group Ltd. (China)
- JinkoSolar Holding Co., Ltd. (China)
- LONGi Green Energy Technology Co., Ltd. (China)
- JA Solar Holdings Co., Ltd. (China)
- Trina Solar Limited (China)
- Yingli Green Energy Holding Company Limited (China)
Photovoltaic Materials Market Recent Developments
- In January 2023, a major photovoltaic materials manufacturer, announced the development of advanced thin-film solar cells. These cells utilize new materials and manufacturing techniques, resulting in higher efficiency and lower production costs. This breakthrough is expected to accelerate the adoption of thin-film solar technology in the market.
- In March 2023, a leading photovoltaic materials company introduced next-generation solar panels with enhanced durability features. These panels incorporate advanced materials that can withstand harsh weather conditions, ensuring longer lifespan and improved performance. The increased durability is set to attract more consumers and drive the demand for solar installations globally.
- In June 2023, a significant scientific breakthrough, researchers announced a major advancement in perovskite solar cell technology. They have discovered a new composition of perovskite materials that significantly enhances the efficiency and stability of the cells. This development holds great promise for the future of photovoltaic materials and may pave the way for more widespread adoption of perovskite solar panels in the market.
Photovoltaic Materials Key Market Trends
- One key market trend in the global photovoltaic materials market is the increasing adoption of next-generation and advanced materials for solar cell manufacturing. As the solar energy industry continues to grow and evolve, there is a growing demand for photovoltaic materials that offer higher efficiency, durability, and cost-effectiveness. Manufacturers are focusing on developing and commercializing new materials such as perovskite-based materials, organic photovoltaics, and thin-film technologies. These advanced materials offer improved energy conversion efficiency, flexibility, and lightweight properties compared to traditional silicon-based materials. The trend towards advanced photovoltaic materials is driven by the need to enhance solar cell performance, reduce production costs, and explore new possibilities for integrating solar energy generation into various applications.
Photovoltaic Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global photovoltaic materials market refers to the industry that encompasses the production and supply of materials used in the manufacturing of solar cells and panels. These materials play a crucial role in the conversion of sunlight into electricity, enabling the generation of clean and renewable energy. The market is driven by the increasing demand for solar energy as a sustainable alternative to conventional power sources. Factors such as government incentives, supportive policies, and technological advancements further contribute to the growth of the market. With a focus on improving efficiency, reducing costs, and developing new materials, the Photovoltaic Materials market is expected to witness significant growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.20 billion |
| Market size value in 2031 | USD 55.86 billion |
| Growth Rate | 8.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Photovoltaic Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Photovoltaic Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Photovoltaic Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Photovoltaic Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Photovoltaic Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Photovoltaic Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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