According to the report, global solar photovoltaic material market was valued at approximately USD 97.43 billion in 2023 and is predicted to grow to around USD 229.72 billion by 2032 with a compound annual growth rate (CAGR) of roughly 10.00% between 2024 and 2032.
Zion Market Research has published a new report titled “Solar Photovoltaic Material Market By Technology (Concentrated Solar Power Systems (CSP) And Photovoltaic Cells), By Solar Module (Cadmium Telluride Silicon Cells, Monocrystalline Silicon Cells, Amorphous Silicon Cells, Polycrystalline Silicon Cells, And Others), And By Generation (1st, 2nd, And 3rd), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032”.
Photovoltaic materials are used for the conversion of solar energy into the power generation. Photovoltaic power generation consists of solar panels which include a number of solar cells containing a photovoltaic material. Rising concerns regarding the environmental issues owing to increase in the use of conventional energy sources lead to the increase in the acceptance of solar energy. Moreover, the increase in the greenhouse gas emissions leads to the rising demand for clean energy which, in turn, is bolstering the solar photovoltaic material market. In addition to this, with the increasing research and development activities for the innovation of new materials coupled with the low production price and power conversion effectiveness the growth of global solar photovoltaic materials market will grow during the forecast period.
On the basis of technology, the solar photovoltaic market is segmented into concentrated solar power systems and photovoltaic cells. Further, the photovoltaic cells are categorized into organic and inorganic cells. Concentrated solar power systems are further categorized into parabolic troughs, solar power towers, and others.
On the basis of the solar module, the solar photovoltaic market is segmented into monocrystalline silicon cells, cadmium telluride silicon cells, amorphous silicon cells, polycrystalline silicon cells, and others. Polycrystalline silicon cells and monocrystalline silicon cells are the major segments with maximum revenue share in 2023. The easy manufacturing processes coupled with abundant availability and high efficiencies of these materials are major factors driving the market and are anticipated to remain dominant during the forecast period.
On the basis of generation, the market is segmented into 1st, 2nd, and 3rd generation. Increasing photovoltaic applications have boosted the demand for 1st generation. The 1st generation includes both monocrystalline and polycrystalline silicon cells. Therefore, 1st generation cells are considered to be dominant during the forecast timeframe.
Regionally, Asia Pacific is estimated to be the strong contributor with a major revenue share to the global solar photovoltaic material market. China is anticipated to be the major dominating market in the Asia Pacific. The growth is attributed to increasing demand for solar photovoltaic installations in the power production sector. Moreover, North America accounted for a considerable share in 2023. The region is anticipated to experience an escalating demand for the solar photovoltaic materials. The growth is accredited by growing photovoltaic installations in countries such as the U.S. and Canada. Additionally, increasing number of companies manufacturing photovoltaic materials are projected to further boost market growth in upcoming years. The Middle East & Africa, Latin America, and Europe are projected to grow at a steady pace in the market during the forecast timeline.
Some of the strong players operating in the global solar photovoltaic material market are:
- Applied Materials Inc.
- Acciona Energia S.A.
- BASF SE
- Tata Power Solar
- Abengoa Solar S.A.
- Shin-Etu Chemicals Co. Ltd.
- Wuxi Suntech Power Co. Ltd.
- Wacker Chemie AG
- Bright source Energy Inc.
- Gintech Energy Corp.
- Kaneka Corp.
- Esolar Inc.
- Sunpower Corporation
- Canadian Solar Inc.
- Among others
This report segments the solar photovoltaic material market as follows:
Solar Photovoltaic Material Market: Technology Segment Analysis
- Concentrated Solar Power Systems (CSP)
- Photovoltaic Cells
Solar Photovoltaic Material Market: Application Segment Analysis
- Cadmium Telluride Silicon Cells
- Monocrystalline Silicon Cells
- Amorphous Silicon Cells
- Polycrystalline Silicon Cells
- Others
Solar Photovoltaic Material Market: Generation Segment Analysis
- 1st
- 2nd
- 3rd
Solar Photovoltaic Material Market: Regional Segment Analysis
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
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