According to the latest report by IMARC Group, “Global Photovoltaic Materials Market Growth, Size, Share, Industry Trends, Opportunity and Forecast 2022-2027“, the global photovoltaic materials market reached a value of US$ 26.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 52.09 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027.
Photovoltaic materials represent semiconducting materials that can absorb solar energy and convert it into electricity. They generally comprise of monocrystalline, polycrystalline, or amorphous silicon, gallium arsenide, metal chalcogenides, organometallics, etc. Photovoltaic materials assist in producing low-cost, mechanically flexible, and large-area photovoltaic devices for allowing relevant access to sustainable and clean energy. Consequently, they find extensive applications across various sectors, such as residential, non-residential, utility, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
| Report Metric |
| Historical: 2016-2021 |
| Base Year: 2021 |
| Forecast Year: 2022-2027 |
Photovoltaic Materials Market Trends and Drivers:
The growing utilization of dye-sensitized solar cells (DSSC) that enable the user to convert both artificial and natural light into energy and power several electronic devices is primarily driving the photovoltaic materials market. Additionally, the widespread adoption of solar cell modules for supplying power to residential and non-residential areas is further catalyzing the market growth.
Besides this, the escalating demand for organic photovoltaics to provide earth-abundant and low-energy-production photovoltaic (PV) solutions is acting as another significant growth-inducing factor. Moreover, the launch of numerous favorable policies by government bodies across countries to support photovoltaic projects with grid connections, on account of the rising consumer concerns towards the greenhouse gas (GHG) emissions, is also positively influencing the global market.
Apart from this, the inflating popularity of thin film-based solar technology, owing to its lightweight nature, cost-efficiency, easy accessibility, etc., as compared to traditional solar technology, is anticipated to fuel the photovoltaic materials market over the forecasted period.
Global Photovoltaic Materials Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
American Elements, COVEME s.p.a., DuPont de Nemours Inc., Ferrotec Holdings Corporation, Honeywell International Inc., KYOCERA Corporation, Merck KGaA, Mitsubishi Materials Corporation, Novaled GmbH (Samsung SDI Co. Ltd.), Targray, Tata Power Solar Systems Limited (Tata Power Company Limited) and Wacker Chemie AG.
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The report has segmented the market on the basis of region, type, material and application.
Breakup by Type:
- Polycrystalline Silicon
- Monocrystalline Silicon
- Cadmium Telluride
- Copper Indium Gallium Selenide (CIGS)
- Others
Breakup by Material:
- Front Sheet
- Encapsulant
- Back Sheet
- Others
The Breakup by Application:
- Utility
- Residential
- Non-residential
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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