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The global solar photovoltaic (PV) materials market has gained significant momentum over the last few years. The rising concerns over various environmental problems, especially greenhouse gas emission and the increasing carbon footprint, have surfaced as the main factor behind the growing demand for solar PV and, consequently, solar PV materials across the world. The research activities for the innovation and development of new materials with low manufacturing cost and power conversion efficiency is increasing at a faster rate.
Going forward, the government stringent rules and regulations, increasing investment in renewable energy generation, and the reducing dependency on fossil fuels are anticipated to drive this market substantially in the years to come. The opportunity in this market was US$7.55 bn in 2015. Rising at a healthy CAGR of 11.4% between 2016 and 2024, it is anticipated to reach US$19.60 bn by the end of 2024.
Asia Pacific to Continue as Leading Regional Market for Solar Photovoltaic Materials
The Middle East and Africa, North America, Europe, Asia Pacific, and Latin America are the prime regional markets for solar PV materials across the world. In 2015, Asia Pacific emerged as the key contributor to the global market with a share of nearly 60%. Thanks to the high demand for solar photovoltaic installations in the power industry and in generating electricity from renewable sources, the Asia Pacific market for solar photovoltaic materials is expected to remain on the top over the next few years. China is the key domestic market for solar PV materials in Asia Pacific.
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North America is another significant regional market for solar PV. On account of the exponential growth in the power industry in terms of renewable energy generation, North America is anticipated to witness an increasing demand for solar PV materials in the near future. The markets for solar PV materials in Europe, the Middle East and Africa, and Latin America are also expected to exhibit stable growth over the next few years.
Demand for Polycrystalline Materials to Remain High
Crystalline, polycrystalline, cadmium telluride, and copper indium diselenide are the key materials available in the global market for solar PV materials. Among these, the demand for polycrystalline is higher than others and this scenario is expected to remain so over the next few years. Polycrystalline silicon acquired a share of more than 72% in the overall market in 2015 and is anticipated to witness a significant rise in its demand in the near future due to its cheap manufacturing process as compared to that of other materials.
Crystalline silicon is also experiencing considerable demand across the world. However, the high cost associated with it may act as a limit force in the years to come. Cadmium telluride and copper indium diselenide are cheaper and have less power conversion efficiency. Market players are performing research to increase their efficiency.
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