Solar Photovoltaic Materials Market: Emphasis on Using Renewable Energy to Reflect Positively on Demand for Solar PV Materials, Says TMR

According to a new research study by Transparency Market Research (TMR), the global solar photovoltaic (PV) materials market demonstrates a highly fragmented competitive landscape due to the presence of a large pool of participants. The top four players, namely, Wacker Chemie AG, Shin-Etu Chemicals Co. Ltd., BASF SE, and Applied Materials Inc., could hold only a little more than 44% of the overall market in 2015.

The leading market players are gaining significantly from their experience and technical expertise, which makes it difficult for new and small players to compete with them. However, with the increasing involvement of small-scale companies in continual innovation and extensive advancements, the competition within this market is anticipated to intensify over the next few years, states the research report.

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As per TMR’s estimation, the opportunity in the global market for solar PV materials, which was worth US$7.55 bn in 2015, is estimated to rise at a CAGR of 11.4% during the period from 2016 to 2024 and attain a value of US$19.60 bn by the end of the forecast period. Polycrystalline silicon enjoys the most prominent demand among all the solar PV materials available across the world. Analysts anticipate this scenario to remain so over the forthcoming years, notes the study.

Commercial Sector to Emerge as Leading Application Area of Solar Photovoltaic Materials

Solar photovoltaic materials have wide range of application in the residential, commercial, and the industrial sectors. According to the research study, the commercial and the industrial sector are anticipated report a significantly high demand for these materials over the forecast period. With the increasing installation of solar PV in commercial buildings, such as airports, malls, shopping complexes, and hospitals, making them independent source for generating electricity, the commercial sector is anticipated to surface as the leading application area of solar PV materials in the years to come.

On the basis of the geography, the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America have emerged as the key regional markets for solar PV materials across the world. Asia Pacific led the global market in 2015 with a share of nearly 60%. Analysts expect it to remain dominant throughout the forecast period, thanks to the soaring demand for solar PVs to generate electricity from renewable sources, reports the study.

Increasing Concerns over Environmental issues to Fuel Demand for Solar PV Materials

“The rising concerns over environmental issues, such as greenhouse gas emission and increasing carbon foot prints, are having to the most prominent influence on the market for solar PV materials across the world,” says a TMR researcher. The growing emphasis over the usage of renewable energy has reflected positively on the adoption of solar PV for energy generation, which in turn, has fueled the demand for solar PV materials, globally.

Over the coming years, the ongoing expansion of the power industry and the implementation of various government rules and regulations intended to curb carbon emission in the environment, are likely to boost the demand for solar PV materials across the world. The constant research for the development of innovative and advanced materials with less production cost and more power conversion efficiency is also expected to support this market over the next few years. However, the volatile prices of raw materials, such as silicon, and the limitation on the usage of several materials, such as cadmium and tellurium, which are toxic in nature, can affect the growth of this market during the forecast period, states the research report.

The study presented here is based on a report by Transparency Market Research (TMR), titled “Solar Photovoltaic Material Market (Material Type – Crystalline, Polycrystalline, Cadmium Telluride, and Copper Indium Diselenide; End User – Residential, Commercial, Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.

The global solar photovoltaic material market has been segmented as follows:

By Material Type

  • Crystalline
  • Polycrystalline
  • Cadmium Telluride
  • Copper Indium Diselenide
  • Others

By End User

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Chile
    • Brazil
    • Mexico
    • Rest of Latin America

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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