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In response to the rising energy demands, coupled with depleting fossil fuel reserves, scientists are investigating more commercially feasible forms of renewable energy. Several countries around the world are substantially investing in extensive research and development to explore ways of utilizing solar energy to leverage commercial goals.

In its new report, titled “Material for Next Generation Photovoltaics Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 – 2023,” Transparency Market Research studies the next generation photovoltaic market in detail and enumerates the scope for developing newer raw materials to find remedies for the drawbacks of traditional sources of energy. This is a comprehensive report compiled with the intent of studying the scope of development of solar technology.

Currently, solar energy is not considered as a large-scale energy resource despite its abundant availability. It is due to their low energy conversion rates that renewable energy sources are yet to compete the conventional sources such as fossil fuels. Nevertheless, the development of new materials is likely to mitigate this drawback and render possible effective use of solar energy at par with other conventional sources of energy. Major market players and research agencies alike are in the process of developing new material platforms to enhance the conversion efficiency of solar panels in a cost-effective way. The market is at its nascent stage currently, but it is poised to grow exponentially in the near future due to the rising demand for technologies that run on solar power.

For the purpose of the study, the global next generation photovoltaics market is segmented in terms of new material platforms anticipated to be used by the solar industry. The thin PV sector within the next generation photovoltaics market is segmented into copper indium gallium selenide, pyrite, and copper zinc tin sulfide. The market is also classified on the basis of development of novel nano-materials into quantum dots, nanowires, and grapheme. Of these, quantum dots have emerged as one of the most effective materials. Their demand mainly arises from the large-scale power generation plants that use solar technology.

Regionally, the global market for materials in next generation photovoltaics is segmented into Asia Pacific, Europe, Latin America, Middle East and Africa, and North America. Of these, Europe has emerged as the largest market for next generation photovoltaic owing to the stringent regulations prevailing in the region supporting the use of renewable energy. North America will also present lucrative opportunities for the enterprises operating in this market. The research institutes located in this region have invested substantially to commercially develop solar technology. The growing demand for energy in Asia Pacific will further boost the growth opportunities for the next generation photovoltaic market.

Some of the research institutes and enterprises investing in the market are General Electric Company, First Solar Inc., Bayern Innovativ GmbH, and University of Texas.

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This release was published on openPR.