Solar Photovoltaic Materials Market is Driven by Awareness Campaigns for COVID 19 Done by Leading Manufacturers Like: Mitsubishi Material Corporation, BASF SE, Wacker Chemie AG, Hemlock Semiconductor Corporation LLC,

Overview-

PV system converts sunlight into electricity which can be used by people. This renewable energy is reliable, safe, easy to install, and incurs less operating costs. These systems help to deliver safe, clean, pollution-free, and affordable electricity. Photovoltaic materials can be segmented into polycrystalline silicon, monocrystalline silicon, amorphous silicon, copper indium gallium selenide, cadmium telluride, crystalline silicon, and copper solar cables. Crystalline silicon was the leading semiconducting material; these cells help to generate solar power from sunlight. Photovoltaic (PV) materials market size was valued at over US$ 22 billion in 2015 and is estimated to exceed US$ 38 billion by 2023.

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Drivers-

Manufacturing industries that require large amounts of energy are likely to adopt renewable technology in order to reduce operational costs. The growing emphasis on clean energy and concerns regarding emissions from fossil fuel-based energy generation is expected to have a positive impact on market growth. According to IEA Org, the share of renewables in global electricity generation jumped to nearly 28% in Q1 2020 from 26% in Q1 2019.

Restraints-

High capital and installation costs of solar photovoltaic materials is a major restraint to the growth of this market.

Regional Insights-

The Asia Pacific is the largest contributor to the photovoltaic market and is likely to grow at a high rate owing to the presence of key industry players and a rise in population. Germany and UK are anticipated to be the key contributing countries in Europe. This is due to government policies and support pertaining to renewable energy sources.

North America market is driven by growing PV installations in countries such as the U.S. and Canada. According to SEIA Org, the U.S. installed 3.5 gigawatts (GW) of solar PV capacity in 2020 to reach 85 GW of total installed capacity, enough to power 16.1 million American homes. The innovation of materials used in the manufacturing of solar cells is expected to be a major driving factor. The growing number of companies engaged in the manufacturing of photovoltaic materials is expected to further augment the market growth.

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Competitive section-

Mitsubishi Material Corporation, BASF SE, Wacker Chemie AG, Hemlock Semiconductor Corporation LLC, LDK Solar Co. Ltd., Honeywell, and Okmetic are some of the key players in the market.
In July 2019, 7-Eleven and Honeywell collaborated to reduce carbon footprint with Solstice® N40 at stores in the United States and Canada
In January 2019, Hemlock Semiconductor, the country’s largest manufacturer of solar panels said it has reduced natural gas and electric usage

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