Press release
Photovoltaic (PV) materials market size is estimated to exceed USD 35 billion by 2023: Global Market Insights, Inc.
PV market size was over 38 GW in 2015. Renewable energy market trends are expected to witness shift towards off-grid installations in some regions, where a large percentage of the population has limited access to a national grid.
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Asia Pacific was the largest contributor to the photovoltaic market in 2015 and is likely to grow at a high rate owing to the presence of key industry players and rise in population. Germany and UK are anticipated to be the key contributing countries in Europe PV materials market size due to the government policies and support pertaining to renewable energy sources.
North America is expected to grow at a significant rate, the U.S. and Canada are projected to occupy large share owing to industrial growth and government influence in the region. High electricity prices and government subsidies over solar energy usage is likely to positively drive Middle East & Africa (MEA) photovoltaic materials market.
Copper indium gallium selenide is a semiconductor material used for CIGS solar cells, a thin-film technology. This segment is likely to witness significant growth as it produces light-weight and highly flexible solar panel. Copper solar cables connect arrays, modules and sub-fields; increasing clean and renewable energy technology trend is likely to positively drive this PV materials segment.
Key applications can be bifurcated into utility, residential and non-residential sectors. Utility sector is further segmented into power plant, space and defense, military, and industrial projects. Residential application segment consists of attic fans, pool heaters, batteries & chargers, and water heaters. In non-residential application segment, major installations were observed in hospitals, hotels, and offices.
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More than 39% of energy is extracted with the help of coal which causes environmental pollution.
PV materials market share is comprised of DuPont, 1366 Technologies, Bandgap Engineering, Sinovia Technologies, SolarBuyer, Polyrise, Natcore, Targray, Ferrotec, Applied Materials, and Cencorp.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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