Photovoltaic Materials Market Estimated to Reach USD 25 Billion by 2022, Driven by Wise Industry Applications

Market Highlights

Photovoltaic is a technology to convert sunlight into electricity. The term photo means light and voltaic means energy. Photovoltaic is also known as solar cells. The most used cell type today are silicone PV as they are low in cost. The PV cell produces upto 2 watts of power. To increase the power output many PV cells are connected together to form moduels which are future arranged into larger unit called arrays these will future be used in various end-use industries such as utility, commercial and residential.

Segment Analysis:

PV materials are segmented on basis of type: crystalline materials, thin film, and others. Crystalline materials are future segmented into single crystal silicone, polycrystalline silicon and Gallium Arsenide (GaAs). Single crystal silicone are the most common in PV industry. Polycrystalline silicon material is much stronger and can be cut into one-third the thickness of single-crystal material. It also has slightly lower wafer cost and less strict growth requirements. The market of polycrystalline silicon is growing at faster rate has it is highly utilized in commercial sector. Gallium Arsenide is one the highest used in utility segment i.e, in space and military sector as it has strong resistance radiations and high cells efficiency are required in this sector. However, the drawback of GaAs is that is high in cost of single GaAs. Thin Film, a thin semi-conductor layer of Pv materials is deposited on low cost supporting layer such as glass, metal and plastic folic. Thinner layers of material gives significant cost saving. Also, the deposition techniques in which PV materials are sprayed directly onto glass or metal substrate are cheaper owing to this the manufacturing process is faster, using up less energy and mass production is made easier than the ingot-growth approach of crystalline silicon. The market of Thin Film is expected to touch down in billions in the year 2022.

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Key Players:

The major key players of this market are: DuPont, 1366 Technologies, Bandgap Engineering, Sinovia Technologies, SolarBuyer, Polyrise, Natcore, Targray, Ferrotec, Applied Materials, Cencorp and others.

Segmentation:

The Global Photovoltaic Material Market is majorly segmented on the basis of type and application. Based on type of photovoltaic material the market is segmented into crystalline materials, Thin Film, and others and on basis of application photovoltaic material the market is segmented into utility, commercial and residential.

Regional Analysis:

The Asia-Pacific photovoltaic material market is expected to grow due to growing application industry. China consumes largest market share in global photovoltaic material market. The report estimates the size of the photovoltaic material market, both in terms of volume and value. Other regions like India, Indonesia and Brazil are expected to drive the demand owing to lenient regulations by government in setting up industries and producing large amounts of products to meet growing population demand.

North America is expected to grow at faster pace, the U.s and Canada are anticipated to have a largest share due to industrial development and government regulations. In Europe, UK and Germany are key contributiors for this region, photovoltaic material market size is growing due to government policies and increase in use of renewable sources. High electricity price and government subsidies over solar energy is likely to positively drive the market in Middle East and Africa region.

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This release was published on openPR.