The global solarphotovoltaic (PV) materials Market is highly fragmentedowing to the presence of a large pool of participants. Transparency MarketResearch (TMR) states that the top four players, namely Applied Materials Inc.,BASF SE, Shin-Etu Chemicals Co. Ltd., and Wacker Chemie AG, contributed for a littlemore that 44% to the global market in 2015. However, the leading players aregaining significantly from their technical expertise and experience, making itdifficult for small and new players to compete with them. Nevertheless,extensive advancement and continual innovations demonstrated by small companiesare most likely to help them grow, and compete with international players.
In thereport, Transparency Market Research has estimated that from the valuation ofUS$7.55 bn in 2015, the global market for solar PV materials is expected toattain the value of US$19.60 bn by the end of 2024. This market is expected toexpand and a healthy CAGR of 11.4% during the period 2016-2024.
Owingto Developing Commercial Sector, Asia Pacific Holds Dominant Share
Solarphotovoltaic materials have a wide range of applications in the commercial andindustrial sectors. The studies have shown that demand for solar photovoltaicexhibited by these sectors are most likely to bolster the growth in the globalmarket of solar photovoltaic materials market. The increasing installation ofsolar PV in commercial buildings, such as hospitals, shopping complexes, malls,and airports to make them independent source for generating electricity, isexpected enable the market witness growth at an increased pace. Owing to theaforementioned applications, the commercial sector is anticipated to emerge asthe leading application area of solar PV materials over the forecast period.
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Geographically,Asia Pacific held the majority of the global market in 2015, accounting to 60%of total share. Furthermore, Asia Pacific is expected to sustain its dominatingposition owing to the growing trend of generating electricity from renewablesources and high demand for photovoltaic installation in the power industry.However, the North America market for solar photovoltaic materials is expectedto showcase lucrative prospects, attributing by the growing environmentalawareness in the region.
Growing Environmental Concerns toBenefit the Growth of Solar Photovoltaic Materials Market
The risingconcerns regarding the environmental problems due to the increasing useconventional energy sources such as coal and oil are the key factors behindadoption of solar energy. The increasing carbon footprint and greenhouse gasemission are motivating consumers to demand for clean energy, in turn fuellingthe demand for solar panel installations. The research activities undertaken todiscover new materials with power conversion efficiency and low manufacturingcost are expected to bolster the global solar photovoltaic materials market inthe near future. Furthermore, strict rules and regulations implemented bygovernments to reduce the carbon emission are benefiting this market, boostingits growth globally.
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High Cost Associated with SolarPower could Hinder Market’s Growth
Although,solar power is considered as clean energy, the materials used are verydifficult to recycle or to reuse, which causes adverse effect on environment.Also, the space required to produce significant amount of energy through solarpower is very large, which may restrict the market for solar photovoltaicmaterials from growing. Furthermore the high installation and high maintenancecost associated with it could hinder the market’s growth. Materials such ascopper indium diselenide and cadmium telluride are cheaper, but have low powerconversion efficiency. Market players are thus continuously investing inresearch programs to increase the efficiency of solar photovoltaic materialsthey offer. Governments around the world are encouraging scientists andresearchers to develop technologically advanced processes, which is expected toboost the global solar photovoltaic materials market in the coming years.
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