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Photovoltaic (PV) Materials Market trends over the forecast period 2021-2027 will be positively impacted by the declining cost of solar PV technology and associated systems. Across the world, government initiatives aimed at expanding the share of renewable energy are in place. The unlimited potential of solar energy and ongoing technological advances in solar technology will augment the market growth.
Different types of PV materials are used to manufacture solar PV cells. Some of the most common materials used for commercial solar cell production include monocrystalline silicon, polycrystalline silicon, crystalline silicon, amorphous silicon, copper solar cables cadmium telluride, and indium gallium selenide.
North America is slated to experience commendable growth through 2027 with growing number of residential and commercial solar energy projects in the U.S. and Canada. Also supporting the regional demand are favorable regulatory norms and government efforts to boost renewables deployment. Private companies in the region are investing in PV cells to boost their efficiency. Consequently, new solar power projects are being planned and constructed which will bolster the photovoltaic materials market outlook significantly.
In May 2021, California’s new Crimson Solar projects received federal approval from the Bureau of Land Management. The new solar project includes a 350 MW energy storage system and is enough to power more than 87,500 homes.
Similarly, Virginia regulators gave Dominion Energy Virginia the green light to develop the largest network of new solar projects in the state history.
Applied Materials, DuPont, Bandgap Engineering (Advanced Silicon Group, Inc.), Polyrise, Cencorp, SolarBuyer (PI Photovoltaik-Institut Berlin AG), Natcore, Sinovia Technologies, Ferrotec, Targray, and 1366 Technologies are among the major PV materials market manufacturers globally.
These companies are adopting different growth strategies to expand their market share and gain a competitive edge. Some of these strategies include mergers, acquisitions, and partnerships. Citing an instance, in December 2020, Ferrotec Corporation, had completed the acquisition of MeiVac Inc. The acquisition is said to synergize MeiVac's deposition process and engineering expertise with Ferrotec’s technology portfolio.
Also, back in December 2019, 1366 Technologies, a leader in low-cost silicon solar cell technology, had acquired US$18 million in a funding round led by Breakthrough Energy Ventures and other investors.
PV materials manufacturers are bound to witness lucrative opportunities in the coming years as the need for sustainable energy rises and new solar deployment projects constantly emerge worldwide. Investments in research and development will be among the key strategies adopted by the photovoltaic materials industry players to stay ahead of the competition.
COVID-19 pandemic and its impact on PV materials industry trends
Although the coronavirus outbreak has disrupted majority of industries globally, it has had a negligible impact on the PV materials market. These materials have continued to witness robust demand throughout the pandemic with numerous large-scale solar projects in progress worldwide. Supply chain and logistics disruption, however, did create certain difficulties for manufacturers.
According to the International Renewable Energy Agency (IRENA), more than 260 GW of renewable energy capacity was added across the world during 2020, surpassing 2019 renewable deployment numbers by close to 50%. IRENA reports that solar and wind combinedly accounted for over 91% of this capacity.
These trends suggest that the photovoltaic materials market has a bright future ahead filled with promising opportunities for manufacturers in the form of long-term supply deals. Government and regulatory efforts, technological advances, and continuous demand for sustainable energy will continue to propel the photovoltaic materials industry forward in 2021 and beyond.