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Photovoltaic Materials Market Size, Growth Potential Analysis, Porters Analysis, Pricing Trend, Regulatory Landscape & Forecast, 2023 – 2032

  • Report ID: GMI365

Photovoltaic Materials Market size will see noticeable growth over 2023-2032 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.
 

Moreover, the inflation of solar cell costs due to basic custom duties on imported solar modules had impacted the uptake of PV materials. For instance, India majorly depends on imported solar modules for electricity production and witnessed a decline in PV materials demand across the country as raw materials such as polysilicon prices rose drastically.
 

The photovoltaic materials market is divided on the basis of products into front sheet, encapsulant, back sheet, and others. The encapsulant segment is projected to showcase significant growth from 2023 to 2032 as a result of increasing demand for more efficient and durable solar modules. These materials protect the cells from moisture, heat, and UV radiation, which escalates the lifespan of solar modules, lasting for up to 25 years or more. Recently, the rapid adoption of solar energy systems in line with increased climate concerns has proliferated product adoption.
 

From the application perspective, photovoltaic materials are set to witness high demand in the residential segment through 2032. The declining prices of PV materials are encouraging homeowners to install solar panels. Additionally, supportive government tax credits and rebates to encourage residential dependency on renewable energy sources have accelerated market expansion.
 

North America is slated to experience commendable growth through 2032 with a growing number of residential and commercial solar energy projects in the U.S. and Canada. Additionally, favorable regulatory norms and government efforts to boost renewable deployment are supporting the regional industry demand. 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 March 2023, food and beverage company Nestle announced an investment in the Texas-based Ganado solar project, in addition to purchasing renewable electricity products, which is estimated to be 333,000 megawatts for 15 years.
 

Some of the major photovoltaic materials market contenders are Applied Materials, Bandgap Engineering (Advanced Silicon Group, Inc.), DuPont, Polyrise, SolarBuyer (PI Photovoltaik-Institut Berlin AG), Cencorp, Natcore, Ferrotec, Sinovia Technologies, Targray, and 1366 Technologies.

These companies are adopting different growth strategies to gain a competitive edge in the PV materials market. Some of these strategies include mergers, acquisitions, and partnerships.
 

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 market players to stay ahead of the competition.

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
Authors: Kiran Pulidindi

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