A latest report by Transparency Market Research talks about the global solar photovoltaic (PV) material market. The report states that the global solar photovoltaic material market is projected to reach an overall valuation worth US$19.60 bn by the fall of 2024. This is a significant growth from the earlier market valuation of US$7.55 bn in the year 2015. The global market is expected to grow with a solid CAGR of 11.4% over the course of the aforementioned forecast period of 2016 to 2024.
In terms of geography, the global solar photovoltaic material market was previously dominated by the Asia Pacific region. However, increasing environmental awareness and technological advancements are expected to push North America to lead the market in the given forecast period.
As per the report, the global solar photovoltaic material market is a highly fragmented one due to presence of several players. However, top 4 players namely BASF SE, Wacker Chemie AG, Shin-Etu Chemicals Co. Ltd., and Applied Materials Inc. dominate the international solar photovoltaic material market. These companies accounted for more than 44% of the overall market share in the year 2015. This dominance of these top 4 players is expected to continue over the course of the given forecast period of 2016 to 2024. These firms are constantly working towards enhancing their product quality and better their technical expertise. Thus, it is projected that new players may find it difficult to break their stronghold over the market. Nonetheless, constant technological advancements and innovative products and processes introduced by the smaller companies are likely to boost their growth and help them compete with the big enterprises.
Increasing Environmental Awareness to Boost the Overall Solar Photovoltaic Material Market Growth
Solar photovoltaic materials offer a broad range of applications in both industrial as well as commercial domain. There is a constant demand for these photovoltaic materials in these sectors, which will act as the primary driver for the growth of the market. There is a significant rise in the use of solar panels and solar PVs in the commercial buildings such as shopping complex, airports, hospitals, and malls with a motive to have an independent source to generate electricity. This too is expected to act as a key driver for the development of the global solar photovoltaic material market. Additionally, among the industrial and commercial sectors, the latter is expected to dominate the market share over the course of given forecast period.
Additionally, the overall growth of the global solar photovoltaic material market is projected to be aided by increasing environmental concerns. Increasing carbon footprints, depleting natural resources such as oil, coal, and natural gas, greenhouse effect, and change in government policies are some of the important factors that will spur the adoption of solar energy. Naturally, these factors will contribute in propelling the growth of the global solar photovoltaic material market.
High Maintenance Cost May Act as a Chief Restrainer in Solar Photovoltaic Material Market Development
Even though solar powers is an inexhaustible and clear energy source, the materials used to harness the energy are quite difficult to reuse or recycle. Additionally, the space needed to generate considerable amount of energy using solar power is huge, thus restricting its widespread applications. This may slow down the growth of the market over the course of the forecast period.
The installation and maintenance cost of the panels is on the higher side. This may hamper the growth of the market in coming years. Also, by using cheaper materials the power conversion efficacy takes a hit. Thus, manufacturers and governments across the globe are investing to develop advanced processes and find suitable materials. This is expected to curb the negative impact of the solar photovoltaic material market restrainers.
This information is taken from a report by Transparency Market Research, titled as “Solar Photovoltaic Material Market (Material Type - Crystalline, Polycrystalline, Cadmium Telluride, and Copper Indium Diselenide; End User - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”