Photovoltaic Materials Market Size Worth $36.23 Billion by 2025
August 11, 2017 | Grand View Research, Inc.Estimated reading time: 1 minute
The global photovoltaic materials market is expected to reach $36.23 billion by 2025, according to a new report by Grand View Research, Inc. The growing PV installations coupled with rise in module manufacturing facilities in Asia Pacific is driving market demand.
The demand for photovoltaic materials is the highest in the construction of solar cell. The growing number of PV projects commissioned by the government is boosting the consumption. The government incentive offered on building integrated photovoltaics is expected to further augment market demand.
Asia Pacific accounted for the maximum market share owing to the presence of a large number of module manufacturers in China and India. The slowdown in the Chinese manufacturing sector due to sanctions imposed by the government is expected to force module manufacturers to turn towards other developing countries. The growing exports of solar cells from Asia Pacific to North America and Europe are expected to have a positive impact on market demand.
Further key findings from the report suggest:
- Polycrystalline silicon dominated the material segmentation with a market share of 62% in 2016.
- Copper Indium Gallium Selenide material segment is projected to grow at a CAGR of 13.3% from 2017 to 2025 owing to research on new materials to be used in the construction of solar cell.
- Encapsulant products are anticipated to grow at a CAGR of 11.8% from 2017 to 2025 due to high demand for these products in thin film and silicon wafer modules
- Europe market share is expected to decrease to around 14% in 2025 owing to growing exports of PV modules from Asia Pacific.
- Middle East & Africa is anticipated to grow at a CAGR of 8% from 2017 to 2025 owing to governments in these regions investing heavily in solar PV installations.
- The industry participants are engaged in research on new materials used in the manufacturing of solar cells.
Suggested Items
Insulectro’s 'Storekeepers' Extend Their Welcome to Technology Village at IPC APEX EXPO
04/03/2024 | InsulectroInsulectro, the largest distributor of materials for use in the manufacture of PCBs and printed electronics, welcomes attendees to its TECHNOLOGY VILLAGE during this year’s IPC APEX EXPO at the Anaheim Convention Center, April 9-11, 2024.
ENNOVI Introduces a New Flexible Circuit Production Process for Low Voltage Connectivity in EV Battery Cell Contacting Systems
04/03/2024 | PRNewswireENNOVI, a mobility electrification solutions partner, introduces a more advanced and sustainable way of producing flexible circuits for low voltage signals in electric vehicle (EV) battery cell contacting systems.
Heavy Copper PCBs: Bridging the Gap Between Design and Fabrication, Part 1
04/01/2024 | Yash Sutariya, Saturn Electronics ServicesThey call me Sparky. This is due to my talent for getting shocked by a variety of voltages and because I cannot seem to keep my hands out of power control cabinets. While I do not have the time to throw the knife switch to the off position, that doesn’t stop me from sticking screwdrivers into the fuse boxes. In all honesty, I’m lucky to be alive. Fortunately, I also have a talent for building high-voltage heavy copper circuit boards. Since this is where I spend most of my time, I can guide you through some potential design for manufacturability (DFM) hazards you may encounter with heavy copper design.
Trouble in Your Tank: Supporting IC Substrates and Advanced Packaging, Part 5
03/19/2024 | Michael Carano -- Column: Trouble in Your TankDirect metallization systems based on conductive graphite or carbon dispersion are quickly gaining acceptance worldwide. Indeed, the environmental and productivity gains one can achieve with these processes are outstanding. In today’s highly competitive and litigious environment, direct metallization reduces costs associated with compliance, waste treatment, and legal issues related to chemical exposure. What makes these processes leaders in the direct metallization space?
AT&S Shines with Purest Copper on World Recycling Day
03/18/2024 | AT&SThe Styrian microelectronics specialist AT&S is taking World Recycling Day as an opportunity to review the progress that has been made in recent months at its sites around the world in terms of the efficient use of resources: