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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.