worldwide photovoltaic materials market is projected to reach around USD 44,073 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Key findings of the report photovoltaic materials market report are listed below:
• Based on material type, the Polycrystalline Silicon segment led the worldwide market with respect to revenue in the year 2017.
• In terms of the regional spectrum, the Asia-Pacific amassed the biggest share of the global market, in the year 2017.
According to the report, the increasing adoption of renewable energy resources has significantly bolstered the remuneration potential of this market. Moreover, burgeoning concerns about environmental pollution due to fossil fuels and their fast deterioration enhance photovoltaic materials market share. The demand for solar energy has increased considerably on account of its lower operating costs and lower maintenance requirements. Also, across the globe, governments are heavily investing in solar technology development to expedite the acceptance of renewable resources, thus enhancing the market growth. However, certain factors such as the high installation cost of solar systems are anticipated to deter market growth over the forecast period. Emerging new markets, as well as declining prices of photovoltaic materials, would offer growth numerous opportunities in the approaching years.
Speaking of regional growth, Asia-Pacific led the global photovoltaic materials market during the estimated timeline. A substantial increase in the initiatives adopted by the governments of India, Japan, and China have bolstered the use of solar technology in the region, in a bid to decrease carbon footprint, thereby supporting market growth. Incentives offered by the government to the commercial segment industries deploying solar energy has spurred the demand for photovoltaic materials in the region. As per the report, China is the biggest contributor to the Asia-Pacific market over the forecast duration. Regions like Europe and North America export solar cells manufactured in Asia-Pacific, thus increasing market revenue influx in the region. Burgeoning awareness pertaining to the use of renewable resources & green technologies amplifies market expansion in the region. Top global players are enhancing their foothold in developing countries of Malaysia, Indonesia, and India to leverage the growth opportunities extended by these nations.
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The wide variety of photovoltaic materials comprise Copper Indium Gallium Selenide, Cadmium Telluride, Polycrystalline Silicon, and Monocrystalline Silicon among others. The findings of the study suggest that the Polycrystalline Silicon segment is projected to dominate the worldwide market over the predicted timeframe on account of cost-effective production process and utilization in a broad range of applications. On the other hand, the Copper Indium Gallium Selenide market segment is anticipated to exhibit the highest CAGR throughout the projected timeframe.
The leading organizations charted in the photovoltaic materials market report are NovoPolymers NV, 1366 Technologies Inc., Hangzhou First Applied Material Co. Ltd., Topray Solar, Ferrotec Corporation, American Elements, Atecom Technology Co., Limited, Hemlock Semiconductor Corporation LLC, Mitsubishi Material Corporation, Shin-Etsu Chemicals Co., Ltd., Targray Technology International, Inc, and DuPont among others. As per the report, these organizations introduce novel products and join forces with industry tycoons to innovate and introduce novel products to suffice the burgeoning needs of consumers.