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Global Photovoltaic Materials Market to Grow at a CAGR of 14.04% During 2022-2027, Aided by the Increased Government Expenditure on Sustainable Energy Generation

According to a new report by EMR titled, ‘Global Photovoltaic Materials Market Report and Forecast 2022-2027’, the market attained a value of around USD 21.42 billion in 2020. The industry is further expected to grow at a CAGR of 14.04% between 2022 and 2027.

The heightened demand for photovoltaic cells across industry verticals, owing to the growing demand for green energy solutions such as solar power, is driving the growth of the photovoltaic materials industry. Furthermore, the growing pollution levels worldwide are driving end users to increasingly invest in sustainable energy resources to reduce their carbon footprint. Moreover, the governments in major regions of the world are offering incentives and tax rebates to the photovoltaic cell users, which is further propelling its popularity. In addition, solar energy trapping photovoltaic cells are also being placed in public spaces in the pursuit of creating green cities, wherein these cells help to light up streetlights and large hoardings.

The rising focus of the leading market players in the development of photovoltaic materials that enhance the efficiency of the solar panels is expected to significantly bolster the industry growth in the forecast period. For example, in June 2019, DuPont de Nemours, Inc. (NYSE: DD) introduced the New DuPont Fortasun solar silicons product line. This silicon-based product line comprises sealants, potting agents, adhesives, among others. These materials aim to enhance the durability and productivity and the overall performance of solar panels. Furthermore, in July 2021, First Solar Inc. (NASDAQ: FSLR), an American solar panel manufacturer, announced its plan to expand its global manufacturing footprint with addition of a new 3.3 GW facility in Tamil Nadu, India. The company plans to invest USD 684 million in the fully-vertically integrated photovoltaic thin-film solar module manufacturing unit in India. Such developments are expected to positively impact the growth of the photovoltaic materials industry in the forecast period.

Market Breakup by Material, Product, Application, and Region:

  • The market is divided, based on material, into polycrystalline silicon, monocrystalline silicon, cadmium telluride, and copper indium gallium selenide (CIGS), among others.
  • On the basis of product, the market can be categorised into front sheet, encapsulant, and back sheet, among others.
  • Based on application, the industry can be segmented into utility, residential, and non-residential.
  • Region-wise, the global market for photovoltaic materials can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for photovoltaic materials is being driven by the escalating eco-consciousness and growing installation of solar panels globally.
  • The growing demands for PV cells in the residential sector have significantly contributed to the market expansion. 
  • The heightened investments in sustainable energy generation are also aiding the industry growth. 
  • The rapid technological advancements, such as the production of durable and efficient semiconducting materials, are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for photovoltaic materials for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the materials, products, applications, and regions of photovoltaic materials.
  • It assesses the regional price trends for the (2017-2021) and (2022-2027) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global photovoltaic materials market are DuPont de Nemours, Inc., American Elements Corporation, Merck KGaA, NovoPolymers NV, and Hangzhou First Applied Material Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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