Synopsis of Photovoltaic materials Market:
Globally, Photovoltaic Materials Market is growing at a CAGR of 8% during forecasted period (2016-2022). Photovoltaic it converts sunlight into electricity. It offers a practical and sustainable solution to the increasing globally energy demand.
The PV cells are made of semiconductor materials. The major types of materials are crystalline and thin films, which vary from each other in terms of light absorption efficiency, energy conversion efficiency, manufacturing technology and cost of production. Rising concern of emission of CO2 and sustainable energy production can only be expected if the cost can be considerably reduced as well as use of renewable energy source will aid the market growth for the forecasted period. Additionally, with rising awareness about green trends, the future will lie in technologies that offer enhanced energy-efficient solutions at a low cost. Manufacturers who offer products with optimum performance while remaining price-orientated will be poised to gain substantial market share.
However, the market will be effected due to PV materials as they are most expensive form of renewable energy today, the feedstock problem and technologically limitations of crystalline cells. Owing to this the market will be hindered for the forecasted period.
Globally, Photovoltaic Materials Market was valued at USD 15 billion in 2016 and is likely to reach USD 25 billion in 2022, expanding at CAGR of 8% between 2016 and 2022. Asia-pacific region was the leading photovoltaic materials market with an estimated highest market size and is projected to touch down billion tons in 2017. North America region is the second largest Photovoltaic Market in 2016. The U.S. has represented the largest market in 2016 and is expected to reach in billion by 2022 due to stringent regulation, technological advancement and increasing concerns of global warming are the key drives in this region. Middle East and Africa are one of the fastest growing market.
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Photovoltaic Materials Market- Competitive Landscape
The Global Photovoltaic Materials is a rapidly growing market, which consists of significant number of mature players. The market is primarily driven by the technological advancements on part of leading players demand from waste and water management, and landfill applications, along with substantial use in building & construction industry, along with the rising technological advancements in the field of Photovoltaic Materials. The market consists of considerable number of tier 1 companies. Among them, DowDuPont, Wacker Chemie, 1366 Engineering Technologies, Mitsubishi Materials, Merck are leading overall production of the photovoltaic materials. They have substantial contribution to the growth of the market during the review period. Almost all of these market participants are primarily adopting the expansion of their production capacities tactics to strengthen their market position and meet rising demand for the photovoltaic cells. Growing construction industries, and continuous collaborations and agreements between manufacturers, distributers, and marketing firms, along with continuous R&D activities are protuberant market forces operating in the market for the growth of the demand for Photovoltaic Materials. Considering all these trends the Global Photovoltaic Materials Market poised to witness considerable competition throughout the forecast period of 2017-2022.
Industry/ Innovation/ Related News:
June 29, 2017– The silicon wafer manufacturer 1366 Engineering Technologies has announced that the Japan based IHI Corporation has completed the grid connection and begun commercial operation of a 500 kW solar installation. This system is featuring 1366’s high performance wafers through its wholly-owned subsidiary IHI Plant Construction Co., Ltd (IPC). According to their calculations, during its lifespan, the array is expected to cut down approximately 9,500 metric tons of CO2 from entering the atmosphere.
May 2, 2017- Mitsubishi Materials Corporation (MMC), a conglomerate having expanse in over 29 countries has acquired Luvata Special Products to further expand their global copper processing business. Luvata Special Products has 12 sites in 7 countries across the Americas, Europe and Asia and it is serving the automotive, energy, healthcare, and science and manufacturing industries. Luvata Special Products includes 12 locations in 7 countries across the Americas, Europe and Asia, supplying solutions for the automotive, energy, healthcare, science and manufacturing industries. This development is expected to propel the global expansion of MMC’s copper-processing business.
January 27, 2017- The University Institute for Advanced Materials Research at the Universitat Jaume I (UJI) has participated in the European Project called Sunflower. This project intends to develop less toxic organic photovoltaic materials viable for industrial production. A consortium of 17 research and business institutions carried out this nanotechnology research over four years. The achievement of solar cells with a good performance, low cost and very interesting architectural characteristics. This is anticipated to promote further research in photovoltaic cell with least carbon footprint whatsoever.
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