According to a new research study by Transparency
Market Research (TMR), the global solar photovoltaic (PV) materials
market demonstrates a highly fragmented competitive landscape due to
the presence of a large pool of participants. The top four players,
namely, Wacker Chemie AG, Shin-Etu Chemicals Co. Ltd., BASF SE, and
Applied Materials Inc., could hold only a little more than 44% of the
overall market in 2015.
The leading market players are gaining significantly
from their experience and technical expertise, which makes it
difficult for new and small players to compete with them. However,
with the increasing involvement of small-scale companies in continual
innovation and extensive advancements, the competition within this
market is anticipated to intensify over the next few years, states
the research report.
This 140 page report gives readers a comprehensive
overview of the Solar Photovoltaic market. Browse through 18 data
tables and 50 figures to unlock the hidden opportunities in this
market@
As per TMR’s estimation, the opportunity in the
global market for solar PV materials, which was worth US$7.55 bn in
2015, is estimated to rise at a CAGR of 11.4% during the period from
2016 to 2024 and attain a value of US$19.60 bn by the end of the
forecast period. Polycrystalline silicon enjoys the most prominent
demand among all the solar PV materials available across the world.
Analysts anticipate this scenario to remain so over the forthcoming
years, notes the study.
Commercial Sector to Emerge as Leading Application
Area of Solar Photovoltaic Materials
Solar photovoltaic materials have wide range of
application in the residential, commercial, and the industrial
sectors. According to the research study, the commercial and the
industrial sector are anticipated report a significantly high demand
for these materials over the forecast period. With the increasing
installation of solar PV in commercial buildings, such as airports,
malls, shopping complexes, and hospitals, making them independent
source for generating electricity, the commercial sector is
anticipated to surface as the leading application area of solar PV
materials in the years to come.
On the basis of the geography, the Middle East and
Africa, North America, Europe, Asia Pacific, and Latin America have
emerged as the key regional markets for solar PV materials across the
world. Asia Pacific led the global market in 2015 with a share of
nearly 60%. Analysts expect it to remain dominant throughout the
forecast period, thanks to the soaring demand for solar PVs to
generate electricity from renewable sources, reports the study.
Increasing Concerns over Environmental issues to
Fuel Demand for Solar PV Materials
“The rising concerns over environmental issues,
such as greenhouse gas emission and increasing carbon foot prints,
are having to the most prominent influence on the market for solar PV
materials across the world,” says a TMR researcher. The growing
emphasis over the usage of renewable energy has reflected positively
on the adoption of solar PV for energy generation, which in turn, has
fueled the demand for solar PV materials, globally.
Over the coming years, the ongoing expansion of the
power industry and the implementation of various government rules and
regulations intended to curb carbon emission in the environment, are
likely to boost the demand for solar PV materials across the world.
The constant research for the development of innovative and advanced
materials with less production cost and more power conversion
efficiency is also expected to support this market over the next few
years. However, the volatile prices of raw materials, such as
silicon, and the limitation on the usage of several materials, such
as cadmium and tellurium, which are toxic in nature, can affect the
growth of this market during the forecast period, states the research
report.
Get accurate market forecast and analysis on the
Solar Photovoltaic market. Request a sample to stay abreast on the
key trends impacting this market@
The study presented here is based on a report by
Transparency Market Research (TMR), titled “Solar Photovoltaic
Material Market (Material - Crystalline, Polycrystalline, Cadmium
Telluride, and Copper Indium Diselenide; End User - Residential,
Commercial, and Industrial) - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024.”
The global solar photovoltaic material market has
been segmented as follows:
By Material Type
- Crystalline
- Polycrystalline
- Cadmium Telluride
- Copper Indium Diselenide
- Others
By End User
- Residential
- Commercial
- Industrial
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