Photovoltaic Materials Market Analysis:
According to the photovoltaic materials market analysis, the market is expected to grow at a high CAGR between 2014 and 2025. The photovoltaic materials market is expected to grow rapidly due to rising installation of solar heaters and preference for clean energy. Increasing investment in this market on account of reduced dependency on fossil fuels is projected to augment market demand over the coming years.
Photovoltaic materials panels are cost effective and safe & easy to install. On average, one installation works for over 20 years. It is a sustainable option due to soaring prices and increased pressure put on fossil fuels. PV panels have found increased utilization in the residential, utilities, and non-residential sector.
Funding and initiatives taken by the government encourage the growth of the PV materials market. Natural gas and carbon emission policies have also turned the preference of industries towards solar power. Government initiatives such as Federal Tax Credit for Energy Efficiency are benefits provided to install the system.
Polycrystalline silicon and monocrystalline silicon are some of the most important components in the photovoltaic materials market. The ease of manufacturing coupled with abundant availability and high efficiency is projected to increase their market demand over the coming years. Cadmium telluride and Copper Indium Gallium Selenide (CIGS) is expected to have a strong hold on the market in 2016 which is attributable to the high demand for film based solar cells based on the findings in the photovoltaic materials market analysis.
Back sheets are in estimated to have significant demand due to their high usage in mounted solar panels. Back sheets are critical to improve the performance of a solar cell module.
The demand for front sheets and encapsulants is also on the rise due to growing acceptance of organic photovoltaics and dye sensitized solar cells. The absence of any other product that can substitute encapsulants is one of the reasons for its high demand. The thin film based technology is also expected to augment demand for encapsulants.
Photovoltaic materials are in high demand due to growing response towards renewable energy over the past few years. In 2016, the utility segment used 68% of the total energy produced through PV panels. Natural gases emit carbon, as a result of which, solar power is considered more sustainable and safe for the environment.
Residential demand for photovoltaic materials is projected to rise due to government incentives provided for installation of renewable power solutions. However, high capital investment is projected to hamper market growth. Growing residential constructions in the Asia Pacific region is anticipated to augment demand for these technologies.
Non- residential uses of photovoltaic materials are in industries and manufacturing plants where uninterrupted supply of electricity is required. Companies are expected to increase investments in renewable power solutions in order to low operating cost and work with the emission standards prescribed by the government. Growing corporate social responsibilities and green solutions undertaken by manufacturers is projected to foster market growth. Large energy requirements in hospitality, healthcare, and institutional establishments are projected to augment demand based on the findings in the photovoltaic materials market analysis.
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase photovoltaic over the coming years. Some leading consumers of the photovoltaic industry are Kyocera Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Ja Solar Co. Ltd, and Renesola Co. Ltd etc.
China and India have a large demand for photovoltaic materials on account of efforts undertaken by companies operating in the region to lower operating cost and emission levels. The U.S. and Canada are major markets in the North American region as a large number of households are installing PV systems. Rapid technological innovations in the solar energy sector are anticipated to drive market demand. Initiatives taken by the government to reduce carbon emissions and provide tax exemptions to the industries that use PV is expected to result in high demand in manufacturing industries based on the findings in the photovoltaic materials market analysis.
Innovation and R&D activities provide companies with a competitive edge in the market. Some major players operating in the market are DuPont, American Elements, 1366 Technologies Inc., Merck, and NovoPolymers NV. DuPont is one of the prominent suppliers of a wide range of photovoltaic materials such as frontsheets, encapsulants, metallizations, silicon inks, electrical and structural component, and backsheets.
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