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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Residential Segment to Occupy a Substantial Market Share of the Global Photovoltaic Materials Industry
Based on application, the residential segment is predicted to account for a significant market share in the photovoltaic materials industry. This increase can be attributed to the increased adoption of photovoltaic cells in the residential sector. The decreasing price of photovoltaic cells is a major factor contributing to the increased demand. The consumers are exceedingly adopting solar energy to meet their household electricity demands by installing photovoltaic cells on their rooftops. Moreover, many government initiatives offering tax rebates to PV cell users are further increasing its popularity among consumers. In addition, the growing consciousness pertaining to the environment is also driving consumers to increasingly invest in sustainable energy mechanisms. These aspects are predicted to bolster the market in the coming years.
The Asia Pacific to Account for a Considerable Market Share in the Global Photovoltaic Materials Industry
The Asia Pacific is estimated to hold a substantial share of the photovoltaic materials industry in the forecast period. This growth can be attributed to the growing investments in sustainable energy generation by the governments in the region. In addition, the rising disposable income levels, improved standards of living, and the prospering public infrastructure such as the development of smart and green cities are also significant factors propelling the industry growth. According to the statistics provided by the International Renewable Energy Agency, the Asia Pacific, especially China, is predicted to dominate the solar PV market in terms of installation capacity, which is expected to grow beyond 50% by 2050.
Photovoltaic Materials Market Report Snapshots
Photovoltaic Materials Market Size
Photovoltaic Materials Market Share
Photovoltaic Materials Market Growth
Photovoltaic Materials Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 31.77 billion.
The market is projected to grow at a CAGR of 14% between 2024 and 2032.
The increasing demand for PV cells in residential applications, the development of smart and green cities, and decreasing prices of photovoltaic cells are the major drivers of the market.
The key trends supporting the market include growing investments in sustainable energy generation and the research and development of prototypes of advanced PV cells.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major materials considered in the market report include polycrystalline silicon, monocrystalline silicon, cadmium telluride, and copper indium gallium selenide (CIGS), among others.
The significant products include front sheet, encapsulant, and back sheet, among others.
The various applications of the product include utility, residential, and non-residential.
The major photovoltaic materials market players are DuPont de Nemours, Inc., American Elements Corporation, Merck KGaA, NovoPolymers NV, and Hangzhou First Applied Material Co., Ltd., among others.
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