Photovoltaic (PV) Materials Market Size was valued at USD 66.51 Billion in 2023. The Photovoltaic (PV) Materials industry is projected to grow from USD 72.16 Billion in 2024 to USD 127.74 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2024 - 2032). Rising need for energy, innovations in technology, reducing cost of PV systems, and advantages for the environment, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The quickly developing solar energy sector is dependent on the photovoltaic (PV) materials business. Solar cells, which convert sunlight into power, are made from PV materials. The need for PV materials has been rising rapidly as the globe moves towards renewable energy sources and works to reduce greenhouse gas emissions. The expanding need for sustainable and clean energy around the world is one of the major factors driving the market for PV materials. The advantages of solar energy for the environment and the economy are being recognised by governments, companies, and people more and more. As a renewable and abundant source of electricity, solar energy helps to reduce reliance on fossil fuels and combat climate change. The installation of solar panels has significantly increased as a result of this shift in energy preferences, fuelling the demand for PV materials. The market for PV materials is expanding as a result of the falling price of PV systems. The cost of solar energy has significantly decreased over time as a result of improvements in manufacturing techniques, scale economies, and higher solar cell efficiency. This cost decrease has increased the availability and viability of solar energy, driving up demand for PV materials. The development of the PV materials industry has also been greatly aided by technological developments. Materials like crystalline silicon, thin-film technologies (such cadmium telluride and copper indium gallium selenide), and new materials like perovskites have all benefited from ongoing research and development activities. Solar cells are now more efficient, long-lasting, and reliable thanks to these developments, which increases their appeal to both consumers and enterprises.
The market for PV materials has been significantly influenced by government support and incentives. Numerous nations have put laws and initiatives into place to encourage the use of solar energy, including feed-in tariffs, tax credits, subsidies, and renewable portfolio standards. These policies promote solar panel installation and foster an advantageous market environment for PV products. In addition, changing consumer tastes are a result of growing environmental and climate change awareness. Solar energy has become a popular option for those looking for sustainable energy options, both personally and professionally. The demand for PV materials has increased as a result of people's increasing preference for and awareness of clean energy sources. Thus, driving the Photovoltaic (PV) Materials market revenue.
In 2024, Acculon will begin producing sodium-ion battery modules. Acculon Energy, based in the United States, has announced the start of serial production of their sodium-ion battery modules and packs for mobile and fixed energy storage applications. Scaled production of 2 GWh is set to begin in mid-2024. As sodium-ion battery technology matures, both newcomers and established businesses are making frequent product and manufacturing announcements.
The Photovoltaic (PV) Materials market segmentation, based on type includes thin film, crystalline materials and others. The crystalline materials segment dominated the market, accounting for 43.4% of market revenue. Due to its trustworthiness, efficacy, experience, affordability, and standardized manufacturing processes, segment dominates the market.
The Photovoltaic (PV) Materials market segmentation, based on material, includes silicon based and non-silicon based. The silicon based category generated the most income (57.3%). segment dominates market due to Excellent electrical characteristics and well-established production methods.
Figure 1: Photovoltaic (PV) Materials Market, by Material, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Photovoltaic (PV) Materials market segmentation, based on end-use includes residential, commercial and utility. The utility segment dominated the market, accounting for 43.4% of market revenue. Utility-scale PV systems have rapidly increased in number as utilities and governments throughout the world work to diversify their energy portfolios and reach renewable energy targets.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Photovoltaic (PV) Materials Market dominated this market in 2022 (45.80%). This is due to increase favorable solar resources, encouraging government regulations, and a commitment to renewable energy sources. Further, China’s Photovoltaic (PV) Materials market held the largest market share, and the Indian Photovoltaic (PV) Materials market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PHOTOVOLTAIC (PV) MATERIALS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Photovoltaic (PV) Materials market accounts for the second-largest market share. This is due to the area has made a major dedication to renewable energy and has put favorable regulations in place to assist the development of solar power, such as feed-in tariffs and targets for renewable energy. Further, the German Photovoltaic (PV) Materials market held the largest market share, and the UK Photovoltaic (PV) Materials market was the fastest growing market in the European region
The North America Photovoltaic (PV) Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to environmental concerns and goals for renewable energy, this region is predicted to experience the biggest growth. Moreover, the U.S. Photovoltaic (PV) Materials market held the largest market share, and the Canada Photovoltaic (PV) Materials market was the fastest growing market in the North America region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Photovoltaic (PV) Materials market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Photovoltaic (PV) Materials industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Photovoltaic (PV) Materials industry to benefit clients and increase the market sector. In recent years, the Photovoltaic (PV) Materials industry has offered some of the most significant advantages to medicine. Major players in the Photovoltaic (PV) Materials market, including Wacker Chemie AG (Germany), I. du Pont de Nemours and Company (US), Honeywell International Inc. (US), Coveme SpA (Italy), Mitsubishi Materials Corporation (Japan), Targray (Canada), Hangzhou Foster Applied Materials Co. Ltd (China), Ferrotec Corporation (US), JinkoSolar Holding Co. Ltd (China), SunPower Corporation (US), Baoding Lightway Green Energy Technology Ltd (China), Shine Earth (Fujian) New Energy Co. Ltd (China), Power Solar Systems Ltd (India), Wuxi Suntech Power Co. Ltd (China), Acciona Energía SA (Spain), and others, are attempting to increase market demand by investing in research and development operations.
Wacker Chemie AG, headquartered in Germany, is a leading player in the photovoltaic (PV) materials market. The business specialises in the creation of cutting-edge materials used in the production of solar cells and modules. The creation of high-quality solar cells requires a variety of PV materials, including silicones, polymers, and high-purity chemicals, all of which are provided by Wacker Chemie. Wacker Chemie consistently works to improve the effectiveness, efficiency, and durability of PV materials with a strong emphasis on research and development. The company can produce cutting-edge materials that adhere to the exacting standards of the PV industry because to its knowledge in silicon chemistry and cutting-edge manufacturing capabilities. PV materials from Wacker Chemie are widely used by solar module producers worldwide, fostering the expansion of the solar energy industry. As it seeks to offer clean and renewable energy solutions, the company's dedication to sustainability and environmental responsibility is consistent with the objectives of the photovoltaic sector.
Honeywell International Inc., a multinational conglomerate based in the United States. To meet the rising need for renewable energy, the company provides a wide range of PV materials and solutions. Advanced encapsulants, backsheets, adhesives, and other speciality materials from Honeywell's portfolio of PV materials improve the efficiency and dependability of solar cells and modules. With its proficiency in materials science and engineering, Honeywell offers creative solutions aimed at enhancing the effectiveness, resilience, and financial viability of PV systems. PV module manufacturers all around the world use the company's products to improve the power production, long-term reliability, and environmental robustness of solar installations. Honeywell's PV materials selections demonstrate its dedication to sustainability and renewable energy. Instigating the shift to renewable energy sources, Honeywell plays a critical role by facilitating the development of high-quality solar modules.
Dow Chemical, a chemical conglomerate based in the United States, will offer a photovoltaic (PV) product line in 2023, including six silicone-based sealants and adhesives for PV module assembly.DOWSIL is a new product line designed to provide durability and performance for frame sealing, rail and junction box bonding, potting, and constructing integrated photovoltaic installation materials.
One of the most important events on the renewables calendar, All-Energy Australia, will conclude for another year in 2023, following a likely record-breaking turnout. The official numbers are not yet in, but there were 15,000 registrations, and word is that the number of attendance will easily exceed last year's event, which drew 8,500 people.
April 2021: The largest integrated solar company with an Indian base, Tata Power Solar Systems Ltd., has revealed a huge expansion of its cutting-edge production plant in Bengaluru. The company wants to increase its entire cell and module production capacity to 1,100 MW. Due to the government of India's supporting policies, the company's solar modules are now in greater demand, and the rise in production is in line with that demand.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 66.51 Billion |
| Market Size 2024 | USD 72.16 Billion |
| Market Size 2032 | USD 127.74 Billion |
| Compound Annual Growth Rate (CAGR) | 7.40% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, End-Use and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Wacker Chemie AG (Germany), I. du Pont de Nemours and Company (US), Honeywell International Inc. (US), Coveme SpA (Italy), Mitsubishi Materials Corporation (Japan), Targray (Canada), Hangzhou Foster Applied Materials Co. Ltd (China), Ferrotec Corporation (US), JinkoSolar Holding Co. Ltd (China), SunPower Corporation (US), Baoding Lightway Green Energy Technology Ltd (China), Shine Earth (Fujian) New Energy Co. Ltd (China), Power Solar Systems Ltd (India), Wuxi Suntech Power Co. Ltd (China), Acciona Energía SA (Spain) |
| Key Market Opportunities | Increasing investment in solar energy |
| Key Market Dynamics | Governmental Policies and Reward schemes |
Photovoltaic Materials Market Highlights:
Frequently Asked Questions (FAQ) :
The Photovoltaic (PV) Materials Market size was valued at USD 66.51 Billion in 2023.
The Photovoltaic (PV) Materials Market is projected to grow at a CAGR of 7.40% during the forecast period, 2024-2032.
Asia-Pacific had the largest share in the Photovoltaic (PV) Materials Market.
The key players in the Photovoltaic (PV) Materials Market are Wacker Chemie AG (Germany), I. du Pont de Nemours and Company (US), Honeywell International Inc. (US), Coveme SpA (Italy), Mitsubishi Materials Corporation (Japan), Targray (Canada), Hangzhou Foster Applied Materials Co. Ltd (China), Ferrotec Corporation (US), JinkoSolar Holding Co. Ltd (China), SunPower Corporation (US), Baoding Lightway Green Energy Technology Ltd (China), Shine Earth (Fujian) New Energy Co. Ltd (China), Power Solar Systems Ltd (India), Wuxi Suntech Power Co. Ltd (China), Acciona Energía SA (Spain).
The Crystalline Materials category dominated the Photovoltaic (PV) Materials Market in 2023.
The Silicon Based had the largest share in the Photovoltaic (PV) Materials Market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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