info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Photovoltaic Materials Market Size

ID: MRFR//1740-HCR | 140 Pages | Author: Anshula Mandaokar| November 2024

The Photovoltaic (PV) Materials Market is dependent upon a huge number of market factors that on the whole shape its scene, influencing the sun-oriented energy industry and the creation of photovoltaic cells. These elements impact the interest, supply, and in general development of the market, mirroring the rising significance of sun powered energy in the worldwide energy blend. Here are key market factors impacting the Photovoltaic Materials Market:
Government Motivations and Strategies:
The demand for PV materials is significantly influenced by government initiatives, subsidies, and incentives for solar energy installations.
Good arrangements, for example, feed-in levies and tax reductions, drive the reception of photovoltaic innovation, affecting business sector development.
Innovative Progressions:
Continuous mechanical progressions in PV materials add to expanded proficiency, diminished creation costs, and worked on generally execution of sun-oriented cells.
Development in materials science and assembling processes assumes a significant part in moulding the seriousness of the Photovoltaic Materials Market.
Cost Decrease and Economies of Scale:
The quest for cost decrease is a critical variable in the PV materials market. Accomplishing economies of scale through large scale manufacturing and productive assembling processes is fundamental for driving down the general expense of sun powered energy.
Expanding Sun based Energy Limit:
The worldwide push towards expanding sun-oriented energy limit and decreasing dependence on petroleum products helps the interest in PV materials.
The expanding market for photovoltaic materials is aided by large-scale solar projects and installations.
Natural Worries and Maintainability:
A developing consciousness of the climate and an accentuation on harmless to the ecosystem energy sources are driving the utilization of PV materials.
The reusing capability of a few PV materials and the harmless to the ecosystem idea of sunlight based energy are in accordance with worldwide manageability targets.
Variances in Unrefined substance Costs:
The Photovoltaic Materials Market is delicate to changes in the costs of unrefined substances, including silicon, a critical part in most sunlight-based cells.
Changes in unrefined substance costs can affect creation costs and, thus, the valuing of photovoltaic items.
Worldwide Energy Market Elements:
The more extensive elements of the worldwide energy market, remembering patterns for oil and gas costs, impact the seriousness of sun-oriented energy and, likewise, the PV materials market.
Changes in energy strategies and market inclinations for environmentally friendly power sources influence the interest in PV materials.
Framework Equality and Seriousness:
Accomplishing framework equality, where the expense of sun powered energy rises to or becomes lower than traditional energy sources, is a basic variable for the far-reaching reception of PV materials.
As sun-oriented energy turns out to be more aggressive, the interest for practical and proficient PV materials increments.
Exchange and Duty Arrangements:
Exchange strategies and levies on sunlight-based parts, particularly those connected with PV materials, can influence market elements.
The cost structure of photovoltaic (PV) materials and the competitiveness of solar energy may be impacted by changes in tariffs and trade relations.
Worldwide Financial Circumstances:
Monetary circumstances, for example, Gross domestic product development and speculation patterns, impact the general wellbeing of the Photovoltaic Materials Market.
Monetary solidness and development can uphold expanded interests in sun-based ventures and drive market extension.
Shopper Mindfulness and Inclinations:
Expanding mindfulness among shoppers about the advantages of sunlight-based energy impacts buying choices.
Purchaser inclinations for manageable and clean energy sources add to the developing interest for PV materials in private and business applications.
Energy Capacity Incorporation:
The incorporation of energy stockpiling arrangements, like batteries, with sun powered establishments influences the PV materials market.
The overall viability of solar energy is aided by advancements in energy storage technologies and the compatibility of these technologies with PV systems.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2023 USD 66.51 Billion
Growth Rate 7.40% (2024-2032)

Global Photovoltaic (PV) Materials Market Overview


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.


Photovoltaic (PV) Materials Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Photovoltaic (PV) Materials Market Trends




  • Increased demand for energy is driving the market growth




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.


Photovoltaic (PV) Materials Market Segment Insights


Photovoltaic (PV) Materials Type Insights


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.


Photovoltaic (PV) Materials Material Insights


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)


Photovoltaic (PV) Materials Market, by Material


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Photovoltaic (PV) Materials End-Use Insights


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.


Photovoltaic (PV) Materials Regional Insights


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)


PHOTOVOLTAIC (PV) MATERIALS MARKET SHARE BY REGION


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.


Photovoltaic (PV) Materials Key Market Players & Competitive Insights


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.


Key Companies in the Photovoltaic (PV) Materials market include



  • Wacker Chemie AG (Germany),

  • 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) 


Photovoltaic (PV) Materials Industry Developments


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.


Photovoltaic (PV) Materials Market Segmentation


Photovoltaic (PV) Materials Type Outlook



  • Thin Film

  • Crystalline Materials

  • Others


Photovoltaic (PV) Materials Material Outlook



  • Silicon Based

  • Non-Silicon Based


Photovoltaic (PV) Materials End-Use Outlook



  • Residential

  • Commercial

  • Utility


Photovoltaic (PV) Materials Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.