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Photovoltaic (PV) Materials Market Research Report - Global Forecast till 2030

Photovoltaic Materials Market: Information by Type (Thin Film, Crystalline Materials and others), Material (Silicon Based and Non-Silicon Based), End-Use (Residential, Commercial and Utility) and Region (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/1740-HCR | February 2021 | Region: Global | 140 pages

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Photovoltaic Materials Market Overview


Photovoltaic (PV) Materials Market is estimated to be valued at USD 20.0 billion by 2025 end and is expected to grow at a CAGR of 7.5% during the forecast period.


Photovoltaic materials are made up of semiconductor materials and are used to convert solar energy directly into electricity. In recent years, the photovoltaic technology has grown extraordinarily as a sustainable source of energy and a substitute of fossil fuel-based energy. Moreover, increasing concern regarding environmental issues such as global warming and climate change is driving the growth of renewables such as solar and wind energy. Besides, with the technological advancement and sustainable & unlimited potential of solar energy, makes it an idle source meet the growing future energy needs. Furthermore, the cost reduction of the raw material, as well as technology, have spurred solar industry in the recent past and hence led to an increase in demand for photovoltaic materials.


One of the key demand-side drivers considered for the growth of photovoltaic materials market is increasing the growth of solar PV capacities additions. In 2017, about 98 GW of the solar PV capacities were installed globally, which is nearly twice as much capacity as its renewables peer, i.e., wind power. The boost in solar power generation to a large extension is the extent a result of its spectacular cost development. The low cost of solar energy has been attracting many countries to invest in the development and distribution of clean power technology. Photovoltaic materials market is expected to gain significant traction during the forecast period owing to increasing demand for solar modules. Furthermore, increasing government initiatives and favorable policies to increase the share of renewable energy in the global power generation is expected to boost market growth.


Key Players



  • 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)


Global Photovoltaic Materials Market Share, By Type, 2018 (%)  Photovoltaic Materials Market_Image


Regional Analysis


Asia-Pacific led by China accounted for a significant share in the global market in 2018. With 53.8 GW solar capacity addition in 2017, China became the leading player in the global solar PV market. India is expected to be the fastest growing market for photovoltaic materials during the forecast period, followed by China and Thailand. Europe photovoltaic materials market is expected to grow at a moderate rate during the forecast period. Germany is expected to lead the European market, followed by France and Italy. The growth in the region can be attributed to government efforts to increase the renewables share in the electricity mix and efforts towards reducing carbon emission. North America is estimated to be the third largest market for photovoltaic materials in 2018.


The Middle East & Africa, with ideal conditions for solar power and low solar tariffs, is expected to be one of the fastest growing markets for photovoltaic materials during the forecast period. Saudi Arabia, Egypt, and Turkey are expected to be the key regions for photovoltaic materials and are expected to witness double-digit compound annual growth rates until 2025. Latin America is expected to be an emerging market for photovoltaic materials during the forecast period. Mexico and Brazil are expected to be a key driver for the market in Latin America owing to the rapid increase in solar PV capacity expansion.


Segmentation Analysis


The global photovoltaic materials market has been segmented based on type, material, end-use, and region.


On the basis of type, the global photovoltaic materials market has been categorized as a thin film, crystalline materials, and others


Based on material, the global photovoltaic materials market has been categorized as silicon-based and non-silicon based. Silicon-based photovoltaic materials are further segregated as amorphous silicon (a-Si) and crystalline silicon (c-Si). Non-silicon-based photovoltaic materials are further segregated as cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), gallium arsenide (GaAs), and others.


By end-use, the global photovoltaic materials market has been divided into residential, commercial, and utility.


The global photovoltaic materials market, by region, has been segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Recent Development

December 2021 – Meyer Burger Technology AG has chosen Arizona as the location of its latest factory for high-performance solar modules across the US region, which is premeditated to reach 1.5 GW of capacity. The production plant will be situated in Goodyear and have a primary yearly manufacturing capacity of over 400 MW. The facility will produce solar photovoltaic (PV) modules for industrial, commercial, residential, and utility-scale applications. The plant is likely to be fully functional by the end of 2022.

December 2021- Stanford scientists have developed the latest solar materials to usher in ultrathin, lightweight solar panels. The latest materials could ultimately be utilized in mobile applications varying from self-powered sensors and wearable devices to lightweight electric vehicles and aircraft.

The competition in the solar engineering sector is for the development of flexible, almost impossibly thin solar panels. The engineers at Stanford University have accomplished
Engineers imagine them used in mobile applications, from self-powered wearable devices record efficiencies in a hopeful group of photovoltaic materials.

The primary benefit of these transition metal dichalcogenides is that they are able to absorb ultrahigh levels of sunlight, which hits their surface compared to other solar materials.


Target Audience



  • Supplier and traders of photovoltaic materials

  • Manufacturers of photovoltaic materials

  • Solar PV installer

  • Research institute/education institute.

  • Potential investors.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • USD 20 Billion
  • 2030: Significant Value
  •   CAGR

  • 7.5% (2017-2025)
  • 2030 : Substantial Value
  •   Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Material, End-Use and Region
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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 government initiatives and favorable policies to increase the share of renewable energy
      Key Market Drivers

  • Increasing the growth of solar PV capacities additions
  • Technological advancement and sustainable & unlimited potential of solar energy


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    Frequently Asked Questions (FAQ) :

    The photovoltaic materials market is projected to grow at a 7.5% CAGR between 2020-2027.

    The photovoltaic materials market is predicted to touch USD 20.0 billion by 2025.

    The Asia Pacific is expected to dominate the photovoltaic materials market.

    Different end use industries of photovoltaic materials include utility, commercial, and residential.