Photovoltaic (PV) Materials Market Size, Trends, Share, Growth | Report 2022-2030
The global photovoltaic materials market size was estimated at around USD 21.07 billion in 2021 and it is projected to hit around USD 44.23 billion by 2030, growing at a CAGR of 8.59% from 2022 to 2030.
-Materials-Market-Size-2021-to-2030.jpg "Photovoltaic (PV) Materials Market Size 2021 to 2030")
The growing PV installations coupled with rise in module manufacturing facilities in Asia Pacific is driving market demand.
The demand for photovoltaic materials is the highest in the construction of solar cell. The growing number of PV projects commissioned by the government is boosting the consumption. The government incentive offered on building integrated photovoltaics is expected to further augment market demand.
Asia Pacific accounted for the maximum market share owing to the presence of a large number of module manufacturers in China and India. The slowdown in the Chinese manufacturing sector due to sanctions imposed by the government is expected to force module manufacturers to turn towards other developing countries. The growing exports of solar cells from Asia Pacific to North America and Europe are expected to have a positive impact on market demand.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 21.07 billion |
| Revenue Forecast by 2030 | USD 44.23 billion |
| Growth rate from 2022 to 2030 | CAGR of 8.59% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Material, Product, Application, Region |
| Companies Covered |
Wacker Chemie, Du Pont, Merck, Honeywell, Coveme, and Mitsubishi Materials, Topray Solar, Hangzhou First Applied Material, Ferrotec Corporation (USA), Hangzhou First Applied Material, Novaled, Targray, NovoPolymers NV, and American Elements |
Material Insights
Major photovoltaic material segments are polycrystalline silicon, monocrystalline silicon, copper indium gallium selenide, and cadmium telluride. Polycrystalline silicon and monocrystalline silicon are the major segments. The easy manufacturing processes of these materials coupled with high efficiencies and abundant availability are driving market demand.
The demand for other materials such as Copper Indium Gallium Selenide (CIGS) and Cadmium Telluride is expected to grow rapidly over the forecast period owing to the rising popularity of thin film-based solar cells. Cadmium Telluride is the only material that provides efficiency equal to crystalline silicon variants. The market share of CIGS and cadmium telluride is expected to remain low over the forecast period owing to industry participants preferring silicon wafer technology.
The other material segment comprises perovskites, quantum dots, and other silicon derivatives. Perovskites are showing huge potential for the future owing to the high efficiency exhibited by these materials.
Product Insights
The products in the market comprise the front sheet, encapsulant, back sheet, and other parts. The demand for the back sheet is expected to remain high over the forecast period owing to the increasing popularity of mounted solar panels.
Back sheets are a critical dielectric component in improving the solar cell module performance. The growing importance of dielectrics in the construction of a solar cell is responsible for the high market share of these products.
Encapsulants and front sheets are anticipated to experience high demand over the forecast period owing to the growing popularity of technologies such as dye-sensitized solar cells and organic photovoltaics.
The demand for encapsulants is driven by the absence of other replaceable technology. The growing popularity of thin film-based solar technology is expected to drive the market demand for the front sheet.
Application Insights
The applications of photovoltaic materials include utility, residential, and non-residential. The utility application segment had the largest share of over 68% in 2021 and is expected to increase over the forecast period.
The growing focus on renewable energy and governments committing to reduce carbon emissions is responsible for rising demand. The utility segment is expected to lose market share over the forecast period on account of the rising number of residential and commercial solar installations.
Residential is the fastest-growing application segment owing to government incentives offered on installations. The demand is driven by incentives provided by electricity boards for the usage of solar power. The solar heating demand in residential applications is one of the major drivers responsible for rapidly growing market demand. However, high installation costs are expected to hamper market penetration. The increasing disposable income of consumers in most parts of the Asia Pacific and the Middle East is expected to boost solar PV installations.
Regional Insights
The Asia Pacific is the largest regional market with a share of over 60% in 2021. The presence of a large number of PV module manufacturers in China and India is responsible for a high market share.
The growing export of PV modules to North America and Europe is driving the consumption of photovoltaic materials. The future consumption in the region is driven by the rise in domestic demand for solar PV modules.
North America market is driven by growing PV installations in countries such as the U.S. and Canada. The innovation of materials used in the manufacturing of solar cells is expected to be a major driving factor. The growing number of companies engaged in the manufacturing of photovoltaic materials is expected to further augment market growth.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Photovoltaic (PV) Materials Market
5.1. COVID-19 Landscape: Photovoltaic (PV) Materials Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Photovoltaic (PV) Materials Market, By Material
8.1. Photovoltaic (PV) Materials Market, by Material, 2022-2030
8.1.1 Polycrystalline Silicon
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Monocrystalline Silicon
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Cadmium Telluride
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Copper Indium Gallium Selenide (CIGS)
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Photovoltaic (PV) Materials Market, By Product
9.1. Photovoltaic (PV) Materials Market, by Product, 2022-2030
9.1.1. Front Sheet
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Encapsulant
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Back Sheet
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Photovoltaic (PV) Materials Market, By Application
10.1. Photovoltaic (PV) Materials Market, by Application, 2022-2030
10.1.1. Utility
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Residential
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Non-residential
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Photovoltaic (PV) Materials Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. Wacker Chemie
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Du Pont
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Merck
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Honeywell
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Coveme
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Mitsubishi Materials
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Topray Solar
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Hangzhou First Applied Material
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Ferrotec Corporation (USA)
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Hangzhou First Applied Material
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers