New York
City, 25 January 2019: The Report Photovoltaic Materials Market is anticipated to reach around
USD 44,073 million by 2026. In 2017, the Polycrystalline Silicon segment
dominated the global market, in terms of revenue. In 2017, Asia-Pacific
accounted for the majority share in the global Photovoltaic Materials market.
The increase in the adoption of
renewable energy sources drives the growth of this market. Growing concerns
regarding environmental pollution caused by fossil fuels and their limited
availability support the market growth. There has been an increasing demand of
solar technology owing to low operating costs and less maintenance. Governments
are increasingly investing in the development of solar technology to accelerate
the adoption of renewable sources, thereby supporting market growth. However,
high installation costs of solar systems limit the growth of the market. New
emerging markets, and declining costs of photovoltaic materials would provide
growth opportunities in the coming years.
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The various types of photovoltaic
materials include Monocrystalline Silicon, Polycrystalline Silicon,
Cadmium Telluride, and Copper Indium Gallium Selenide among. The
Polycrystalline Silicon segment is expected to lead the market during the
forecast period owing to affordable manufacturing process and use in varied
applications. The Copper Indium Gallium Selenide segment is expected to grow at
the highest CAGR during the forecast period
Competitive Landscape and Key Vendors:
Asia-pacific dominated
the global Photovoltaic Materials Market during the forecast period. A
significant rise in the initiatives taken by governments of China, India, and
Japan to promote the use of solar technology to reduce carbon footprint
supports the growth of the market in the region. Incentives provided by the governments
to the commercial sector industries using solar technology has resulted in high
demand of photovoltaic materials in the region. China leads the Asia-Pacific
Photovoltaic Materials market during the forecast period. Regions such as North
America and Europe export solar cells from Asia-Pacific, thereby supporting
market growth in the region. Increasing awareness regarding use of renewable
sources and green technologies augments the market growth in the region.
Leading global players are expanding their presence in developing nations of
India, Indonesia, and Malaysia to tap the growth opportunities offered by these
countries.
The well-known
companies profiled in the report include DuPont, Targray Technology
International, Inc, Shin-Etsu Chemicals Co., Ltd., Mitsubishi Material
Corporation, Hemlock Semiconductor Corporation LLC, Atecom Technology Co.,
Ltd., American Elements, Ferrotec Corporation, Topray Solar, Hangzhou First
Applied Material Co. Ltd., 1366 Technologies Inc., NovoPolymers NV among
others. These companies launch new products and collaborate with other market
leaders to innovate and launch new products to meet the increasing needs and
requirements of consumers.
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