The global solar photovoltaic (PV) materials Market is highly fragmented owing to the presence of a large pool of participants. Transparency Market Research (TMR) states that the top four players, namely Applied Materials Inc., BASF SE, Shin-Etu Chemicals Co. Ltd., and Wacker Chemie AG, contributed for a little more that 44% to the global market in 2015. However, the leading players are gaining significantly from their technical expertise and experience, making it difficult for small and new players to compete with them. Nevertheless, extensive advancement and continual innovations demonstrated by small companies are most likely to help them grow, and compete with international players.
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In the report, Transparency Market Research has estimated that from the valuation of US$7.55 bn in 2015, the global market for solar PV materials is expected to attain the value of US$19.60 bn by the end of 2024. This market is expected to expand and a healthy CAGR of 11.4% during the period 2016-2024.
Owing to Developing Commercial Sector, Asia Pacific Holds Dominant Share
Solar photovoltaic materials have a wide range of applications in the commercial and industrial sectors. The studies have shown that demand for solar photovoltaic exhibited by these sectors are most likely to bolster the growth in the global market of solar photovoltaic materials market. The increasing installation of solar PV in commercial buildings, such as hospitals, shopping complexes, malls, and airports to make them independent source for generating electricity, is expected enable the market witness growth at an increased pace. Owing to the aforementioned applications, the commercial sector is anticipated to emerge as the leading application area of solar PV materials over the forecast period.
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Growing Environmental Concerns to Benefit the Growth of Solar Photovoltaic Materials Market
The rising concerns regarding the environmental problems due to the increasing use conventional energy sources such as coal and oil are the key factors behind adoption of solar energy. The increasing carbon footprint and greenhouse gas emission are motivating consumers to demand for clean energy, in turn fuelling the demand for solar panel installations. The research activities undertaken to discover new materials with power conversion efficiency and low manufacturing cost are expected to bolster the global solar photovoltaic materials market in the near future. Furthermore, strict rules and regulations implemented by governments to reduce the carbon emission are benefiting this market, boosting its growth globally.