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 . 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.
Geographically, Asia Pacific held the majority of the global market in 2015, accounting to 60% of total share. Furthermore, Asia Pacific is expected to sustain its dominating position owing to the growing trend of generating electricity from renewable sources and high demand for photovoltaic installation in the power industry. However, the North America market for solar photovoltaic materials is expected to showcase lucrative prospects, attributing by the growing environmental awareness in the region.
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.
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