Solar Photovoltaic Materials Market Driven by Steady Government Encouragement to Development of New Materials

The global solar photovoltaic materials market has been driven in recent years by the rising acknowledgment of our current environmental problems. Overuse of fossil fuels has been key to this growing realization, as the adverse effects of fossil fuels are not limited to the environment, but also extend to human health and have contributed to the rising prevalence of diseases such as asthma and other cardiovascular conditions across the world. Solar energy has been at the forefront of the resultant shift in the global energy sector, leading to the solar photovoltaic materials market gaining significant avenues of investment from both public and private entities.
The global solar photovoltaic materials market is likely to remain in the spotlight in the energy sector in the coming years due to the far-reaching impact of the market’s pricing dynamics. The choice of the material used in solar photovoltaic installations is important, as it affects the cost of constructing the unit as well as the efficiency of energy generation achieved through it. According to Transparency Market Research, the global solar photovoltaic materials market is expected to exhibit a robust 11.4% CAGR between 2016 and 2024. The market is thus likely to rise to a valuation of close to US$20 bn by the end of 2024.

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What are the leading materials in the solar photovoltaic materials market?
The global solar photovoltaic materials market is dominated by polycrystalline silicon at present. The dominance of polycrystalline silicon over monocrystalline silicon in photovoltaic installations is due to the cheaper cost of production of the former. The production process of polycrystalline silicon also doesn’t include the Czochralski process, which leads to significant amounts of silicon being wasted during the production of monocrystalline silicon solar photovoltaic modules. Even the relatively lower efficiency of solar photovoltaic units made from polycrystalline silicon hasn’t hindered its growing demand, as the lower efficiency can easily be compensated by utilizing a larger area of installation.
Other leading product segments of the global solar photovoltaic materials market are cadmium telluride and copper indium diselenide. Nevertheless, alternative solar photovoltaic materials are likely to remain popular in the coming years due to the steady support being given to the development of cheaper materials that can be used to solve the energy crises in poorer regions. In May 2017, researchers at Penn State University announced the development of a new solar photovoltaic model using indium gallium nitride as the semiconductor. While the modules can achieve energy generation efficiency of up to 17%, it’s their low costs that have made them important for the global solar photovoltaic materials market.
Also in May 2017, researchers at the Indian Institute of Technology in Roorkee initiated research into using anthocyanin, a naturally occurring pigment, as a solar energy absorbent, due to its widespread availability and easy acquisition process. Dye-sensitized cells, as the technology is known, is not a new step in the solar photovoltaic materials market, but could be rejuvenated due to the ready availability of funding to the sector at present. The discovery and subsequent research into the use of anthocyanin as a solar photovoltaic material is aimed primarily at reducing India’s considerable energy shortage issues. However, the ubiquitous presence of anthocyanin in a number of fruits could offer a reprieve to the solar energy sector in several emerging nations in Southeast Asia as well as Latin America.
What are the leading regional segments of the solar photovoltaic materials market?
Asia Pacific is likely to remain the leading contributor to the global solar photovoltaic materials market in the coming years due to the steady government support to the sector in dynamic economies such as India and China. The abundant availability of sunlight throughout the region is likely to remain the key driver for the Asia Pacific solar photovoltaic materials market in the coming years. Nevertheless, the rising acknowledgment of the need for solar power and the easy availability of technologically advanced products will enable steady growth of the North America solar photovoltaic materials market in the coming years.

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