New York, NY 18 Nov 2019 :
According to a new report published by Polaris Market Research the worldwide
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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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 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.
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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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