Pv Materials Market 2021 Size, Growth Analysis Report, Forecast to 2027
Photovoltaic
Materials Market–Market Overview
Globally, Pv
Market was valued at USD 15 billion in 2016 and is likely to reach USD 25
billion in 2022, expanding at CAGR of 8% between 2016 and 2022. This is
attributed to the growing concerns regarding depleting natural resource and
increasing carbon footprint has driven the innovation in the field of green
energy. On the backdrop of increasing pollution resulted from overutilization
of non-renewable energy sources the need for green source of energy is strongly
felt by the world. In addition to this, with rapid industrialization, emerging
economies in Asia Pacific, Latin America, and Africa are craving for energy.
Moreover, Paris Agreement, Marrakesh Treaty, and other climate pacts are
propelling the countries to adopt greener energy solutions. Additionally, with
rising awareness about green trends, the future will lie in technologies that
offer enhanced energy-efficient solutions at a low cost. Manufacturers who
offer products with optimum performance while remaining price-orientated will
be poised to gain substantial market share. However, the market will be
effected due to PV materials as they are most expensive form of renewable
energy today, the feedstock problem and technologically limitations of
crystalline cells. Owing to this the market will be hindered for the forecasted
period.
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Photovoltaic Materials Market- Competitive Landscape
The global pv materials is a rapidly growing market,
which consists of significant number of mature players. The market is primarily
driven by the technological advancements on part of leading players demand from
waste and water management, and landfill applications, along with substantial
use in building & construction industry, along with the rising
technological advancements in the field of Photovoltaic Materials. The market
consists of considerable number of tier 1 companies. Among them, DowDuPont,
Wacker Chemie, 1366 Engineering Technologies, Mitsubishi Materials, Merck are
leading overall production of the photovoltaic materials. They have substantial
contribution to the growth of the market during the review period. Almost all
of these market participants are primarily adopting the expansion of their
production capacities tactics to strengthen their market position and meet
rising demand for the photovoltaic cells. Growing construction industries, and
continuous collaborations and agreements between manufacturers, distributers,
and marketing firms, along with continuous R&D activities are protuberant
market forces operating in the market for the growth of the demand for
Photovoltaic Materials. Considering all these trends the global photovoltaic
materials market poised to witness considerable competition throughout the
forecast period of 2017-2022.
Industry/ Innovation/ Related News:
June 29, 2017– The
silicon wafer manufacturer 1366 Engineering Technologies has announced that the
Japan based IHI Corporation has completed the grid connection and begun
commercial operation of a 500 kW solar installation. This system is featuring
1366’s high performance wafers through its wholly-owned subsidiary IHI Plant
Construction Co., Ltd (IPC). According to their calculations, during its
lifespan, the array is expected to cut down approximately 9,500 metric tons of
CO2 from entering the atmosphere.
May 2, 2017- Mitsubishi
Materials Corporation (MMC), a conglomerate having expanse in over 29 countries
has acquired Luvata Special Products to further expand their global copper
processing business. Luvata Special Products has 12 sites in 7 countries across
the Americas, Europe and Asia and it is serving the automotive, energy,
healthcare, and science and manufacturing industries. Luvata Special Products
includes 12 locations in 7 countries across the Americas, Europe and Asia,
supplying solutions for the automotive, energy, healthcare, science and
manufacturing industries. This development is expected to propel the global
expansion of MMC's copper-processing business.
January 27, 2017- The University Institute for Advanced Materials Research
at the Universitat Jaume I (UJI) has participated in the European Project
called Sunflower. This project intends to develop less toxic organic
photovoltaic materials viable for industrial production. A consortium of 17
research and business institutions carried out this nanotechnology research
over four years. The achievement of solar cells with a good performance, low
cost and very interesting architectural characteristics. This is anticipated to
promote further research in photovoltaic cell with least carbon footprint
whatsoever.
June 29, 2016- Mitsubishi
Materials Corp has started operation of solar power plants with a total output
of about 8.3MW in Fukushima Prefecture. The power producer for the mega
(large-scale) solar power plants, Yabuki Solar Power Plant, is MM Sun Power, a
50-50 joint venture between Mitsubishi Materials and Mitsubishi UFJ Lease &
Finance Co Ltd. The Yabuki
Solar Power Plant consists of four solar power plants with the total site area
is 103,624 square meter, and the total output of solar panels installed at the
plants is 8.284MW. The plants transmit a total of 6.544MW of electricity to the
power grid.
April 18, 2016- Wacker Chemie AG has officially opened its new polysilicon
production site in the US State of Tennessee. This new site is the largest
single investment ever by WACKER. The investment is marked around US$ 2.5
billion.
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