Photovoltaic Materials Market–Market Overview
Globally, photovoltaic materials 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 photovoltaic 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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