Solar Photovoltaic Material Market Size, Share, Growth Report 2032

The global solar photovoltaic material market size was worth around USD 97.43 billion in 2023 and is predicted to grow to around USD 229.72 billion by 2032 with a compound annual growth rate (CAGR) of roughly 10.00% between 2024 and 2032.

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The report covers the forecast and analysis for the solar photovoltaic material market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

Solar Photovoltaic Material Market: Overview

Photovoltaic materials are used for the conversion of solar energy into the power generation. Photovoltaic power generation consists of solar panels which include a number of solar cells containing a photovoltaic material. Solar photovoltaic installations can be rooftop mounted or wall mounted and it can also be ground-mounted. Solar photovoltaic materials are available in two kinds which includes thin film and crystalline. Further, crystalline material is categorized into gallium arsenide and polycrystalline. Moreover, the thin film material is categorized into amorphous silicon, cadmium telluride, and copper indium diselenide. 

Rising concerns regarding the environmental issues owing to increase in the use of conventional energy sources lead to the increase in the acceptance of solar energy. Moreover, increasing greenhouse gas emissions leads to the rising demand for clean energy which in turn is bolstering the solar photovoltaic material market. In addition to this, with the increasing research and development activities for the innovation of new materials coupled with the low production price and power conversion effectiveness the growth of global solar photovoltaic materials market will grow during the forecast period. Furthermore, materials used in the solar photovoltaic system are found to be difficult in recycling or reusing which tends to cause a negative impact on the environment and hamper the market growth.

The study includes drivers and restraints for the solar photovoltaic material market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the solar photovoltaic material market on a global level.

In order to give the users of this report a comprehensive view of the solar photovoltaic material market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the technology, solar module, and the generation segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, technology portfolio of various companies according to the region.

Solar Photovoltaic Material Market: Segmentation

The study provides a decisive view of the solar photovoltaic material market by segmenting the market based on technology, solar module, generation, and regions. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024 to 2032.

On the basis of technology, the solar photovoltaic material market is bifurcated into concentrated solar power systems and photovoltaic cells. Further, the photovoltaic cells are categorized into organic and inorganic cells. Concentrated solar power systems are further categorized into parabolic troughs, solar power towers, and others.

Based on the solar module, the market is bifurcated into amorphous silicon cells, monocrystalline silicon cells, cadmium telluride silicon cells, polycrystalline silicon cells, and others. Moreover,

Based on the generation, the market is bifurcated into 1st, 2nd, and 3rd generation.

Solar Photovoltaic Material Market: Report Scope

Solar Photovoltaic Material Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This segmentation includes demand for solar photovoltaic material market based on all segments in all the regions and countries.

Regionally, Asia Pacific is estimated to be the strong contributor with a major revenue share to the global solar photovoltaic material market. China is anticipated to be the major dominating market in the Asia Pacific. The growth is attributed to the increasing demand for solar photovoltaic installations in the power production sector. Moreover, North America accounted for a considerable share in 2023. The region is anticipated to experience an escalating demand for the solar photovoltaic materials. The growth is accredited to growing photovoltaic installations in countries such as the U.S. and Canada. Additionally, an increasing number of companies manufacturing photovoltaic materials are projected to further boost the market growth in upcoming years. The Middle East & Africa, Latin America, and Europe are projected to grow at a steady pace in the market during the forecast timeline. 

Solar Photovoltaic Material Market: Competitive Analysis

Some of the strong players operating in the global solar photovoltaic material market are:

• Applied Materials Inc.
• Acciona Energia S.A.
• BASF SE
• Tata Power Solar
• Abengoa Solar S.A.
• Shin-Etu Chemicals Co. Ltd.
• Wuxi Suntech Power Co. Ltd.
• Wacker Chemie AG
• Bright source Energy Inc.
• Gintech Energy Corp.
• Kaneka Corp.
• Esolar Inc.
• Sunpower Corporation
• Canadian Solar Inc.
• Among others

 The global solar photovoltaic material market is segmented as follows:

Solar Photovoltaic Material Market: Technology Segment Analysis

• Concentrated Solar Power Systems (CSP)
• Photovoltaic Cells

Solar Photovoltaic Material Market: Application Segment Analysis

• Cadmium Telluride Silicon Cells
• Monocrystalline Silicon Cells
• Amorphous Silicon Cells
• Polycrystalline Silicon Cells
• Others

Solar Photovoltaic Material Market: Generation Segment Analysis

• 1st
• 2nd
• 3rd

Solar Photovoltaic Material Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa