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Photovoltaic Materials Market Set To See Strong Growth by 2024

Author : Rahul Varpe | Published Date : 2019-03-28 

Photovoltaic materials market can be segmented into polycrystalline silicon, monocrystalline silicon, amorphous silicon, copper indium gallium selenide, cadmium telluride, crystalline silicon, and copper solar cables. Crystalline silicon was the leading semiconducting material; these cells help to generate solar power from sunlight.

Polysilicon is likely to grow at high rate as it is used as a raw material in the majority of solar energy applications owing to its semiconductor-like material properties. It is an initial manufacturing process of silicon based photovoltaic materials systems.
 
Amorphous silicon is the non-crystalline silicon form, used in solar cells or thin-film solar cells. This material is expected to grow at a negligible rate owing to tough competition from conventional crystalline silicon materials and thin-film technologies such as copper indium gallium selenide and cadmium telluride.

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Copper indium gallium selenide is a semiconductor material used for CIGS solar cells, a thin-film technology. This segment is likely to witness significant growth as it produces light-weight and highly flexible solar panel. Copper solar cables connect arrays, modules and sub-fields; increasing clean and renewable energy technology trend is likely to positively drive this PV materials segment.

Photovoltaic Materials Market size was over 38 GW in 2015. Renewable energy market trends are expected to witness shift towards off-grid installations in some regions, where a large percentage of the population has limited access to a national grid.
 
Initial expenditure during installation is expected to be a restraint for industry growth. However, low maintenance and operating cost in long term is likely to drive growth. Reduction in raw material prices is anticipated to hamper PV materials market price trend.
 
Asia Pacific was the largest contributor to the photovoltaic market in 2015 and is likely to grow at a high rate owing to the presence of key industry players and rise in population. Germany and UK are anticipated to be the key contributing countries in Europe PV materials market size due to the government policies and support pertaining to renewable energy sources.

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Photovoltaic Materials Market share is comprised of DuPont, 1366 Technologies, Bandgap Engineering, Sinovia Technologies, SolarBuyer, Polyrise, Natcore, Targray, Ferrotec, Applied Materials, and Cencorp.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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