Photovoltaic Materials Market To Reach $104.31 Billion By 2030

Photovoltaic Materials Market Growth & Trends

The global photovoltaic materials market size is expected to reach USD 104.31 billion in 2030 and is projected to grow at a CAGR of 7.9% from 2024 to 2030. The growing PV installations coupled with rise in module manufacturing facilities in Asia Pacific is driving market demand.

The demand for photovoltaic materials is the highest in the construction of solar cell. The growing number of PV projects commissioned by the government is boosting the consumption. The government incentive offered on building integrated photovoltaics is expected to further augment market demand.

Asia Pacific accounted for the maximum market share owing to the presence of a large number of module manufacturers in China and India. The slowdown in the Chinese manufacturing sector due to sanctions imposed by the government is expected to force module manufacturers to turn towards other developing countries. The growing exports of solar cells from Asia Pacific to North America and Europe are expected to have a positive impact on market demand.

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Photovoltaic Materials Market Report Highlights

• Crystalline materials dominated the market with a revenue share of 82.3% in 2023

• Silicon-based photovoltaic materials held the highest market share in 2023. This is owing to the higher efficiency rates, durability, and cost-effectiveness of these materials

• The commercial and industrial sector accounted for a leading revenue share in 2023. This is owing to the increasing adoption of solar energy solutions by businesses and organizations seeking to reduce energy costs and carbon emissions.

• The utility sector is expected to register the fastest CAGR during the forecast period. This is attributed to the rapid expansion of large-scale solar energy projects and the increasing adoption of solar power as a primary source of electricity generation

• Asia Pacific dominated the global market with a revenue share of 53.9% in 2023

Photovoltaic Materials Market Segmentation

Grand View Research has segmented the global photovoltaic materials market report based on type, material, end use, and region

Photovoltaic Materials Type Outlook (Revenue, USD Million, 2018 - 2030) 

• Thin Film

• Crystalline Materials

• Others

Photovoltaic Materials Outlook (Revenue, USD Million, 2018 - 2030) 

• Silicon-based

• Non-Silicon based

Photovoltaic Materials End Use Outlook (Revenue, USD Million, 2018 - 2030) 

• Residential

• Commercial & Industrial

• Utility

Photovoltaic Materials Regional Outlook (Revenue, USD Million, 2018 - 2030) 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • Japan

  • India

  • China

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in Photovoltaic Materials Market

• Wacker Chemie AG

• DuPont

• Honeywell International Inc.

• COVEME s.p.a.

• Mitsubishi Materials Corporation

• Targray

• HANGZHOU FIRST APPLIED MATERIAL CO.,LTD.

• Ferrotec Holdings Corporation

• Jinko Solar

• SunPower Corporation