Environmental problems lead to the rise of solar photovoltaic market

Technology - Mohit Shah - Jun 19,2017

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environmental problems lead to the rise of solar photovoltaic market

The global solar photovoltaic material market is anticipated to rise at an impressive CAGR of 11.4% between 2016 and 2024.

In the current scenario, the increasing concerns regarding various environmental problems, specifically greenhouse gas emission and rising carbon footprint have become the main factors behind the growing demand for solar PV and other solar PV materials on the worldwide scale.

As per a recent report published by Market Research Reports Search Engine (MRRSE), the solar photovoltaic material market on the global level is expected to hike with a prominent CAGR of 11.4% between 2016 and 2024. If this pace retains, the concerned market will acquire a value of US$19.60 billion by the end of 2024.

The solar photovoltaic material sector is running on a positive path due to the research activities for the innovation and development of fresh materials with power conversion efficiency and low manufacturing cost. Considering more factors, the government stringent rules and regulations, growing investment in renewable energy generation, as well as reducing dependency on fossil fuels are expected to drive this market for solar photovoltaic substantially in the upcoming years.

The present market offers crystalline, polycrystalline, cadmium telluride, and copper indium diselenide varieties for solar PV materials. Among these, the requirement for polycrystalline is quite high and is expected to remain the same over the next few years. 

Considering the geographical expanse of the market, the Middle East and Africa, North America, Europe, Asia-Pacific and Latin America are known to be the prime markets for solar PV materials across the world. Also, in 2015, the Asia Pacific segment emerged to become the key contributor to the global market managing a share of nearly 60%. The popular manufacturers of solar PV include names like ASF SE, Hemlock Semiconductor Corp. LLC, Mitsubishi Material Corp., LDK Solar Co. Ltd., Wacker Chemie AG, Okmetic, Applied Materials Inc., Atecom Technology Co. Ltd., Shin-Etsu Chemicals Co. Ltd., Topsil GlobalWafers A/S, Targray Technology International Inc., and Silicor Materials Inc.

 

For more information on this report visit- http://www.mrrse.com/solar-photovoltaic-material-market