Solar Panel Materials Market: Overview
Demand for renewable sources of power such as solar, wind, wave, and geothermal energy has been rising at a rapid pace. Solar power has been a key area of interest for several investors in the renewable energy sector. Investments in solar power are being driven by government support and rise in demand for zero emission electricity generation. Once installed, solar panels produce zero emissions as they convert sunlight directly into energy via the photovoltaic effect, bypassing the turbine system found in every other commercial energy source. Solar has entered the mainstream as the cheapest energy source in the world. Solar power has become competitive with traditional power options after the decrease in prices of solar PV cells after 2016.
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Solar Panel Materials Market: Drivers & Restraints
Demand for solar panel materials is driven by the rise in investments in the solar power industry. Increasing number of new players are delivering components and systems for solar power plants. Year-on-year rise in installed capacity of solar PV and concentrated solar power is expected to drive the demand for solar panel materials in the near future. According to Vision 2020 program of the U.S. and China, the share of solar energy in the overall energy-mix is expected to increase by 2020. This is anticipated to boost the demand for solar panel materials market during the forecast period.
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Solar Panel Materials Market: Key Segments
The solar panel materials market can be segmented based on type, material, application, and region. In terms of type, the solar panel materials market can be bifurcated into solar photovoltaic (PV) and concentrated solar power (CSP). Based on material, the global solar panel materials market can be segregated into monocrystalline, poly-crystalline, thin-film, and others. The thin-film segment can be further divided into amorphous silicon, cadmium telluride, copper indium gallium selenide, and organic photovoltaic cells. Monocrystalline solar cells are made out of silicon ingots, which are cylindrical in shape. These solar cells consist of multiple layers; each of these can absorb different wavelengths of light compared to a mono-crystalline silicon, which is the commonly used material for panels. The overall efficiency of solar panels goes hand-in-hand with solar panel material purity. However, processes used to enhance the purity of silicon are expensive. In polysilicone, raw silicon is melted and poured into a square mold, which is cooled and cut into perfectly square wafers. Depositing one or several thin layers of photovoltaic materials onto a substrate is the basic gist of how thin-film solar cells are manufactured. In terms of application, the solar panel materials market can be categorized into back sheet, front sheet, encapsulate, and others.
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Solar Panel Materials Market: Regional Outlook
Based on region, North America holds major share of the global solar panel materials market. The U.S. has moved into one of the top positions in terms of investments in renewable energy. However, China is ahead of the U.S. in terms of total cumulative installed solar capacity and annual installations. Rise in deployment of solar panels in countries in Asia Pacific such as China and India is being fueled by the governments’ plan to expand the capacity of solar plants. Utilities and companies are estimated to continue to explore the ways to improve the economics of solar through grid enhancements. Brazil’s renewable energy target by 2030 focusses on non-hydro renewable generation. This is likely to boost investments in the solar power business in the next few years.
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Solar Panel Materials Market: Key Players
Key players operating in the global solar panel materials market include Du Pont, Honeywell, Ferrotec (USA) Corporation, Wacker Chemie AG, and Tata Power Solar.
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