Photovoltaic Materials Market Report and Forecast 2025-2034

The global photovoltaic materials market stood at a value of around USD 31.77 Billion in 2024. The market is further expected to grow at a CAGR of 14.00% in the forecast period of 2025-2034 to attain a value of around USD 117.78 Billion by 2034.

Residential Segment to Occupy a Substantial Market Share of the Global Photovoltaic Materials Industry

Based on application, the residential segment is predicted to account for a significant market share in the photovoltaic materials industry. This increase can be attributed to the increased adoption of photovoltaic cells in the residential sector. The decreasing price of photovoltaic cells is a major factor contributing to the increased demand. The consumers are exceedingly adopting solar energy to meet their household electricity demands by installing photovoltaic cells on their rooftops. Moreover, many government initiatives offering tax rebates to PV cell users are further increasing its popularity among consumers. In addition, the growing consciousness pertaining to the environment is also driving consumers to increasingly invest in sustainable energy mechanisms. These aspects are predicted to bolster the market in the coming years.

The Asia-Pacific to Account for a Considerable Market Share in the Global Photovoltaic Materials Industry

The Asia-Pacific is estimated to hold a substantial share of the photovoltaic materials industry in the forecast period. This growth can be attributed to the growing investments in sustainable energy generation by the governments in the region. In addition, the rising disposable income levels, improved standards of living, and the prospering public infrastructure such as the development of smart and green cities are also significant factors propelling the industry growth. According to the statistics provided by the International Renewable Energy Agency, the Asia-Pacific, especially China, is predicted to dominate the solar PV market in terms of installation capacity, which is expected to grow beyond 50% by 2050.

Photovoltaic Materials: Market Segmentation

Photovoltaics is an emerging sustainable energy generation mechanism that is increasingly gaining prominence around the world. It refers to the conversion of solar energy into electricity with the help of photovoltaic materials, that is, semiconducting materials, which help to absorb the energy and transfer it to negatively charged particles known as electrons. Thus, the system charges the electrons to flow through the material in the form of an electric current extracted by the conductive metals, which further powers the electric grid, providing electricity to various electronic and electrical devices.

Market Breakup by Material

• Polycrystalline Silicon
• Monocrystalline Silicon
• Cadmium Telluride
• Copper Indium Gallium Selenide (CIGS)
• Others

Market Breakup by Product

• Front Sheet
• Encapsulant
• Back Sheet
• Others

Market Breakup by Application

• Utility
• Residential
• Non-Residential

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Increased Investments in Sustainable Energy Generation to Augment the Growth of the Global Photovoltaic Materials Industry

With the rising eco-consciousness worldwide, fuelled by the rapidly increasing pollution levels, consumers are steadily investing in renewable energy resources. At the same time, governments are investing in the development of sustainable energy generation plants and the deployment of renewable energy across industries to reduce carbon emissions. In addition, technological innovations such as tandem and perovskite technologies are enhancing the efficiency of traditional silicon solar cells. Moreover, new cell structure architecture such as passive emitter and rear cells are increasingly being adopted, as they are compatible with emerging technological innovations such as half-cut cells. Furthermore, growing investments in the research and development of prototypes of advanced PV cells in order to increase their capacity as well as utility are estimated to boost the industry growth in the forecast period.

Key Industry Players in the Global Photovoltaic Materials Market

The report gives a detailed analysis of the following key players in the global photovoltaic materials market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• DuPont de Nemours, Inc.
• American Elements Corporation
• Merck KGaA
• NovoPolymers NV
• Hangzhou First Applied Material Co., Ltd.
• Others

The comprehensive report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.