Global Photovoltaic (PV) Materials Market Forecast Report 2022-2027 – Focus on Monocrystalline Silicon, Polycrystalline Silicon, Amorphous Silicon, Gallium Arsenide, Cadmium Telluride

DUBLIN, May 18, 2022–(BUSINESS WIRE)–The “Photovoltaic (PV) Materials Market – Forecast 2022 to 2027” report has been added to from offer.

The photovoltaic materials market was valued at US$20.721 billion in 2020 and is expected to grow at a CAGR of 10.23% during the forecast period to reach a total market size of US$40.979 billion by 2027 .

Growing environmental concerns such as climate change and global warming are propelling the growth of solar and wind energy. The durability and limitless potential of solar energy, coupled with advances in technology, make it a sustainable and viable source of energy to meet our growing energy needs in the future.

Additionally, recent advances in raw materials and technology have boosted the solar industry, sparking interest in photovoltaic materials. By 2050, solar photovoltaic will be the second source of energy in the world, behind wind power, and will revolutionize the global electricity sector. Globally, solar PV would produce a quarter of the world’s electricity needs (25% by 2050), making it an important source in the future. Over the next ten years, solar photovoltaic capacity is expected to increase nearly sixfold, peaking at 480 GW in 2018 and falling to 2,840 GW by 2030, followed by 8,519 GW by 2050 – nearly 18 times the quantity produced in 2018.

In 2050, photovoltaic solar energy would be dominant in Asia (mainly in China), with more than 50% of the world’s installed capacity, followed by North America (20%) and Europe (10%). Renewable technologies such as solar photovoltaic have been pioneers over the centuries. By 2018, solar PV systems had reached 480 GW globally, ranking second behind wind as a source of electric power. According to these estimates, such projects should have a dazzling impact on the photovoltaic equipment market.

The market for photovoltaic materials is mainly driven by the growing attention to cleaner energy technologies. In addition, strict government policy against fossil fuel emissions along with encouraging government policies to boost renewable energy are encouraging an increase in demand for PV equipment.

Solar energy has unlimited growth potential and continuous technological advancements will drive the growth of the industry. Currently, nearly 12,000 large-scale solar projects are listed, generating more than 166 GW of power in the United States. To support smart renewable energy and grid modernization projects, the Government of Canada launched a $964 million program in 2021.

Growth factor:

Supportive government policies and initiatives

Various governments around the world are constantly formulating policies to make grid connections practical for PV projects. Chinese, Canadian, American and French companies are promoting the use of solar energy. In July 2018, Canada, for example, launched the Climate Action Incentive Fund (CAIF), a C$150 million incentive program aimed at addressing climate change.

The program allows companies to receive grants for renewable energy projects, including solar projects, up to 25% of project costs, and grants ranging from $20,000 to $250,000. The photovoltaic materials market is expected to grow due to government initiatives and policies over the forecast period. According to the Institute for Energy Economics and Financial Analysis (IEEFA) at the University of California, Irvine, India has five of the top 10 upcoming solar projects in the world.

Additionally, China accounted for 32% of total global investment, followed by Europe at 21%, the United States at 17%, and Asia-Pacific (other than China and India) at 15%. The Middle East and Africa had a 5% share of small regions, the Americas (excluding the United States) had a 3% share, and Brazil had a 1% share. (Source:

Photovoltaic cells are used by private companies in the region to increase their efficiency. The Dutch construction company Vorm, for example, is building a solar module factory with a capacity of 300 MW. In Denmark, the Spanish energy company Powertis SA plans to develop more than 150 MW of solar photovoltaic (PV) projects. Therefore, numerous solar energy projects currently being planned and constructed are expected to positively influence the outlook for the photovoltaic materials market.


Highly qualified professionals are needed

There is a wide diversity of professional roles within photovoltaic installations, ranging from R&D scientists working to PhDs. levels to technicians who must be fully certified and trained to a host of other professionals who support all aspects of the industry.

This new technology cannot be implemented in the industry without enough experienced installers. In the photovoltaic sector, one of the most important challenges has been to find a qualified workforce. During technology development, end users need recognized standards, quality assurance, and skill certification throughout the development process.

COVID-19 Overview:

COVID-19 is expected to negatively impact the PV market in 2020. Several prominent governments have declared lockdowns to prevent the spread of COVID-19. The lockdown has significantly affected manufacturing activities. The Chinese government, for example, announced a COVID-19 lockdown in 2020.

Due to the majority of photovoltaic modules produced in China, the production and supply chain has been greatly affected. Chinese manufacturing capacity has been severely disrupted by the lockdown, as major shipping lines have stopped shipping containers from Chinese ports and transporting goods overseas.

Main topics covered:





4.1. Market factors

4.2. Market constraints

4.3. Analysis of the five forces of carriers

4.4. Industry Value Chain Analysis


5.1. Introduction

5.2. monocrystalline silicon

5.3. polycrystalline silicon

5.4. Amorphous silicon

5.5. Gallium arsenide

5.6. Cadmium telluride

5.7. Others


6.1. Introduction

6.2. Residential

6.3. Commercial

6.4. Industrial


7.1. Introduction

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Others

7.4. Europe

7.4.1. Germany

7.4.2. France

7.4.3. UK

7.4.4. Others

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Israel

7.5.4. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. India

7.6.3. South Korea

7.6.4. Japan

7.6.5. Others


8.1. Key Players and Strategic Analysis

8.2. Emerging players and market profitability

8.3. Mergers, acquisitions, agreements and collaborations

8.4. Supplier Competitiveness Matrix


9.1. Targray

9.2. Topsil Global Wafers A/S


9.4. Du Pont

9.5. Wacker Chemie AG

9.6. Hemlock Semiconductor Operations LLC

9.7. Shin-Etsu Chemical Co., Ltd.

For more information on this report, visit

See the source version on

Laura Wood, Senior Press Officer
[email protected]
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900

Comments are closed.