The term “photovoltaic” comes from the process of converting photons (light) into voltage (electricity), generally known as the PV Effect. Photovoltaics help generate electric power with the help of solar panels made of solar cells containing photovoltaic materials that convert solar energy into a flow of electrons using PV effect. Previously, solar cells were made from silicon; however, the new generation solar cells are made from a variety of new materials including conductive plastic, solar dyes, and solar inks. Solar PV technology is gaining popularity over the past few years and is witnessing high adoption rates in utility, commercial, and residential applications due to low cost and high efficiency.
High Demand for Solar Heating Systems to Fuel Residential Sector :
PV materials find applications in utility, non-residential, and residential segments. The utility sector accounted for the largest share in the past and is projected to expand further over the next few years. Rising focus on renewable energy along with government efforts to decrease carbon emissions were the major factors responsible for the growth of this segment.
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However, the residential segment is likely to be the fastest-growing application sector from 2017 to 2025 on account of increasing number of residential solar installations. Moreover, attractive incentive programs by various governments and electricity boards across the globe on installation of solar systems are also expected to augment the segment growth in near future. Additionally, increased consumer disposable incomes in various developing regions of the world including countries like China and India are also likely to fuel the demand over the next few years.
Market Overview:
According to a research report by Grand View Research, Inc.; the global photovoltaic (PV) materials market is expected to reach around USD 36 billion by 2025. Government initiatives focusing on increasing the share of renewable energy in the annual power generation are expected to positively affect the market growth in forthcoming years. Key companies in this market are E. I. du Pont de Nemours and Company; Wacker Chemie AG; Honeywell International Inc.; Mitsubishi Materials Corp.; and Targray Technology International Inc.
Introduction of new products and manufacturing technologies is the key business strategy undertaken by most market players. For example, The EU-funded SOLNOWAT project has come up with one such economical and dry process for PV solar cell production. The new process replaces the inefficient and costly wet chemical method with the atmospheric pressure dry etching technology minimizing the overall costs and speeding up the production.
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