The global solar photovoltaic (PV) materials market has gained significant momentum over the last few years. The rising concerns over various environmental problems, especially greenhouse gas emission and the increasing carbon footprint, have surfaced as the main factor behind the growing demand for solar PV and, consequently, solar PV materials across the world. The research activities for the innovation and development of new materials with low manufacturing cost and power conversion efficiency is increasing at a faster rate.
Going forward, the government stringent rules and regulations, increasing investment in renewable energy generation, and the reducing dependency on fossil fuels are anticipated to drive this market substantially in the years to come. The opportunity in this market was US$7.55 bn in 2015. Rising at a healthy CAGR of 11.4% between 2016 and 2024, it is anticipated to reach US$19.60 bn by the end of 2024.