Renewable energy sources are now finding a firm footing in many applications that were hitherto almost entirely reliant on conventional fuels. Some of these applications are space heating, electricity generation, off-grid energy, and vehicles. This gradual but unmistakable shift has set the demand for advanced materials and devices for renewable energy rolling. Although the advanced material mix today is characterized by the dominance of photovoltaics, wide scope is now developing for the introduction of other varieties of advanced materials and devices for renewables. Sophisticated forms of composites, elastomers, polymers, powder metals, high-temp alloys, and thin films currently constitute much of the advanced materials and devices market for the renewable energy industry.
Transparency Market Research projects that advanced materials and devices for renewable energy will post steady gains in terms of both value and sales. In terms of revenue, the market is expected to log a high single-digit CAGR from 2016 to 2024, which is the forecast period of the report. The report studies the factors that that will bring about this change and then goes on to provide recommendations regarding how to harness the potential opportunities that lie beneath the surface of these factors. By studying regional and national markets to study the current trends defining advanced materials, the report presents a specific yet unified assessment of the advanced materials and devices market for renewable energy.
Demand for advanced materials and devices for the renewable energy industry will largely be driven by the shrinking fossil fuel reserves and mounting government pressure on commercial entities to add renewables to their energy mix. Although currently, it is the traditional markets in North America and Europe that stand as the leading consumers of renewable energy, and indirectly, advanced devices and materials for renewables, emerging markets are catching on rapidly. Nevertheless, through the forecast period of this report, it will be difficult to see developing economies steal a march over their developed counterparts.
Recognized as hubs of renewable energy innovation, several Nordic countries are expected to generate high-value opportunities for companies in the global market for advanced materials and devices for renewable energy. The already strong presence of renewables in the energy mix of developed countries will further aid this growth. It is thus expected that the growth of some national markets within the advanced materials and devices for renewable energy will be higher than the global market.
A remunerative opportunity in the advanced materials and devices for renewable energy market lies in exploring materials beyond photovoltaics. Although solar cells will continue to remain one of the most promising product segments in the global advanced materials and devices for renewable energy, the demand for composites, elastomers, and high-temperature alloys is also projected to post strong gains.
This report describes and analyzes the main manufacturers, suppliers, and buyers of advanced materials and devices for renewable energy. The advanced materials being commercially developed by these companies, along with their development status, are assessed in the report. The most important companies in the advanced materials and devices for renewable energy market are profiled in the report. Currently, the market is dominated by The Boeing Company, Antec Solar Energy Ag, Conergy AG Daystar Technologies Inc., BP Solar International LLC, Evergreen Solar, Kyocera Solar Inc., Dow Corning Corp., G24 Innovations Ltd., First Solar LLC, Konarka Technologies Inc., Marine Panasonic Electric Works Ltd, and Nanosolar Inc.
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