Solar Panel Materials Market: Overview
Demand for renewable sources of power such as solar, wind, wave, and geothermal energy has been rising at a rapid pace. Solar power has been a key area of interest for several investors in the renewable energy sector. Investments in solar power are being driven by government support and rise in demand for zero emission electricity generation. Once installed, solar panels produce zero emissions as they convert sunlight directly into energy via the photovoltaic effect, bypassing the turbine system found in every other commercial energy source. Solar has entered the mainstream as the cheapest energy source in the world. Solar power has become competitive with traditional power options after the decrease in prices of solar PV cells after 2016.
Solar Panel Materials Market: Drivers & Restraints
Demand for solar panel materials is driven by the rise in investments in the solar power industry. Increasing number of new players are delivering components and systems for solar power plants. Year-on-year rise in installed capacity of solar PV and concentrated solar power is expected to drive the demand for solar panel materials in the near future. According to Vision 2020 program of the U.S. and China, the share of solar energy in the overall energy-mix is expected to increase by 2020. This is anticipated to boost the demand for solar panel materials market during the forecast period.
Solar Panel Materials Market: Key Segments
The solar panel materials market can be segmented based on type, material, application, and region. In terms of type, the solar panel materials market can be bifurcated into solar photovoltaic (PV) and concentrated solar power (CSP). Based on material, the global solar panel materials market can be segregated into monocrystalline, poly-crystalline, thin-film, and others. The thin-film segment can be further divided into amorphous silicon, cadmium telluride, copper indium gallium selenide, and organic photovoltaic cells. Monocrystalline solar cells are made out of silicon ingots, which are cylindrical in shape. These solar cells consist of multiple layers; each of these can absorb different wavelengths of light compared to a mono-crystalline silicon, which is the commonly used material for panels. The overall efficiency of solar panels goes hand-in-hand with solar panel material purity. However, processes used to enhance the purity of silicon are expensive. In polysilicone, raw silicon is melted and poured into a square mold, which is cooled and cut into perfectly square wafers. Depositing one or several thin layers of photovoltaic materials onto a substrate is the basic gist of how thin-film solar cells are manufactured. In terms of application, the solar panel materials market can be categorized into back sheet, front sheet, encapsulate, and others.
Solar Panel Materials Market: Regional Outlook
Based on region, North America holds major share of the global solar panel materials market. The U.S. has moved into one of the top positions in terms of investments in renewable energy. However, China is ahead of the U.S. in terms of total cumulative installed solar capacity and annual installations. Rise in deployment of solar panels in countries in Asia Pacific such as China and India is being fueled by the governments’ plan to expand the capacity of solar plants. Utilities and companies are estimated to continue to explore the ways to improve the economics of solar through grid enhancements. Brazil’s renewable energy target by 2030 focusses on non-hydro renewable generation. This is likely to boost investments in the solar power business in the next few years.
Solar Panel Materials Market: Key Players
Key players operating in the global solar panel materials market include Du Pont, Honeywell, Ferrotec (USA) Corporation, Wacker Chemie AG, and Tata Power Solar.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.