The Asia-Pacific Solar Photovoltaic Materials market is projected to grow at a CAGR of around 10.2% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major factors supporting the growth of the market included the introduction of a large number of solar power plants across the countries like India, China, Japan, etc. These projects have been escalating the need for solar photovoltaic materials during the historical years, mainly to develop solar power generating systems. Governments across Asia-Pacific countries are highly investing in solar power generation plants, majorly to reduce their reliance on fossil-based energy sources.
Further, owing to the continuous exhaustion of fossil fuels, governments across these countries have been introducing regulations & policies over the past few years to escalate the shift toward renewable energy generation, including solar energy. For instance, in 2022, the Indian government announced the installation of 100 GW grid-connected solar power plants by the end of the year in order to achieve its plan to become a global leader in solar energy.
Furthermore, solar energy is comparatively quite cheaper in comparison to the other conventional energy source, which further advances its adoption across the region. This has led to the enhanced installation of solar energy power generation systems across residential & commercial sectors in countries like India & China during the past few years. Moreover, with the amplified number of solar energy projects coupled with their escalating adoption in residential & commercial sectors, the demand for solar photovoltaic materials has intensified in the region during 2018-2022.
Additionally, there have also been several upcoming solar energy projects across the countries like Thailand, Indonesia, etc., which are expected to begin construction & initiation operations in the future years. These projects would further create an opportunity for market growth in the following years by augmenting the demand for photovoltaic materials, further states the research report, “Asia-Pacific Solar Photovoltaic Materials Market Analysis, 2023.”
Multi-busbar Solar Photovoltaic Materials to Hold the Lion’s Share of the Market
Based on the technology segment, the market is further bifurcated into, Half-Cell (HC) Technology, Multi-Busbar (MBB) Technology, Bifacial Technology, Passivated Emitter and Rear Cell (PERC) technology, and Others (Tiling Ribbon Technology, N-Type Technology, etc.). Among them, Multi-Busbar technology dominated the market during historical yeas, as they are frequently utilised throughout solar parks, which enhanced as a result of the installation of more large-scale solar projects.
Additionally, multi-Busbar technology has gained popularity among solar power plant establishments since it has been discovered to improve solar module efficiency by reducing resistance losses inside the solar module. Also, it provided greater conductivity, allowed for a reduction in the likelihood of microcracks inside the cells, and increased the module's durability over time, which augmented its demand from 2018 to 2022.
China Dominated the Asia-Pacific Solar Photovoltaic Materials Market
Geographically, China gained a majority of share of the Asia-Pacific Solar Photovoltaic Materials market during the historical years, owing to the presence of major industry players across the region. In China, the government has been highly focused on the energy transition toward solar energy, as it has been constantly introducing solar projects like floating solar power plants. These projects have supported the enhanced demand for solar photovoltaic materials across the country during the upcoming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Jinko Solar, Trina Solar, BASF SE, DuPont, Shin-Etsu Chemical Co. Ltd, Ferrotech Corporation, Wacker Chemie AG, Okemetic, GCL-Poly Energy Holdings Ltd., Motech Industries Inc., Lanco Solar, Great Solar Materials, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report