Solar PV (Photovoltaic Cells) are produced by integrating numerous raw materials such as silicon, front sheets, encapsulants, etc., which are critical for the manufacturing of solar energy. These respective materials are used for the manufacturing of solar panels, which are used for solar power generation & are considered solar PV materials.
Market Insights & Analysis: Asia-Pacific Solar Photovoltaic Materials Market (2023-28)
The Asia-Pacific Solar Photovoltaic Materials market is projected to grow at a CAGR of around 10.2% during the forecast period, i.e., 2023-28. The factor attributed to the growth is the higher demand for solar cells from the residential & commercial sectors. This increased demand has been supported by rising electricity prices, the decline in the electricity generation cost of solar power, enhanced support by the respective government in the countries, etc.
With the solar power sector focusing on the reduction of the cost involved in the manufacturing of solar panels, the expense of electricity generation from the same has significantly reduced during the past few years. This has made solar power generation highly competitive with the cost of other conventional power sources.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Country Covered||China, India, Japan, South Korea, Australia, Southeast Asia, Rest of the Asia-Pacific|
|Key Companies Profiled||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, Others|
|Unit Denominations||USD Million/Billion|
In line with the declining cost of solar power generation, many large-scale projects have been implemented in the historical years in the Asia-Pacific region to promote the demand for solar panels on a large scale, thereby supporting the growth of the market in the region. For instance:
Henceforth, the declining cost of solar power, coupled with a higher inclination of power companies to install large-scale solar plants, has been significantly upscaling the growth of the Asia-Pacific Solar Photovoltaic Materials market during 2018-2022. Further, with the growing inclination towards the usage of solar power for electricity generation, especially among governments across China, India, etc., it is expected that additional large-scale solar power plants would be deployed in the region, thereby promoting the solar modules & solar photovoltaic materials demand in the Asia-Pacific region during the forthcoming period.
Asia-Pacific Solar Photovoltaic Materials Market Key Driver:
Growing Focus on the Solar Power Projects to Fuel the Demand - Asia-Pacific region is witnessing a rapid increase in urban population, with a noticeable number of people migrating from sub-urban to urban places. This upsurge in urbanization & industrialization has led to a rise in the demand for electricity, for which the region has been dominantly dependent on fossil fuels such as coal, petroleum, natural gas, etc. Further, fossil fuel resources are severely exhausted during the past few years, which has been encouraging governments across different countries of the region to shift towards a renewable source of energy. Hence, to cope with the challenges & meet the carbon-neutrality targets of both the public & private sectors, the proclivity towards sustainable sources of energy has grown. This has resulted in the deployment of many large-scale solar power projects, subsequently enhancing the demand for solar photovoltaic panels on a large scale during 2018-2022.
Furthermore, with the advancing development in the urban areas of countries like India, China, Australia, etc., the electricity demand is expected to be enhanced exponentially in the coming years, which would stress the need for expanding power generation infrastructure. Hence, various significant solar power projects are lined up to construct & commence operations in the forecasted years, which would boost the growth of the Solar Photovoltaic materials market in the Asia-Pacific during 2023-2028.
Asia-Pacific Solar Photovoltaic Materials Market Possible Restraint:
Variability in Solar Energy Production Due to Intermittency of Resources - In the Asia-Pacific region, the major factor affecting the growth of photovoltaic materials during the historical years is the unavailability of continuous solar energy sources in countries like Japan, South Korea, etc. As the functioning of photovoltaic materials is entirely dependent on the availability of solar power source, i.e., sunlight, extreme weather conditions such as clouds or storms has been affecting the process. The unavailability of proper sunlight affects the overall cost-effectiveness of solar power plants. Henceforth, countries with intermittent availability of sunlight have been observed to avoid the installation of solar energy power plants, which has been negatively affecting the Solar Photovoltaic Materials market during the past few years.
Further, the unavailability of sunlight at times like night, or other extreme weather conditions, including clouds or storms, can be addressed by installing energy storage systems, which would add up to the overall installation cost of the solar power generation systems. Subsequently, in areas like Japan, South Korea, or hilly regions of countries with higher precipitation, which have lower availability of solar energy, the market is anticipated to witness negligible growth in the forecasted years.
Asia-Pacific Solar Photovoltaic Materials Market Growth Opportunity:
Enhanced Investments Toward Solar Energy Generation in Southeast Asian Economies - Southeast Asian countries are some of the major growth hotspots to adopt solar energy in upcoming years for their smooth transition toward sustainable power production. This increased investment in developing solar power plants would also create an opportunity for the growing demand for solar photovoltaic materials in the future. Also, many countries, such as Singapore, Vietnam, Indonesia, Thailand, etc., have earmarked a sizeable rise in investments to enhance their renewable energy production & add solar power plants to electricity generation. For instance,
Consequently, the growing focus of the public & private entities on solar power projects and their enhanced investments to commence the construction is expected to amplify the demand for solar photovoltaic materials in the region during the coming years.
Asia-Pacific Solar Photovoltaic Materials Market Key Trend:
Development of Floating Solar Power Plants to Amplify the Demand for Solar Photovoltaic Materials - With the enhanced inclination toward efficient use of space, the governments of countries like India, China, etc., have been focusing on developing floating solar power plants in recent years. Floating solar power plants have been observed to support the conservation of land resources & also allow the efficient utilization of water bodies across the region. In addition, floating solar farms have been gaining traction in recent years, as it has been observed to produce solar energy more efficiently owing to the cooling effect provided by the water under the farm. Moreover, the governments of Asia-Pacific countries have been highly inclined toward installing solar power plants during the past few years, which has been upscaling the demand for solar photovoltaic materials used across these plants. For instance,
Therefore, the development of floating solar power plants across different Asia-Pacific countries, coupled with an enhanced inclination of governments to set up these plants owing to their high efficiency, is anticipated to uplift the demand for solar photovoltaic materials in the forecasted years as well.
Asia-Pacific Solar Photovoltaic Materials Market (2023-28): Segmentation Analysis
The Asia-Pacific Solar Photovoltaic Materials Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Material, and Technology the market has been further classified as:
Based on Material:
Of all, Polycrystalline Silicon has taken the lead during the historical period, as the market's applications for this category are very diverse & are widely employed across the industrial, residential, and commercial sectors. In addition, polycrystalline PV is highly cost-effective compared to the newly emerged PV materials, owing to which it has been experiencing high demand across the Asia-Pacific region.
Besides, the Monocrystalline Silicon PV materials are anticipated to witness enhanced demand in the forecasted years, owing to their rising demand across the residential segment. It was mainly because the Monocrystalline Silicon PV materials are very efficient & would be integrated with various newly emerged technologies, including bifacial solar panels & perovskite solar cells.
Based on Technology:
Among them, Multi-busbar Technology received a heightened demand during the historical years owing to the installation of an increased number of large-scale solar projects as they are usually used across the solar parks. The technology has been preferred among solar power plant establishments as by lowering resistance losses inside the solar module, multi-busbar technology is proven to increase the efficiency of solar modules. Moreover, it offered improved conductivity & allowed to lower the possibility of microcracks inside the cells & has been enhancing the module's long-term longevity, which further improved its demand during 2018-22.
Besides, the Half-cell Technology also experienced growth in demand across the residential & commercial sectors during historical years when space was limited & energy requirements were high. It is mainly as the cells are split in half & connected in series to disperse the current across a broader surface in this technology to enhance the space utilization of solar modules.
Asia-Pacific Solar Photovoltaic Materials Market Regional Projection
Geographically, the market expands across:
China held a sizeable market share in the Asia-Pacific Solar Photovoltaic Materials market during the historical years. China is one of the largest producers of primary raw materials such as silicon & end-user products like solar panel systems as well as has the presence of major industry players offering solar photovoltaic materials. Hence, with an enhanced focus on improving energy efficiency through adopting sustainable power production practices, the demand for these materials has also been amplifying across the country over the historical years.
Furthermore, several other Southeast Asian countries, including Malaysia, Indonesia, etc., have also implemented their national plans to enhance the production of renewable energy through solar power, which led to the establishment of critical solar PV material manufacturing units. Since these units would require these materials to build the solar power generating systems, it would promote the growth of the market across the Southeast Asian countries in the forecast years.
Asia-Pacific Solar Photovoltaic Materials Industry Recent Developments
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Frequently Asked Questions
A. The growth rate or CAGR of the Asia-Pacific Solar Photovoltaic Materials Market during 2023-28 would be around 10.2%.
A. The growing focus on solar power projects is expected to drive the Asia-Pacific Solar Photovoltaic Materials Market during 2023-28.
A. The top players in the Asia-Pacific Solar Photovoltaic Materials Market are 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.
A. Polycrystalline Silicon is the leading material in the Asia-Pacific Solar Photovoltaic Materials Market.
A. China would present growth prospects in the Asia-Pacific Solar Photovoltaic Materials Market during 2023-28.
A. The development of floating solar power plants is the key trend shaping the growth of the Asia-Pacific Solar Photovoltaic Materials Market.
A. The variability in solar energy production due to the intermittency of resources would possibly restrain the growth of the Asia-Pacific Solar Photovoltaic Materials market.
Asia-Pacific Solar Photovoltaic Materials Market Research Report (2023-2028) - Table of Contents