Material for Next Generation Photovoltaics Market to Perceive Substantial Growth During 2023

With increasing energy demands of growing population and decreasing fossil fuel reserves scientists are investigating in developing commercial forms of renewable energy. Several countries have now begun to invest in extensive research and development programmes to utilize solar energy in a commercial manner. Currently, solar energy cannot be practically considered as a large scale energy source. Renewable energy cannot compete with conventional sources due to low energy conversion rates in comparison with conventional fuels. The development of new materials may remedy this drawback and solar technology can effectively be used at par with other conventional sources of energy. Research agencies and major market players are in the process of developing material platforms that improve the conversion efficiency of solar panels in a cost effective manner. Though the market is still in the nascent stages of development, the next generation photovoltaic market is expected to increase at a rapid rate in future years owing to increasing requirement for large-scale solar technologies.

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The growing demand of commercial renewable energy techniques and increasing fossil fuel prices are the major factors attracting investment in next generation photovoltaic market. The high initial costs of photovoltaic cells and low conversion efficiency makes this technology incompetent when compared to conventional sources of energy generation. The manufacturers of thin PV cells are looking for alternatives other than cadmium telluride, which is generally used in the manufacturing process of thin cells. Copper indium gallium selenide solar cells are a major discovery that is being developed for wide adoption by next generation thin film solar manufacturers. The high initial costs incurred while testing next generation photovoltaic technology is a major restraint impacting the further growth of the market. However, the stringent environmental regulations and government targets would provide growth opportunities to the next generation photovoltaic market.

The market for next generation photovoltaic can be segmented on the basis of development of new material platforms to be utilized by the solar industry. The market for thin PV sector can be segmented on the basis of materials as copper indium gallium selenide, copper zinc tin sulfide and pyrite. The market can also be segmented on the basis of development of new nanomaterials that are being developed in the solar industry. Nanowires, quantum dots and graphene are some of the materials that are being developed for commercialization of solar technology. Quantum dots are one of the most cost effective materials which can be employed in large scale power generation using solar technology.

Though the market for next generation photovoltaic is still in its nascent stages, it can be regionally segmented on the basis of renewable energy installation trends of different regions. Europe is expected to be a major segment for the next generation photovoltaic market owing to stringent environmental regulations enforced by national governments of many nations in this region. North America is also anticipated to be one of the key regions to invest in this market. Several research institutes in this region have invested substantial amounts for commercially developing solar technology. The growing energy needs of Asia Pacific region will provide further growth opportunities to the next generation photovoltaic market.

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Some of the major market players and research institutes investing in the next generation photovoltaic market are University of Texas, First Solar Inc., General Electric Company and Bayern Innovativ GmbH.

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