Published on : Feb 09, 2016
The demand for solar energy is increasing in response to the rising demand for energy around the world. Furthermore, the depleting fossil fuel resource has also encouraged countries to explore commercially viable ways of harnessing power from renewable sources of energy. Several countries from around the world have come forward to invest on the research and development of ways to commercially capitalize on energy harnessed from solar power.
Development of New Materials to Ensure Effective Use of Solar Energy
Despite its abundant availability, solar energy is still not considered a large scale. Due to its low energy conversion rates, renewable energy has not yet come in competition with fossil fuels. Nevertheless, the evolution of new materials is expected to mitigate the inherent drawbacks are ensure effective use of solar energy and bring it at par with other conventional energy sources. Prominent research institutes and leading players in the market are substantially investing on developing new material platforms that will enhance the conversion efficiency of solar panels in a way that is cost-effective. Although, the market for next generation photovoltaic is still at a nascent stage, it is poised to grow exponentially in response to the rising demand for technologies requiring solar power.
The market for next generation photovoltaics can be broadly segmented on the basis of new material platforms that will be used by the solar industry in the near future. The thin PV segment, constituted within the next generation photovoltaics market in turn is segmented into copper zinc tin sulfide, copper indium gallium selenide, and pyrite. On the basis of the development of novel nano-materials, the market is segmented into grapheme, nanowires, and quantum dots. Of these, the demand for quantum dots has significantly increased.
Europe Dominates Global Material for Next Generation Photovoltaics Market
Regionally, the next generation photovoltaics market is segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Of these, Europe has emerged as the most lucrative market for next generation photovoltaics owing the stringent regulations in the region supporting the use of solar power. North America also boasts lucrative opportunities for the global materials for next generation photovoltaic market. Rising demand for renewable energy from Asia Pacific will also give impetus to the materials in next generation photovoltaic market.