Albany, NY -- (SBWIRE) -- 01/11/2017 -- The main function of a photovoltaic device is the conversion of sunlight into electricity. There are end numbers of benefits associated with these devices which have made their adoption on a large scale across various industries. The solar panels used in photovoltaic devices are comprised of solar cells which result in the generation of electrical power. The various materials used for photovoltaics include polycrystalline silicon, cadmium telluride, monocrystalline silicon and amorphous silicon among others. Photovoltaic installations can be mounted either on rooftop, ground or wall. Initially, the application of photovoltaics was limited to spacecrafts and orbiting satellites, but nowadays its application has been mostly for grid connected power generation. The popularity of photovoltaic device has been on the rise as a result of technological advancements coupled with large scale manufacturing which has led to the reduction in its cost and at the same time increased the efficiency and reliability of these devices.

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The photovoltaic device market is expected to grow as a result of increasing focus on the part of the governments of various countries towards the issue of climate change and at the same time develop and expand the alternate sources of energy. The governments are more willing to provide funds than ever before for the adoption of solar energy, which is further propelling the demand for photovoltaic devices market. Moreover, factors such as reliability, safety, cost effective and ease of installation have led to the increasing adoption of these devices. Low maintenance cost is another important factor contributing to the growth the photovoltaic devices market. As no fuel costs are associated with these devices, the adoption of photovoltaic devices is considered to be a cost effective option in lieu of the high diesel and electricity prices. The increasing application of photovoltaic devices across segments such as military, power plants, and defense and space among others are further resulting in the increased demand for these devices. Considering these factors the photovoltaic device market is likely to register a healthy growth rate during the forecast period from 2016 to 2024.

However, the material availability, production cost and toxicity are some of the major restraints that are hindering the deployment of solar photovoltaic (PV) cells across different industries.

As per recent trends it has been observed that, Perovskite, which is a very inexpensive material, is replacing crystalline silicon due to it being expensive. Crystalline silicon forms a part of photovoltaic cell build.

The photovoltaic device market can be categorized on the basis of types, components, application and geography. On the basis of type, the market can be segmented into two types; organic PV and inorganic PV.

Based on components, the photovoltaic device market can be segmented into two categories; thin film PV cells and crystalline silicon PV cells. Thin film PV is comparatively a newer technology as compared to crystalline silicon PV. The semiconducting layers are comprised of materials such as copper indium diselenide (CIS), amorphous silicon (a-Si), cadmium telluride (CdTe) and copper indium gallium diselenide (CIGS).

The application segments of the photovoltaic device market will include military, power plants, industrial, defense and space, residential and non residential among others.

Geographically, the market has been categorized into five broad regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America

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Some of the key players operating in the photovoltaic device market are Kyocera Corporation (Japan), Panasonic Corporation (Japan), Kaneka Corporation (Japan), JA solar Co. Ltd (China), Sharp Corporation (Japan), , Jinko Solar (China), Trina Solar (China), Suntech Power Holdings Co. Ltd (China), Canadian Solar (Canada), Mitsubishi Electric Corporation (Japan), ReneSola Co. Ltd (China) and Yingli Green (China) among others.