Albany, NY -- (SBWIRE) -- 04/21/2014 -- Growing need of alternative energy sources due to rapidly depleting non-renewable energy sources is driving the market for photovoltaics. The global photovoltaic market is expected to reach 55,621 megawatts value by the year 2015 with the compounded annual growth rate of 38%. Continuous developments in this market and growing support from government of most countries are some of the major factors contributing to the growth of this market.

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Improvements in manufacturing techniques and efficiencies will reduce the actual material quantity used in solar cells. Value of photovoltaic material is projected to grow by 12.3% by the year 2015 and reach $47 million. Japan and Germany are the largest manufacturers as well as consumers of photovoltaic materials. Use of photovoltaic devices is growing in developed nations of the Americas and European region; however, PVs are less preferred in developing economies due to lack of awareness about its efficiency and consumer awareness.

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Market Segmentation

Based on Technology
- Monocrystalline Silicon Technology
- Multicrystalline Solar Cells
- Thin Film Solar Cells
- Polycrystalline Thin Film
- Cadmium Telluride Cells
- Gallium Arsenide Solar Cells

Based on Application
- Cottages and Residential Applications
- Mobile and Recreational Applications
- Agricultural Applications

This research report analyzes this market based on its market segments and major geographies. Geographies analyzed under this research report include:

- North America
- Asia Pacific
- Europe
- Rest of the World

This report provides comprehensive analysis of current market trends, market growth drivers, factors limiting market growth, market structure, and market projections for upcoming years. Report also provides analysis of recent developments in technology, Porter’s five force model, and complete company profiles of top industry players. It includes review of micro and macro factors significant with respect to existing market players and new entrants along with detailed value chain analysis.

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