Albany, NY -- (SBWIRE) -- 01/20/2015 -- 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.

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

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