Material for Next Generation Photovoltaics Market Growth with Worldwide Industry Analysis to 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.

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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.

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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.

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.

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