Photovoltaic method is used for the generation of electrical power. Solar radiation is converted into direct electricity with the help of semiconductors. Photovoltaic cells are also known as solar cells which are used to generate the voltage when radiant energy falls on the boundary between dissimilar substances.
Semiconductors are been differentiated via energy band gap and the type of band gap. Band gap energy is the energy needed to allow an electron in an atom's shell to break away from the atom and flow freely in the material. The higher the band gap energy the higher would be the energy of light required to release an electron to conduct current. Higher band gap results in low power and low current because of less number of electrons and vice versa.
The major drivers of this market includes low cost and able to automate numerous manufacturing process. The main factor that is restraining the growth of this market is it provides very low efficiency.
The market could be segmented on the basis of materials used which includes Silicon (Si), Germanium (Ge), Cadmium Telluride (CdTe), Gallium Arsenide (GaAs), Copper Indium Diselenide (CIS) and Copper Indium Gallium Selenide (CIGS) among others. In addition, the market could be segmented on the basis of geography which includes North America, Europe, Asia-Pacific and RoW.
Some of the key players dominating this market are First Solar, Sharp, Trony Solar, NextPower, Solar Frontier, Kaneka Solartech Co. Ltd., Inventux Tech. AG, Sungen International, Bosch, Greenshine New Energy, Canadian Solar, China Sunergy and Evergreen solar among others.