Global Demand for Solar Photovoltaic (PV) Glass Market Will Surpass $37.6 Bn by 2030 at 28.5% CAGR Growth

WASHINGTON, Aug. 01, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the global Solar PV Glass Market has been steadily growing over the years due to the increased demand for renewable energy sources. The transparency and durability of Solar PV Glass make it an ideal choice for solar panels, driving the market's growth.

According to Vantage Market Research, the Global Solar Photovoltaic Glass Market is estimated to be valued at USD 37.6 Billion by 2030 and is expected to exhibit a CAGR of 28.5% during the forecast period 2023 to 2030. The global Solar PV Glass market grew to USD 6.5 billion in 2022.

Solar photovoltaic (PV) glass is a type of glass that uses solar cells to transform solar energy into electricity. It is put in place on building roofs or facades to produce enough energy to run the entire thing. In these glasses, a particular resin filler is used to hold solar cells in place between two glass panes. These polymers are tightly encased around the solar cells on all sides. Each cell in a module is joined to other cells by two electrical connections.

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Key Highlights

By End-User, Building and construction dominate the Solar PV Glass market growing at a CAGR of 31%,

Asia-Pacific dominated the Solar PV Glass market growing at a CAGR of 42% followed by North America and Europe.

Among other architectural applications, PV glass panes could be installed in place of traditional glass on building facades, curtain walls, atriums, canopies, and terrace floors. Additionally, a variety of existing structures and facilities could have these glass windows installed on them, improving them both aesthetically and energetically. It enables buildings to significantly increase their energy efficiency, decrease operation and maintenance costs, and lessen their carbon footprint by providing the same thermal insulation as conventional glass and having the ability to produce free clean electricity from the sun.

Competitive Landscape

With numerous players vying for market share, the Solar PV Glass market is becoming more and more competitive. AGC Inc., Xinyi Solar Holdings Ltd., Trina Solar Ltd., Nippon Sheet Glass Co., and Guardian Industries Corp. are important businesses in this industry. These businesses spend money on R&D in order to release cutting-edge products, boost product efficiency, and cut costs. Strategic partnerships and acquisitions are also being sought after to broaden the market reach and gain a competitive advantage. The market for Solar PV Glass is anticipated to continue expanding as a result of favorable government initiatives and the growing use of renewable energy sources.

The competitive landscape of the market has also been examined in this report. Some of the major players include:

Onyx Solar Group LLC (Spain)

Shenzhen Topray Solar Co. Ltd. (China)

Borosil Glass Works Ltd. (India)

Trina Solar (China)

JA Solar Holdings Co. Ltd. (China)

Sharp Corp. (Japan)

Brite Solar Corp. (U.S.)

WUXI Suntech Power Co. Ltd. (China)

Gruppo STG (Italy)

PolySolar Ltd. (UK)

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Factors Affecting the Growth of the Solar PV Glass Market

There are several factors that can affect the growth of the Solar PV Glass industry. Some of these factors include:

New uses for Solar PV Glass are appearing: they are not just restricted to conventional solar panel installations. Additionally, it has a variety of uses, including greenhouses, facades, and windows. The emergence of new applications has the potential to widen the market and spur expansion.

Solar power generation infrastructure: The expansion of the Solar PV Glass market may be impacted by the development and availability of solar power generation infrastructure, such as grid connectivity and energy storage systems. The incorporation of Solar PV Glass into the energy system can be supported by a well-developed infrastructure.

Consumer education and awareness: Raising consumer knowledge of the advantages of solar energy and Solar PV Glass can spur market expansion. Government programs, marketing campaigns, and education initiatives can all help spread the word about Solar PV Glass and encourage its use.

Government policies and incentives: Feed-in tariffs, tax credits, and government subsidies can all have a big impact on how quickly the Solar PV Glass market expands. The demand for Solar PV Glass may be influenced by favorable regulations that promote the use of renewable energy sources.

Technological developments: Market expansion may be fueled by ongoing research and development projects to increase the effectiveness and longevity of Solar PV Glass. Consumers may find Solar PV Glass more appealing if it has new features like anti-reflective coatings, bifacial modules, and lightweight constructions.

Cost reductions: As solar PV modules and other components, including glass, become less expensive, solar energy becomes more commercially viable. Solar PV Glass's accessibility to consumers may boost market penetration and spur growth.

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Top Trends in Global Solar PV Glass Market

First, the demand for Solar PV Glass is being fueled by the growing use of renewable energy sources to combat climate change. The market is expanding as governments, companies, and people turn to solar energy as a sustainable option. Second, the development of more effective and long-lasting Solar PV Glass is being facilitated by improvements in technology and manufacturing techniques, which improve overall performance and lower costs. Additionally, the incorporation of intelligent features and technologies into Solar PV Glass, such as energy management and self-cleaning systems, is becoming more popular. Finally, the market is expanding as a result of a growing trend toward aesthetic and customized Solar PV Glass.

Regional AnalysisThe demand for renewable energy sources in nations like China, India, and Japan has made the Asia Pacific region the largest region in the Solar PV Glass market. To lessen their carbon impact, the governments of these nations are encouraging the use of solar energy. Additionally, the region's need for Solar PV Glass has increased as a result of the region's expanding population, urbanization, and industrialization, which have all contributed to an increase in energy consumption. Leading industry companies like Saint-Gobain, AGC Inc., and NSG Group have also set up their manufacturing facilities in the area to take advantage of the expanding demand.

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Report Scope

Report Attribute

Details

Market Value (2022)

USD 6.5 Billion

Market Size (2030)

USD 37.6 Billion

CAGR (from 2023 to 2030)

28.50%

Asia Pacific Revenue Share

42%

Historic Period

2018 to 2021

Base Year

2022

Forecast Year

2023 to 2030

Market DriversIncreasing investments in renewable energy, government incentives and policies that support solar energy use, and growing environmental concerns are all market drivers for the Solar PV Glass market. Solar PV Glass provides an effective and long-term solution for utilizing solar energy in light of the global movement to reduce carbon emissions and switch to cleaner energy sources. This market is expanding as a result of falling solar technology costs and rising demand for photovoltaic systems. Furthermore, players in the building and energy industries are investing in Solar PV Glass due to technological advancements like improved light transmission and energy conversion efficiency.

Market RestraintsThe pricey installation, storage, and purchase costs for power conversion equipment are a major barrier to the market for solar photovoltaic glass. Solar PV Glass technology has a high installation cost even though it is reasonably priced and a good option for many end-use applications. Solar PV Glass installation costs vary by region and country, but they are frequently higher in developing and growing economies. Along with the poor uptake in low-income areas, which is anticipated to impede the market's expansion, this factor will probably restrict the market's growth.

Market OpportunitiesThere are numerous opportunities for growth and expansion in the Solar PV Glass market. First, more effective and aesthetically pleasing PV glass solutions have been created as a result of technological and manufacturing process advancements. This opens up new design possibilities for buildings by enabling the incorporation of solar panels into a variety of building components, such as windows, facades, and skylights. Furthermore, there are significant growth opportunities due to the rising demand for Solar PV Glass in developing markets like South America and Asia-Pacific. High solar potential and benevolent government policies in these areas foster an environment that is favourable for the growth of the Solar PV Glass market. The creation of ground-breaking applications like solar roads and solar-powered cars also offers the PV glass market more room for expansion.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Solar PV Glass Market Forecast Report (2023-2030).

Report Segmentation of the Global Solar PV Glass MarketType AnalysisDue to its great strength, long lifespan, and resistance to thermal stress, tempered glass is the type that is most frequently employed. Laminated glass is perfect for high-rise structures and autos because it offers additional safety advantages by remaining intact when damaged. For smaller solar panels, annealed glass is more affordable and desirable.

Application AnalysisSolar PV Panels are now the industry leader in the Solar PV Glass field. They are the type of solar PV technology that is most frequently utilized to provide clean, renewable energy in residential, commercial, and industrial settings. On the other side, Solar PV Glass curtain walls, solar facade systems, and solar skylights are now becoming more popular because of their aesthetic appeal and additional energy-saving advantages. Due to the rising need for sustainable building solutions and the expanding use of smart technology, novel Solar PV Glass product categories, including Solar Glazing, Solar Wind Shield Glass, and others, are also establishing themselves as viable markets.

End-User AnalysisIn the market for Solar PV Glass, the building and construction sector holds a dominant position. This can be attributed to the increasing adoption of renewable energy sources and the growing demand for sustainable building solutions. Due to its capacity to absorb solar energy and transform it into electricity, Solar PV Glass is becoming more and more common in the construction industry. The demand for PV glass has increased as more construction projects incorporate solar energy systems. Government programs that support green building techniques have also aided in the industry's dominance of the Solar PV Glass market.

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Market Segmentation

By Type

Anti-reflective coated glass

Tempered glass

TCO-coated glass

Laminated glass

Patterned Glass

Other Types

By Application

Solar PV Panels

Solar PV Glass Curtain Walls

Solar Facade systems

Solar Skylights

Solar Glazing

Solar Wind Shield Glass

Other Applications

By End-User

Building and Construction

Automotive Industry

Infrastructure

Other End-Users

By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Recent Development of the Global Solar PV Glass Market

On January 19, 2023, 22 windows at the Patagonia headquarters were coated with transparent photovoltaic coatings by Next Energy Technologies, a US-based producer of organic photovoltaic coatings.

April 11, 2023, Canadian Solar disclosed its 2024 capacity expansion plans for CSI Solar Co., Ltd. CSI Solar plans to increase its ingot, wafer, cell, and module capacities by 30 GW, 15 GW, 10 GW, and 25 GW, respectively, by the end of the first quarter of 2024.

November 3, 2022, In order to build a solar power plant and energy storage in Arizona, USA, EE North America, a European Energy company, teamed up with Elio Energy.

March 6, 2023, In the Indian state of Andhra Pradesh, Triveni Glass intends to build a factory for solar glass. 2,000 jobs are anticipated to be created by the factory, which will have the ability to produce 840 metric tonnes of solar glass per day.

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