The solar PV glass market size was US$ 7.6 billion in 2022 and is estimated to reach about US$ 114.44 billion by 2032, at a CAGR of 31.2% from 2023 to 2032.
Within a decade, global Solar PV Glass Market It is expected to more than triple its current size. Global Solar PV Glass Market Size Reached USD 9.93 Billion In 2023.
Renewable energy It is gaining immense popularity due to the increase in population. Increased disposable income coupled with an increase in energy demand leads to the need to develop alternative sources. The government of various economies is taking the initiative in order to reduce carbon emissions due to mounting environmental concerns. The unavailability of fossil fuels in order to meet the growing demand for energy drives the need for renewable sources. Solar energy is also gaining traction because it does not contribute to carbon emissions. Many organizations carry out research and development activities in order to promote the use of solar energy.
What is solar photovoltaic glass?
Photovoltaic solar energy The glass is specialized glass that is designed in a way that captures solar energy and converts it into electricity. the Solar cells Combined with multiple layers, the top layer is glass, a layer of photovoltaic cells, and the bottom layer is protective cells. These glasses are able to convert sunlight into electricity because they are made of silicone or thin materials.
These bottles are generally used in buildings and windows to generate electricity. The energy generated using solar cells is environmentally friendly and does not contribute to the carbon footprint.
Total solar PV generation is increasing due to the increasing awareness of the benefits associated with adopting solar energy.
Solar PV market overview
The solar photovoltaic glass market is expected to gain momentum in the coming years. The growth of the market is attributed to the positive initiatives taken by the government across the world in order to reduce greenhouse emissions. The installation of photovoltaic cells in various countries is expected to drive the growth of the market. Rising disposable income is also driving fixation in the residential sector, further increasing the industry. Solar photovoltaic glass is gaining immense popularity and replacing traditional building materials such as windows and roofs.
Moreover, the government also provides various benefits such as tax breaks and subsidies in order to promote market growth. Increasing awareness about the harmful effects of fossil fuels is also shifting demand towards renewable energy. The demand for photovoltaics is also driven by the increasing advancement of technology.
The global photovoltaic glass market size was estimated at US$ 15.78 billion in 2021 and is expected to reach about US$ 142.75 billion by 2030 and is expected to grow at a CAGR of 27.72% during the forecast period from 2022 to 2030.
SWOT analysis of the photovoltaic glass market
The growing demand for renewables is driving the photovoltaic (PV) glass market.
➢ Photovoltaic glass is a cost-effective and efficient solution for solar energy production.
Increasing government initiatives and support for solar energy are further driving the growth of the photovoltaic glass market.
Technological advances in photovoltaic glass, such as anti-reflective coatings, are improving its efficiency and durability.
Increasing awareness of climate change and its impact is driving the adoption of clean energy, including solar photovoltaic glass.
The initial investment required to install photovoltaic glass is high, which can deter some customers.
➢ The market is very competitive, with a large number of players offering similar products.
The efficiency of photovoltaic glass depends on several factors such as location, weather conditions, and orientation of panels, which may limit its application.
➢ Photovoltaic glass is relatively fragile and requires careful handling during installation and maintenance.
The growing demand for green buildings and sustainable infrastructure is expected to drive the growth of the photovoltaic glass market.
Emerging markets in Asia Pacific and Africa provide significant growth opportunities for the photovoltaic glass market.
The development of new materials and technologies, such as bifacial photovoltaic glass, can provide additional market opportunities.
The integration of photovoltaic glass into building facades and windows is an emerging trend that can expand the application of photovoltaic glass.
Availability and cost of raw materials for photovoltaic glass production, such as silicon and glass, can be volatile and affect the market.
Changes in government policies and regulations may affect the adoption of photovoltaic glass.
The emergence of alternative sources of renewable energy, such as wind power and hydro power, may pose a threat to the photovoltaic glass market.
➢ The COVID-19 pandemic affected the supply chain and disrupted the market, creating uncertainty in the future.
The Asia Pacific region is expected to lead the market
Based on region, the market is divided into North America, Latin America, Europe, Asia Pacific, Africa and the Middle East. The market growth is expected to be dominated by the Asia Pacific region due to the growing electrification crisis in various developing economies in Asia Pacific including China, India and Japan. Installed solar capacity in India reached 28.18 GW by March 2019, surpassing the target of 20 GW by 2020, functionally demonstrating a rapid increase in the use of solar PV glass. The energy produced by solar photovoltaic cells ensures a lower energy cost while reducing carbon footprint and greenhouse gas emissions.
Moreover, Japan has aggressively embraced solar energy in the aftermath of the Fukushima Daiichi nuclear accident, setting production targets of 28 GW and 53 GW for 2020 and 2030, respectively. The demand for solar photovoltaic glass is expected to increase as a result of this measure. Thousands of waterproof solar panels have also been used to build floating “solar islands” in Japan. These new solar farms offer a number of benefits, one of which is that water can be used to cool them more effectively. Heavy pollution and the growing need for electricity in China are also spreading market growth.
Europe is also one of the largest markets for solar PV glass. France, Germany and the United Kingdom contribute significantly to the growth of the region. Increasing commitments of the region to reduce carbon emissions and promote the use of renewable energy is expected to drive the growth of the market.
The Middle East and Africa region is expected to witness significant growth in the solar photovoltaic glass market due to the growing demand for solar energy and the growing construction industry in the region.
Key stats of the Solar PV Glass market
- Renewable energy has seen the fastest growth in the United States, increasing by more than 40% from 2010 to 2020.
- Solar power accounted for the fastest growth in 2020 at over 3% of total power generation.
- The National Solar Institute estimates India’s solar potential at 748 GW, assuming that solar PV modules will cover 3% of the arid land area.
- The National Solar Mission launched on the 11thy January 2010 in India, aims to install 100 GW of grid-connected solar power plants by 2022.
- As of November 30, 2022, the installed capacity of solar power in India was approximately 61.97 GW.
The impact of COVID-19 on Solar PV Glass Market
The COVID-19 pandemic has had a mixed impact on the photovoltaic (PV) glass market. On the other hand, the epidemic has disrupted supply chains, resulting in delays and cost increases for photovoltaic glass manufacturers. The lockdown and restrictions imposed by the government made it difficult for manufacturers to obtain raw materials. Moreover, the restrictions also halted the construction activities across the globe further depressing the growth of the market.
Another challenge has been a decrease in the workforce due to social distancing guidelines and lockdowns, further slowing PV glass production. The pandemic has also reduced investment in renewable energy projects, as many governments have focused their resources on addressing the direct health and economic impacts of the pandemic.
On the other hand, the pandemic has increased the demand for renewable energy, including solar photovoltaic, as many countries have realized the importance of reducing carbon emissions and building a more sustainable future. The demand for solar PV continued to increase during the pandemic, as many countries realized the importance of reducing carbon emissions and building a more sustainable future. This has created opportunities for PV glass manufacturers, as the demand for solar PV has increased.
The major players in the solar photovoltaic market
- AGC Glass Europe. (Japan)
- Nippon Sheet Glass Co., Ltd. (Japan)
- Taiwanese Glass Industry Corporation (Taiwan)
- Xinyi Solar Holdings Limited (China)
- Cescam (Türkiye)
- Guardian Glass (Thailand)
- Saint-Gobain (France)
- Borosil Limited (India)
- China-Henan Huamei Chemical Co., Ltd. (China)
- Interfloat (Germany)
- Guangdong Golden Glass Technologies Ltd. (China)
- Hecker Glastechnik GmbH & Co. KG (Germany)
- ENF Ltd. , (Germany)
- Emmvee Toughened Glass Private Limited (India)
- Euroglass GmbH (Germany)
Get the full Study Report @ https://www.precedenceresearch.com/checkout/2123
- Optical glass
- Multifunctional glass
- AR coated
according to the degree of transparency
- Low transparency
- Medium transparency
- High transparency
depending on the application
- Wall curtains
- Photovoltaic solar panels
- front glass
Depending on the end use
- building and Construction
- Auto industry
- Solar energy