by The Solar Photovoltaic Glass Market is estimated to be valued at US$ 18935.01 Mn in 2023 and is expected to exhibit a CAGR of 30.72% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar photovoltaic (PV) glass is used in solar panels for the production of electricity from sunlight. It is made from tempered glass to withstand harsh weather conditions and last for decades. Solar PV glass serves as an important encapsulation and strengthening component in solar panels. It protects the solar cells from corrosion and other environmental factors while also maximizing light transmission into the cells. Growing demand for solar energy along with supportive government policies focused on promoting renewable energy adoption is driving the growth of the global solar PV glass market.
Market Dynamics:
Increased demand for solar energy: There is a growing preference among commercial and residential consumers as well as governments towards solar energy due to rising electricity costs and environmental concerns associated with conventional power sources. This is increasing the demand for solar panels and thus the integral component of solar PV glass. According to International Energy Agency, solar PV capacity additions are estimated to grow at an annual rate of 22% between 2021-2026.
Favorable government policies:
Many countries are formulating attractive incentive schemes and renewable portfolio standards to encourage the use of solar energy. For example, governments in the US, China, India offer subsidies, tax exemptions, feed-in-tariffs etc. to promote solar power generation. This is positively impacting the market for solar PV glass.
Segment Analysis
The global solar photovoltaic glass market is segmented by type into anti-reflective coated glass, tempered glass, TCO glass and others. The anti-reflective coated glass segment dominates the market and accounts for over 35% share of the global market. Anti-reflective coated glass helps improves solar panel efficiency by reducing light reflection and better transmitting the light to solar cells.
PEST Analysis
Political: Favorable government policies and regulations supporting solar energy adoption along with tax credits and subsidies for solar PV installations are boosting market growth.
Economic: Declining cost of solar PV systems along with rising electricity prices from fossil fuels are increasing adoption of solar energy globally.
Social: Increasing social and environmental awareness among public regarding use of renewable energy and carbon emissions reduction is propelling the demand for solar power generation.
Technological: Continuous innovations and developments in solar glass technologies to improve solar cell efficiency and strength of glass are supporting the solar PV glass market expansion.
Key Takeaways
The global Solar Photovoltaic Glass Market is expected to witness high growth, exhibiting CAGR of 30.72% over the forecast period, due to increasing investments in renewable energy sector globally.
Regional analysis: Asia Pacific dominates the global solar PV glass market and accounts for over 40% share owing to presence of emerging solar markets including China, India and Japan in the region. China represents the fastest growing market in the region.
Key players operating in the solar photovoltaic glass market are AGC Solar, Nippon Sheet Glass Co., Ltd., Taiwan Glass Ind. Corp., Xinyi Solar Holdings Ltd., Sisecam Flat Glass, Guardian Glass, Saint-Gobain Solar, Borosil Glass Works Ltd., Flat Glass Co., Ltd., Interfloat Corporation, Guangdong Golden Glass Technologies, Hecker Glastechnik GmbH & Co. KG, F solar GmbH, Emmvee Toughened Glass Private Limited, and Euroglas.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
