Chicago, Nov. 20, 2022 (GLOBE NEWSWIRE) -- The global Solar Photovoltaic Glass Market size is expected to grow from USD 6.2 billion in 2022 to USD 21.1 billion by 2027, at a CAGR of 27.9%, as per the recent study by MarketsandMarkets™. The major factors driving the solar photovoltaic (PV) glass industry include increasing demand of renewable energy resources and conducive government support for set up of solar power farms. The solar PV glass industry has been segmented based on type into AR-coated solar PV glass, tempered solar PV glass, TCO-coated solar PV glass, and others. The AR-coated segment accounted for the dominant share of the market in 2021.
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Browse in-depth TOC on "Solar Photovoltaic Glass Market”
330 - Market Data Tables
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List of Key Players in Solar Photovoltaic Glass Market:
- Xinyi Solar Holdings Ltd. (China)
- IRICO Group New Energy Co., Ltd. (China)
- Flat Glass Group Co., Ltd (China)
- Qingdao Jinxin Glass Co., Ltd. (China)
- Dongguan CSG Solar Glass Co., Ltd. (China)
- AGC Solar (Japan)
- Nippon Sheet Glass Co., Ltd. (Japan)
- Taiwan Glass Ind. Corp. (Taiwan)
Drivers, Restraints, Opportunities and Challenges in Solar Photovoltaic Glass Market:
- Drivers: Supportive Policies and initiatives of various governments for solar PV plant installations to promote renewable energy generation
- Restraints: Fluctuations in raw material prices
- Opportunity: Decreasing Costs of solar and energy storage devices
- Challenges: Low availability of high-quality solar PV glass
Key Findings of the Study:
- AR-coated solar PV glass to hold the largest share in the global solar PV glass market through the forecast period.
- Utility segment to grow at the fastest rate during the forecast period.
- Crystalline silicon PV modules utilize the maximum of solar PV glass manufactured across the globe.
- Pattern glass technology accounts for the highest share of installation of solar PV glass.
- Asia Pacific is expected to have the largest market size in the global solar PV glass industry during the forecast period.
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AR-coated solar PV glass to hold the largest share in the global solar PV glass market through the forecast period
The solar PV glass industry has been segmented based on type into AR-coated solar PV glass, tempered solar PV glass, TCO-coated solar PV glass, and others. The AR-coated segment accounted for the dominant share of the market in 2021. The dominance of this segment is attributed to the high efficiency of these glasses in conversion of solar energy. Also, they can be easily placed in sensitive surroundings such as airports. On the other hand, TCO-coated solar PV glass have better transmission of energy, which is expected to lead this segment to grow with the highest CAGR during the forecast period.
Utility segment to grow at the fastest rate during the forecast period
The solar PV glass industry has been segmented based on application into residential, non-residential, and utility. The utility segment is projected to grow with the fastest CAGR during the forecast period. The growth in this segment is attributed to the conducive support of governments across the globe to set up of solar energy farms. Governments are providing subsidies and tax rebates to companies setting up solar farms for feeding energy into the grid. For instance, in China, the budget for renewable energy rebates was increased to USD 840 million for 2021, of which about 55% was allocated to the solar power industry. A similar trend is observed across the globe, even in underdeveloped countries, in order to reduce their fossil fuel import burden.
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Crystalline silicon PV modules utilize the maximum of solar PV glass manufactured across the globe
The market has been segmented based on the end-user into crystalline silicon PV module, thin-film modules, and perovskite modules. The crystalline silicon PV modules segment accounted for the largest share of the market in 2021 and is expected to witness significant growth during the forecast period. This increase is attributed to good efficiency, easy availability of semiconductor raw material, and competitive cost of the module in large volumes. On the other hand, perovskite module is a relatively new technology that is gaining popularity owing to its higher efficiency and low space requirements.
Pattern glass technology accounts for the highest share of installation of solar PV glass
The market has been segmented based on installation into float glass technology and pattern glass technology. Patterned glass is largely utilized owing to its capability to concentrate energy flow into the cell. Glasses with this technology are generally coated with AR-coating for maximizing efficiency and then used in utility solar cells on a large scale. On the other hand, float glass is used in spaces wherein transmission of light is as important as absorption such as windows, facades, and canopies.
Asia Pacific is expected to have the largest market size in the global solar PV glass industry during the forecast period
Asia Pacific is projected to be the leading solar PV glass market during the forecast period. The dominance of the regional market can be attributed to the concentration of solar PV module manufacturers in the region, especially in China. According to International Energy Agency, Asia Pacific hold 90% share in the manufacture of solar modules, with China alone accounting for 74% of the global manufacturing capacity. These glasses are primarily used in solar modules, thus leading the glass demand in the region to be the highest. The presence of a robust industrial base, favorable government policies for solar energy generation, and low labor costs are factors strengthening the solar PV glass industry and attracting major players to invest in the region.
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