Solar Photovoltaic Glass Market Size More Than Doubles at a Robust CAGR of 31% during 2023 to 2029| Exactitude Consultancy

Increase in demand for residential applications and supportive government policies for using photovoltaic technology fuel the growth of the global solar photovoltaic glass market.

PUNE, India, May 15, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Solar Photovoltaic Glass Market.

The global solar photovoltaic glass market is designed to grow at 31% CAGR from 2023 to 2029. It is expected to reach above USD 84.14 Billion by 2029 from USD 49.6 Billion in 2022.

Solar photovoltaic (PV) glass is a method that converts solar energy into electrical energy while shielding PVs against environmental elements, including dust, rain, and snow. Solar PV glass is being used to build integrated PVs. PV glass is being incorporated into building panels, roof panels, and windows. Cell phones, automobiles, and greenhouses may all employ solar PV glass. Photovoltaic is a technology advancement that makes it possible to convert solar energy into power.

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Surging demand for solar photovoltaic glass in household applications, supportive policies and initiatives taken by governments, and stringent regulations about the adoption of clean energy are the key driving factors for the solar photovoltaic glass market. The high costs involved in the installation and increasing prices of raw materials may limit the growth of the market. However, expanding awareness about the benefits of renewable sources, increasing awareness to limit carbon emission levels is expected to lead the growth of the solar photovoltaic glass market in a couple of years.

Recent Developments:

• January 2023 – NSG Group announced that the energy-saving electrochromic (dynamic light control) window "View Smart Glass" has been installed for the first time in Japan at the new "Kudan Kaikan Terrace" (Chiyoda-ku, Tokyo). This new office building will open on October 1, 2022.
• March 2023 – New functions have been added to Saint-Gobain Sekurit's AmpliSky opacifying sunroof. The most recent advancement is the use of ambient lighting, which is tailored to each manufacturer. Co-development is taking place.
• March 2023 – Saint-Gobain Weber's 3D printing Business Unit has developed a new digital tool for swiftly and effectively constructing bespoke stairs that fulfill client requirements using 3D concrete printing, in an innovative manner that saves CO2 and materials.

The APAC region has 37% share of solar photovoltaic glass market in the world in 2022, and it is anticipated that it would expand at the fastest rate during the forecast period.

Cities and populations are expanding quickly in developing nations like India, China, Japan, Indonesia, South Korea, and Malaysia. There are several variable electricity grids and basic infrastructural systems in these emerging nations.

The installed solar PV capacity in the Asia Pacific region may triple to 1,500 GW by 2029 as a result of countries in this region being compelled by their carbon-neutral ambitions to invest heavily in renewable energy sources. Owing to land constraints and distributed Solar's increasing competitiveness versus growing prices, analysts predict that by 2029, distributed solar will make up 52% of all new installations in the top 10 Asia-Pacific economies. New solar and wind policies for projects without subsidies were disclosed by China. The policy was implemented in an effort to take advantage of the sharp decline in building prices, as well as to clear up payment backlog problems and gridlock projects. Government policies that support increasing solar PV system installed capacity and supplying the grid with renewable energy.

Emerging nations' inadequate infrastructure is restraining the solar photovoltaic glass market growth.

Infrastructure issues pose a significant challenge for emerging countries. The tools, equipment, and methods utilised to carry out a plan, programme, or strategy are referred to as infrastructure. The need for infrastructure development is increasing, yet rising economies have fewer resources. Lack of electrical infrastructure is a critical concern in developing Asian and African countries because it necessitates significant investment. Many people in rural areas still do not have access to electricity. Furthermore, electricity supplies in some areas are irregular, and blackouts are occurred for a variety of reasons, including a lack of supply.

In developing countries, rural settlements are either disconnected from or positioned far from national grids. As a result, alternative power generation technologies such as diesel generators are frequently used. Even though the initial cost of solar power is higher than that of diesel generators, it is more cost-effective in the long term.

The development of Off-Grid Electricity Systems is an opportunity for the solar photovoltaic market to grow.

Photovoltaic glass manufacturers have a lot of room for growth thanks to the development of off-grid power systems. More than a billion people worldwide lack access to electricity, making off-grid technology the most viable solution in significant emerging nations with large financial resources. One example is providing basic heating and lighting services to some of the world's most remote areas where grid connections are impracticable. Solar energy is frequently used to power off-grid electrical systems, and countries such as China and a few others in the South East Asia Pacific region have benefited from the ability of small-scale solar technology applications to provide electricity to citizens in remote rural areas.

The development of Green Building Constructions is increasing the solar photovoltaic market value.

The global market for solar PV glasses is growing due to the advancement of green building construction techniques, which increasingly incorporate solar PV glasses as a component of sustainable building. Photovoltaics play an important role in the green building market, which is expanding rapidly. Global trends indicate that all businesses are getting closer to switching from fossil fuels to renewable energy. Green buildings are becoming more popular as there is a growing demand for carbon-neutral offices, residences, and commercial buildings that can produce and rely on renewable energy sources.

Report coverage & details:

Solar Photovoltaic Glass Market Players

The following are some of the leading companies in the solar photovoltaic glass market: AGC Glass Europe, Nippon Sheet Glass Co., Ltd., Taiwan Glass Industry Corporation, Xinyi Solar Holdings Limited, Sisecam, Guardian Glass, Saint-Gobain, Borosil Limited, China-Henan Huamei Chemical Co., Ltd., Interfloat Corporation, Guangdong Golden Glass Technologies Ltd., Hecker Glastechnik GmbH & Co. KG, ENF Ltd., Emmvee Toughened Glass Private Limited, Euroglas GmbH.

For corporate expansion, these key leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Moreover, these participants are substantially spending on product development, which is fueling revenue generation.

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Key Market Segments: Solar Photovoltaic Glass

Solar Photovoltaic Glass Market By Type, 2022-2029, (USD Billion), (Sq Meters)

• AR-Coated
• Tempered
• TCO-Coated
• Annealed

Solar Photovoltaic Glass Market By Module, 2022-2029, (USD Billion), (Sq Meters)

• Crystalline
• Amorphous
• Thin Film

Solar Photovoltaic Glass Market By Installation Technology, 2022-2029, (USD Billion), (Sq Meters)

• Float Technology
• Pattern Technology

Solar Photovoltaic Glass Market By Application, 2022-2029, (USD Billion), (Sq Meters)

• Utility
• Residential
• Non-Residential

Solar Photovoltaic Glass Market By End-User Industry, 2022-2029, (USD Billion), (Sq Meters)

• Crystalline Silicon PV Modulus
• Thin Film P Modulus

Solar Photovoltaic Glass Market Dynamics

Drivers

• High Demand Across End Users

Solar PV glass is expected to become very popular, gradually replacing traditional building materials in areas such as windows, roofs, skylights, and facades. Furthermore, there is a high demand in developing economies for solar photovoltaic glass in the industrial and commercial sectors, which drives market growth.

The growing awareness of the benefits of renewable energy solutions, combined with the constant need to limit environmental degradation, will drive the growth rate of the solar photovoltaic glass market even further. Furthermore, laws to reduce greenhouse gas emissions will drive market value growth. Other market growth determinants expected to support market growth include an increase in demand for green building technology in residential and commercial buildings, as well as the adoption of sustainable energy for building envelopes.

Opportunities

• Renewable Energy and Green Building Construction Technology

Furthermore, governments across different nations have worked to stimulate the use of renewable energy sources in order to provide economic opportunities to market participants from 2023 through 2029. Furthermore, the emergence of green building construction technology, which increasingly employs solar photovoltaic glasses as part of sustainable construction, expands the market's future growth.

Restraints/Challenges Global Solar Photovoltaic Glass Market

• High Costs

Solar PV glass technology, on the other hand, has a high installation cost. The cost of installing solar PV glass varies by region and location, however it is frequently greater in emerging and developing economies. This aspect will stymie the expansion of the solar photovoltaic glass market.

• Supply Chain Disruptions

Furthermore, the low operating efficiency of photovoltaic modules is considered a disadvantage for the solar photovoltaic glass business. As a result, the rate of growth of the solar photovoltaic glass market would be challenged.

Country Analysis

Germany

The market for solar photovoltaic glass in Germany was estimated at USD 1.08 billion in 2022 and is predicted to reach USD 4.9 billion by 2030, growing at a CAGR of 21.1% from 2023 to 2030. Increased government initiatives to promote rooftop installation, as well as severe carbon emission restrictions, are likely to drive the country's market's rapid expansion in the next years. Dirty fossil fuels will be phased out as a result of the government's initiatives to transition to PV for energy generation.

China

The market for solar photovoltaic glass in China was valued at USD 1.19 billion in 2022 and is expected to reach USD 5.6 billion by 2030, growing at a CAGR of 21.5% from 2023 to 2030. Because of the growing interest in renewable energy, the number of solar energy plants is expected to increase over the forecast period. Measures to ensure energy security, as well as stringent government regulations aimed at deploying sustainable energy, will drive industry growth.

India

The market for solar photovoltaic glass in India was valued at USD 0.92 billion in 2022 and is expected to reach USD 4.34 billion by 2030, growing at a CAGR of 21.4% between 2023 and 2030. The Indian government has announced a USD 31,650 billion investment in the construction of 100 smart cities through the Smart Cities Plan. Over the next five years, 100 smart cities and 500 cities will attract USD 28.18 billion in investments, paving the way for the use of solar photovoltaic glass in non-residential buildings.

Key Question Answered

• What is the expected growth rate of the solar photovoltaic glass market over the next 7 years?
• What are the end-user industries driving demand for the market and what is their outlook?
• What are the opportunities for growth in emerging markets such as Asia-Pacific, the Middle East, and Africa?
• How is the economic environment affecting the solar photovoltaic glass market, including factors such as interest rates, inflation, and exchange rates?
• What is the expected impact of government policies and regulations on the solar photovoltaic glass market?
• What are the key drivers of growth in the solar photovoltaic glass market?
• Who are the market's major players, and what is their market share?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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