Solar Windows Market to Reach $22.5 Million, Globally, by 2032 at 9.6% CAGR: Allied Market Research

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May 16, 2023, 10:20 ET

The global solar windows market is driven by factors such as surge in the demand for sustainable energy options and growing consumer awareness about solar windows.

PORTLAND, Ore., May 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Windows Market by Cell Type (Thin Film Photovoltaics (TPVs), Polymer Solar Cell, Others), by Transparency Type (Partial, Full), by Application (Residential, Commercial, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global solar window industry generated $9.0 million in 2022, and is anticipated to generate $22.5 million by 2032, witnessing a CAGR of 9.6% from 2023 to 2032.

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Prime determinants of growth

The global solar windows market is driven by factors such as surge in the demand for sustainable energy options and growing consumer awareness about solar windows. However, the high production cost of solar window products restricts the market growth. Moreover, a rise in government initiatives in developed and developing economies to support sustainable buildings presents new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$9.0 million
Market Size in 2032	$22.5 million
CAGR	9.6 %
No. of Pages in Report	255
Segments Covered	Cell Type, Transparency Type, Application, and Region.
Drivers	Surge in the demand for sustainable energy options Growing consumer awareness about solar windows
Opportunities	Transparent properties of solar windows Rise in government initiatives
Restraints	Appearance and durability High production cost

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a mixed impact on the global solar window market, owing to the temporary closure of solar panel manufacturing firms during the lockdown.
Moreover, the pandemic also created new opportunities for the solar windows market. There was an increased demand for sustainable and energy-efficient building materials, including solar windows as more people were working and studying from home.
The pandemic had raised awareness about the need for renewable energy and the importance of sustainability, which will drive greater adoption of solar windows in the future.

The thin-film photovoltaics segment to maintain its leadership status throughout the forecast period

Based on cell type, the thin-film photovoltaics segment held the highest market share in 2022, accounting for more than two-fifths of the global solar window market revenue, and is estimated to maintain its leadership status throughout the forecast period. The surge in the demand for thin film photovoltaics in the solar windows market growth is primarily due to the increase in the demand for portable electronic gadgets. However, the polymer solar cell segment would portray the highest CAGR of 9.9% from 2023 to 2032.

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The full segment to maintain its leadership status throughout the forecast period

Based on transparency type, the full segment held the highest market share in 2022, accounting for more than half of the global solar windows market, and is estimated to maintain its leadership status throughout the forecast period. The surge in the demand for BIPV is due to an increase in the incorporation of sustainable energy solutions into the building by the building owners. In addition, an increase in the utilization of wearable electronic gadgets also has a positive impact on the demand for fully solar windows. However, the partial segment is projected to manifest the highest CAGR of 9.9% from 2023 to 2032. The partial transparent solar cell is an exciting development in the solar windows market, with numerous growth and expansion opportunities. Partial solar windows may be incorporated into the design of modern buildings, making them an excellent choice for architects and engineers looking to create sustainable structures with the growth in demand for sustainable and energy-efficient building materials.

The residential segment to maintain its lead position during the forecast period

Based on application, the residential segment accounted for the largest share in 2022, contributing to more than two-fifths of the global solar windows market revenue, and is projected to maintain its lead position during the forecast period. The solar windows market for residential applications is expected to witness significant growth in the coming years, driven by an increase in demand for sustainable and energy-efficient solutions. Moreover, the trend towards green building and net-zero energy homes contributes to the growth of this market. However, the others segment is expected to portray the largest CAGR of 10.4% from 2023 to 2032.

Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global solar windows market revenue, and is likely to dominate the market during the forecast period. The government initiatives in Europe countries across the continent embrace renewable energy technologies to meet their climate goals have significantly promoted the growth of the Solar Window market in Europe. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032. The region is characterized by a high demand for energy, rapid urbanization, and a growth in focus on sustainability. These factors, among others, are driving the adoption of solar windows in the Asia-Pacific.

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Leading Market Players: -

Glass to Power
Solarwindow technologies, inc.
Physee
Brite Solar
Energyglass
Solaria Corporation
Onyx Solar Group LLC
Polysolar
Ubiquitous Energy, Inc.
Heliatek

The report provides a detailed analysis of these key players in the global solar windows market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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