Solar PV Glass Market

The global Solar PV Glass Market is valued at USD 6.5 Billion in 2022 and is projected to reach a value of USD 37.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 28.5% between 2023 and 2030.

Premium Insights

The global need for alternative energy sources is driving a booming expansion in the Solar PV Glass Market. According to a study, approximately 100 million households will rely on rooftop solar PV by 2030. PV glass is being used in windows, roof panels, and building panels. For the construction of integrated PVs, Solar PV Glass is used. Solar PV Glass can be used in greenhouses, cars, and cell phones. A technological advancement called photovoltaic makes it possible to transform solar energy into electrical power and has resulted in the creation of high-efficiency PV modules, which perform better because they can convert a higher percentage of sunlight into electricity. Swiss startups, for instance With the help of a new technology created by Insolight, solar panels' protective glass can focus light to generate more energy. A 30% efficiency level has been achieved by the technology, which means that solar developers will now make 40% more money.

Furthermore, the growing emphasis on sustainability has sparked the creation of environmentally friendly PV glass, which lessens the carbon footprint of energy production and offers higher environmental advantages. A readily available renewable resource in the area is solar energy. It is not necessary to import it from abroad or from different parts of the nation. This lessens the negative effects of transport on the environment and lessens our reliance on foreign oil and when we use solar energy to make electricity, we do not deplete or change the resource, unlike fuels that are mined and harvested. Depending on the amount of energy needed, any size of PV system can be built. Additionally, if the owner's energy requirements change, the PV system can be expanded or relocated. For instance, as their energy needs and financial resources increase, homeowners can add modules every few years. Ranchers can water cattle as they are rotated to various fields by using portable pumping systems mounted on trailers. Through the use of solar energy, PV glass turns buildings into vertical power generators that produce free and renewable electricity. As up to 95% of harmful UV radiation and 99% of infrared radiation may be absorbed, it also provides thermal and acoustic insulation, guaranteeing filtration.

Key Takeaways

• Building and construction dominate the Solar PV Glass market growing at a CAGR of 31%,
• Asia-Pacific dominated the Solar PV Glass market growing at a CAGR of 42% followed by North America and Europe.

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Economic Insights

Solar PV Glass is an essential part of solar panels and accounts for a sizeable chunk of the overall cost of solar energy production systems. Increasing the use of solar energy can lower greenhouse gas emissions, improve energy security, and generate a large number of new jobs. As a result, the demand for Solar PV Glass is anticipated to increase in the next years as the solar energy sector expands quickly. The COVID-19 pandemic had an effect on the supply chains for the global Solar PV Glass market, which in turn had an effect on the market. It experienced a decline in demand as a result of a downturn in some industries, including construction, delays in construction projects, and challenges with export and import. The recovery of the global Solar PV Glass market's growth will depend on the energy investments made in upcoming solar projects.

Top Market Trends

1. Growing Adoption of Renewable Energy Sources: The global adoption of renewable energy sources is one of the top market trends in the Solar PV Glass industry. There is a growing focus on clean and sustainable energy options as governments and organizations work to reduce their carbon emissions and combat climate change. Due to its availability and relatively small environmental impact, solar power has become a popular alternative. As a result, there is a noticeable increase in demand for Solar PV Glass, a crucial solar panel component. As more nations and industries turn to renewable energy and set ambitious goals for the deployment of solar power, this trend is anticipated to continue.
2. Solar PV Glass Technological Advancements: These developments in Solar PV Glass are another significant market trend. To improve the effectiveness, resilience, and aesthetics of solar panels, manufacturers are spending money on research and development. The creation of high-transparency Solar PV Glass is one of these developments; it allows more light to pass through, boosting solar panels' energy output. To enhance performance and lower maintenance costs, Solar PV Glass is also equipped with cutting-edge anti-reflective coatings and self-cleaning features. Through the provision of enhanced value propositions for end users, the relentless pursuit of technological advancements in Solar PV Glass is fueling market expansion.
3. The Growing Popularity of Building-Integrated Photovoltaics (BIPV): BIPV systems enable solar panels to seamlessly integrate solar power generation into the design of a building by replacing conventional building materials like windows, facades, or skylights with solar panels. As it gives architects and designers the freedom to incorporate solar panels into their structures without sacrificing aesthetics, this trend is particularly gaining traction in the construction sector. Solar PV Glass in BIPV systems provides an appealing way to satisfy energy efficiency regulations while also reducing reliance on the grid. As more emphasis is placed on environmentally friendly and energy-efficient buildings, this market trend is anticipated to continue to develop.

Market Segmentation

The global Solar PV Glass market can be categorized on the following: Type, Application, End-User, and Regions. Based on the Type, the market can be categorized into Antireflective Coated Glass, Tempered Glass, TCO-Coated Glass, Laminated Glass, Patterned Glass, and Other Glasses. Additionally, based on Application, the market can be split further into Solar PV Panels, Solar PV Glass Curtain Walls, Solar Facade systems, Solar Skylights, Solar Glazing, Solar Wind Shield Glass, and Other Applications. Moreover, based on the End-User, the market can be categorized as Building & Construction, Automotive Industry, Infrastructure, and Others. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

The Most Common Type of Solar Panel Glass Used Today is Tempered

In order to increase and safeguard the performance of solar cell modules, Solar PV Glass is a sort of specialized glass. Tempered Solar PV Glass is the most popular variety on the market for solar panels. This is due to the fact that tempered glass is stronger and more resistant to breaking than other forms of glass. Tempered glass is a preferred type of Solar PV Glass among producers because it is less likely to scratch. Tempered glass can also tolerate high temperatures and bad weather, so solar cells will always perform even in challenging settings.

Based on Application

Solar PV Panels are now the Market Leader

Solar PV panels are the most dominant market segment for Solar PV Glass. These panels are made to capture sunlight and use photovoltaic cells to turn it into power. They produce renewable energy with great efficiency and require little upkeep. Solar PV panels are widely utilized to lower energy costs, reduce carbon emissions, and improve energy security in the residential, commercial, and industrial sectors. Additionally, the market demand for solar PV panels is being further fueled by the expanding adoption of green construction rules and the rising desire for sustainable energy solutions. The market's top companies are spending a lot of money on R&D to boost solar PV panels' efficiency and performance while lowering their cost to consumers.

Based on End-User

The Construction Industry Makes Majority of this Segment as it has a Substantial Potential to Reduce Carbon Emissions

The market for Solar PV Glass has a wide range of end users, although the building sector dominates. The use of sustainable building techniques has a substantial potential to reduce carbon emissions from the construction industry, which is one of the major producers of greenhouse gas emissions. Buildings can be made out of Solar PV Glass, a sustainable material that lowers carbon emissions and helps buildings be more energy efficient. Architects, contractors, and building owners that want to include sustainable energy solutions in building designs are examples of end-users in the construction industry. Buildings may generate power, consume less energy, and enhance indoor air quality while also battling climate change by utilizing Solar PV Glass.

Based on Region

Asia Pacific Region Dominates the Solar PV Glass market due to its Commitment to Renewable Energy, the Presence of Major Solar Panel Manufacturers, and Supportive Government Policies

The Solar PV Glass Market is dominated by the Asia Pacific region, with China, Japan, and India being the main consumers. For example, over the past ten years, China has gradually surpassed the US, Europe, and Japan in terms of PV manufacturing capacity. China has made over USD 50 billion in new PV supply capacity, ten times more than Europe. More than 80% of all solar panel manufacturing is now done in China. This is more than twice as much PV demand as China accounts for globally. The nation is also home to 10 of the top manufacturers of solar PV manufacturing equipment worldwide.

The cost of solar PV has significantly decreased thanks to China, which has many advantages for the switch to sustainable energy. Additionally, supportive government programs and efforts, including subsidies, tax breaks, and feed-in tariffs, have helped the region's market for Solar PV Glass to expand. Moreover, the demand for industrial power will rise as India's industrial activity grows. Rooftop solar installations would therefore offer a reliable choice for businesses to become independent, which is anticipated to grow the rooftop solar market in India. For instance, India's rooftop solar installations increased by almost 51% quarter-over-quarter in the fourth quarter (Q4) of 2022, adding 483 MW as opposed to 320 MW. This represents a 20% growth from the previous year. The International Renewable Energy Agency (IREA) estimates that India's solar photovoltaic energy capacity will surpass 62.8 gigawatts in 2022, an increase of 21.5% over 2022. As a result, the country's market for solar photovoltaic glass is anticipated to grow as solar photovoltaic energy capacity increases. Overall all these factors will contribute to the growth of Solar PV Glass market in the Asia Pacific region.

Competitive Landscape

Numerous international and regional actors compete fiercely on the global market. Major corporations engage in strategic alliances, mergers & acquisitions, and joint ventures to acquire a market advantage. In addition, manufacturers concentrate on capacity expansions and R&D for new product development to offer consumers products that are on trend. Corning Incorporated, a significant player in the market, has been supplying several Solar PV Glass manufacturers with its renowned Gorilla Glass. First Solar, a market-leading provider of solar technology and a leader in the production of thin-film solar panels, is another important player. The Series 6 glass technology, exclusive to First Solar, offers improved performance and efficiency in PV applications. Through its subsidiary Saint-Gobain Solar, the industry leader in building materials Saint-Gobain is also a major player in the Solar PV Glass market. These prominent players are constantly coming up with new ideas and spending money on R&D to gain an advantage in the quickly changing Solar PV Glass market.

The key players in the global Solar PV Glass market include - Onyx Solar Group LLC (Spain), Shenzhen Topray Solar Co. Ltd. (China), Borosil Glass Works Ltd. (India), Trina Solar (China), JA Solar Holdings Co. Ltd. (China), Sharp Corp. (Japan), Brite Solar Corp. (U.S.), WUXI Suntech Power Co. Ltd. (China), Gruppo STG (Italy), PolySolar Ltd. (UK) among others.

Recent Market Developments

• April 2023: Canadian Solar disclosed its 2024 capacity expansion plans for CSI Solar Co., Ltd. CSI Solar plans to increase its ingot, wafer, cell, and module capacities by 30 GW, 15 GW, 10 GW, and 25 GW, respectively, by the end of the first quarter of 2024.
• January 2023: 22 windows at the Patagonia headquarters were coated with transparent photovoltaic coatings by Next Energy Technologies, a US-based producer of organic photovoltaic coatings.
• November 2022: In order to build a solar power plant and energy storage in Arizona, USA, EE North America, a European Energy company, teamed up with Elio Energy.

Segmentation of the Global Solar PV Glass Market