Solar PV Glass Market - Business Opportunities & Global Industry Analysis by 2027
According to Market Research Future (MRFR), the global solar PV glass market size was valued at USD 4.5 billion in 2017 and is projected to reach USD 19 billion with a CAGR of 34% from 2018 to 2023 (forecast period). The report explores and investigates the influence of the COVID-19 outbreak on the global solar PV glass market, including potential opportunities and challenges, drivers, and risks.
Solar photovoltaic glass (PV) technology follows the same principle as solar panels, which convert light into electricity. Solar PV glass is a profoundly engineered construction glass that contains transparent semiconductor-based photovoltaic/solar cells and can be used for multiple purposes. Solar PV glass technology is built to be highly popular and is increasingly replacing traditional building materials in parts like windows, roofs, skylights, and facades.
Solar PV glass is much more in vogue than its standard counterpart and has replaced conventional materials. Continued rapid cost reduction of solar PV glass technology through rigorous R&D has intensified the adoption of solar PV glass and, as a result, expanded the global solar PV glass market.
In addition, growing awareness of the advantages of renewable energy solutions, combined with an incessant need to minimize environmental degradation, has been a critical driver of market development. Governments in several countries have also tried to promote the adoption of renewable energy sources, which are expected to significantly affect the industry's growth.
The introduction of green building technology, which increasingly utilizes solar PV glasses as part of sustainable construction, also boosts the development of the global solar PV glass market.
On the other hand, high installation costs are associated with solar PV glass technology. The cost of installing solar PV glass technology differs between countries and regions and is generally high in developing economies and underdeveloped countries.
Efforts are initiated to develop almost fully transparent solar PV glass, which would be ideal for use in a variety of applications. The outlay of massive amounts for the same offer opportunities for the development of the global market for solar PV glass.
The global solar PV glass market has been segmented on the basis of type, module, and application.
Based on type, the global solar PV glass market has been segmented into anti-reflective (AR) coated, transparent conductive oxide, tempered, and others.
Based on the module, the global solar PV glass market has been segmented into crystalline silicon modules, amorphous silicon modules, thin-film modules, and others.
Based on application, the global solar PV glass market has been segmented into utility, residential, and non-residential.
Regionally, the global solar PV glass market share has been segmented into North America, Europe, Asia Pacific (APAC), The Rest of the World (RoW).
Europe currently dominates the global market, followed by North America and the Asia Pacific. However, Asia Pacific is expected to grow at a rapid pace during the forecast period. The Asia Pacific is going through a transition period in which there is a lot of growth in infrastructure industries. This is predicted to accelerate the demand for solar PV glass in the near future. Moreover, the increasingly growing population in this area is one of the key factors driving the need for infrastructure growth. This, in turn, is anticipated to impel the demand for solar PV glass.
First Solar Inc., Hanwha Q CELLS Co., Nippon Sheet Glass Co. Ltd., Yingli Green Energy Holding Company Ltd., Xinyi Solar Holding Ltd., Sun Power Corporation, ReneSola Ltd., and Saint-Gobain S.A, Guardian Industries are among the prominent companies in the global solar PV glass market.
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