The Solar Photovoltaic Glass Market is estimated to be valued at US$ 18948.83 Mn in 2022 and is expected to exhibit a CAGR of 30.72% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar photovoltaic glass is used in solar panels or modules that convert sunlight directly into electricity through the photovoltaic effect. Solar photovoltaic glass is coated with an antireflective coating that allows maximum sunlight to pass through and get absorbed by solar cells. The glass provides protection to solar cells from environmental factors such as rain, hail, or extreme heat and cold. It serves as the front cover and top most layer of a typical solar panel.
Market Dynamics:
Increasing demand for renewable energy sources across the globe owing to rising environmental concerns regarding carbon emissions is driving the growth of the solar photovoltaic glass market. According to the International Renewable Energy Agency, renewable energy capacity will need to double by 2030 to meet Paris climate goals. Technological advancements in solar glass coating techniques that provide higher transmissivity and lower light reflection are also fueling market growth. Thinner and more efficient coatings help reduce material costs and improve overall module efficiency.
SWOT Analysis
Strength: Solar photovoltaic glass has three major advantages - it is a renewable source of energy, it is environment friendly as it does not cause pollution, and has very low maintenance costs.
Weakness: High initial costs of setting up solar farms. Dependency on climatic conditions as the intensity of light affects the power output. Storage of solar energy during night remains a challenge.
Opportunity: Increasing government support through subsidies and tax incentives to promote use of solar energy provides major opportunities. Rising energy demand worldwide also opens up opportunities.
Threats: Technological obsolescence is a major threat as efficiency of modules keeps improving. Fluctuations in raw material prices impact the industry.
Key Takeaways
The global Solar Photovoltaic Glass Market is expected to witness high growth, exhibiting a CAGR of 30.72% over the forecast period, due to increasing concerns about climate change and shift towards renewable sources of energy. Asia Pacific dominated the market in 2021 due to large solar installations in China, availability of low-cost solar photovoltaic glass, and supportive government policies in various countries.
Regional analysis
Asia Pacific is currently the fastest growing as well as the dominating region in the global solar photovoltaic glass market. This is attributed to strong government support through favorable policies and investments in solar energy plants, especially in China and India. Further, the presence of emerging economies, availability of low-cost solar photovoltaic glass, and high concentration of key manufacturers in the region are some of the major factors driving the growth of the solar photovoltaic glass market in Asia Pacific.
Key players
Key players operating in the solar photovoltaic glass market are AGC Solar, Nippon Sheet Glass Co., Ltd., Taiwan Glass Ind. Corp., Xinyi Solar Holdings Ltd., Sisecam Flat Glass, Guardian Glass, Saint-Gobain Solar, Borosil Glass Works Ltd., Flat Glass Co., Ltd., Interfloat Corporation, Guangdong Golden Glass Technologies, Hecker Glastechnik GmbH & Co. KG, F solar GmbH, Emmvee Toughened Glass Private Limited, and Euroglas. The major players are focusing on new product launches and facility expansions to strengthen their market position.
