CAGR: 21%Current Market Size: USD 12.1 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global solar photovoltaic glass market is expected to grow from USD 12.1 billion in 2022 to USD 55.5 billion by 2030, at a CAGR of 21% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the growing trend of green buildings.
The solar photovoltaic glass enables solar energy to be converted into electricity and protects against environmental factors such as dust, snow, etc. Photovoltaic glass is increasingly being used for integrated photovoltaics in buildings, including roof panels, building panels, and greenhouses. There are several potential applications for solar PV glass, including smartphones, cars, and greenhouses. Additionally, solar photovoltaic glass is in high demand for industrial and commercial use in developing economies, which drives the market. In a projected economic downturn scenario, changing consumer preferences, amending industrial policies to comply with environmental concerns, huge fluctuations in raw material costs as a result of geopolitical tensions, and expected economic uncertainty are among the key challenges for solar photovoltaic glass industry players in the short term. With photovoltaic glass, you can easily integrate solar energy into buildings and rooftop systems, creating renewable energy by inexpensively utilizing solar energy. Renewable energy sources, including solar photovoltaic glass, are being promoted by governments around the globe through incentives and subsidies, thereby driving market growth. Moreover, using solar photovoltaic glass for electricity generation reduces greenhouse gas emissions and can save energy costs, which leads to a reduction in greenhouse gas emissions and utility costs.
Sample Request: - Global Solar Photovoltaic Glass Market
Market Dynamics:
Drivers:
The demand for solar photovoltaic glass in developing economies for industrial and commercial applications is high, driving market growth for solar PV glass. In addition, solar photovoltaic glass is gradually replacing traditional building materials in areas such as windows and roofs. Moreover, solar photovoltaic glass market growth is further fueled by the increasing awareness of renewable energy solutions and the need to limit environmental degradation.
Restraints:
Global solar PV glass market growth is hindered by changing environmental conditions and high technological costs in emerging and underdeveloped countries. Additionally, the growing grid congestion problems, production curtailments and complexity of subsidies in China and India might pose a barrier to solar PV glass growth in the Projection period.
Opportunities:
Global solar PV glass sales are aided by the development of green building construction methods, which increasingly use solar PV glasses as a component of sustainable building. A major part of the green construction market is photovoltaics, which is showing promising growth. Global trends are pushing for the switch from fossil fuels to renewable energy in all industries.
Challenges:
In emerging countries, infrastructure is an issue that causes major problems. Infrastructure is what enables a project or programme to be executed. In developing countries, infrastructure development is in high demand, but resources for the provision of infrastructure are limited.
Segmentation Analysis:
The global solar photovoltaic glass market has been segmented based on type, module, application, and region.
By Type
The type segment includes tempered solar PV glass, annealed solar PV glass, AR-coated solar PV glass and others. The AR-coated solar PV glass segment led the largest share of the solar photovoltaic glass market with a market share of around 28.9% in 2022. Often called aluminized or transparent solar PV glass, AR coated glass reflects the sun's rays and allows them to pass through to the device below, and the AR in AR-Coated refers to an Antireflective coating which reduces internal reflection, eliminates back glare and increases light transmission, with no color, weight or alteration of sunlight appearance.
By Module
The module segment includes amorphous silicon PV modules, crystalline silicon PV modules and thin film PV modules. The crystalline silicon PV modules segment led the largest share of the solar photovoltaic glass market with a market share of around 45% in 2022. Among the semiconductors used in photovoltaics, crystalline silicon is the dominant material used to manufacture solar cells. As part of a photovoltaic system, these cells are arranged into solar panels that generate electricity from sunlight. When solar cells are manufactured and installed more efficiently, the final installation will be cheaper because fewer cells will be required.
By Application
The application segment includes utility, commercial and residential. The utility segment is expected to witness the highest growth rate during the Projectioned period. The utility segment led the largest share of the solar photovoltaic glass market with a market share of around 57% in 2022. Over the Projection period, the utility segment will continue to dominate the global market thanks to growing demand for clean energy and rising concerns about greenhouse gas emissions. The majority of global installations will be accounted for by the U.S., China, and India due to favorable government policies and subsidies, along with high electricity prices in those countries, which encourage the use of renewable energy sources like solar photovoltaic glass.
Global Solar Photovoltaic Glass Market- Sales Analysis.
The sale of solar photovoltaic glass expanded at a CAGR of 20% from 2016 to 2022.
Photovoltaic glass manufacturers will have tremendous growth opportunities as off-grid electricity systems develop. More than a billion people across important developing countries in the world live without electricity, making off-grid technology the most practical way to solve electricity problems in deep pockets.
The use of photovoltaic glass as solar panels becomes increasingly popular. This ground-breaking technology has attracted attention because of its transparency, which enables it to support direct electricity generation from windows and blinds.
The photovoltaic glass market is mainly driven by the increase in the use of renewable energy sources and the implementation of strict government regulations and policies concerning the choice of clean energy. A number of countries are taking steps to encourage the adoption of viable energy for building materials.
Thus, owing to the aforementioned factors, the global solar photovoltaic glass market is expected to grow at a CAGR of 21% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the solar photovoltaic glass market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the solar photovoltaic glass market and held a 38.5% share of the market revenue in 2022.
Global Solar Photovoltaic Glass Market - Country Analysis:
Germany's solar photovoltaic glass market size was valued at USD 1.08 billion in 2022 and is expected to reach USD 4.9 billion by 2030, at a CAGR of 21.1% from 2023 to 2030. Over the next few years, the country's solar market is expected to grow exponentially, driven by government initiatives to promote rooftop installation and strict rules against carbon emissions. Government goals include switching to solar power for electricity generation and eliminating the use of dirty fossil fuels.
China’s solar photovoltaic glass market size was valued at USD 1.19 billion in 2022 and is expected to reach USD 5.6 billion by 2030, at a CAGR of 21.5% from 2023 to 2030. In the Projection period, the market is expected to grow due to increasing inclination towards renewable energy and increasing installations of solar power plants. In the country, measures towards energy security are being taken along with government regulations to deploy sustainable energy, which will contribute to the growth of the industry.
India's solar photovoltaic glass market size was valued at USD 0.92 billion in 2022 and is expected to reach USD 4.34 billion by 2030, at a CAGR of 21.4% from 2023 to 2030. Increasing automobile demand has led automotive part manufacturers in countries like India to develop improved systems. This, in turn, is driving demand for efficient automotive parts and, thus, a global market for automotive fuse products. Furthermore, advanced technology ensures successful soldering, fully insulated clips, and nickel-plated brass contacts resist vibration.
Key Industry Players Analysis:
To increase their market position in the global solar photovoltaic glass market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
21% |
Market Size |
12.1 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Module, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Euroglas GmbH, Borosil Limited, Hecker Glastechnik GmbH & Co. KG, Sisecam, Saint-Gobain, Emmvee Toughened Glass Private Limited, Guardian Glass, Taiwan Glass Industry Corporation, China-Henan Huamei Chemical Co. Ltd., Xinyi Solar Holdings Limited, and Interfloat Corporation., |
By Type |
|
By Module |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Solar Photovoltaic Glass Market By Type:
Global Solar Photovoltaic Glass Market By Module:
Global Solar Photovoltaic Glass Market By Application:
Global Solar Photovoltaic Glass Market By Region:
Global solar photovoltaic glass market is expected to grow from USD 12.1 billion in 2022
Leading players in the solar photovoltaic glass market are Euroglas GmbH, Borosil Limited, Hecker Glastechnik GmbH & Co. KG, Sisecam, Saint-Gobain, Emmvee Toughened Glass Private Limited, Guardian Glass, Taiwan Glass Industry Corporation, China-Henan Huamei Chemical Co. Ltd., Xinyi Solar Holdings Limited, Interfloat Corporation among others.
Global solar photovoltaic glass market is expected to reach USD 55.5 billion by 2030, at a CAGR of 21% from 2023 to 2030.
Asia Pacific region will witness more growth in the solar photovoltaic glass market.
Rising demand among the end-users and rising trend of green buildings.
Political Factors- Protests by pressure organisations, social and environmental activists, and labour unions should be carefully considered by the solar photovoltaic glass market since they are critical to policy development. Working closely with these groups may improve the solar photovoltaic glass market's ability to participate in civic activities and achieve long-term corporate goals. A solid governance structure and a democratic political atmosphere benefit marketplaces such as the solar photovoltaic glass market industry. Both bureaucracy and corruption are detrimental to the corporate environment. Because of diminished public trust in commercial organisations and the broader political and economic environment in nations with high levels of crime and inadequate law enforcement, the solar photovoltaic glass market's operations are becoming more unpredictable.
Economic Factors- Wages and the availability of skilled workers are affected by labour supply and demand. The solar photovoltaic glass market must analyse and anticipate labour market conditions in order to understand how it can attract exceptional people and leverage its abilities to boost business performance. When labour markets are open, the market for solar photovoltaic glass benefits from higher labour productivity. Operating in constricted labour markets, on the other hand, may result in salary concerns as well as other issues brought by persistent labour unions. The availability of qualified human resources should also be carefully examined by the solar photovoltaic glass industry, as a lack of this personnel can influence corporate efficiency and make attracting and retaining talent more challenging.
Social factors- Culture is a critical factor for foreign marketing managers. Every culture has its own set of norms and values that influence how people behave as customers. The solar photovoltaic glass market should construct local alliances and teams to understand local perspectives and social mores better in order to develop marketing strategies tailored to the local context. The solar photovoltaic glass industry benefits from monitoring social class stratification. To deliver luxury commodities at premium pricing to a market with a small number of high-end consumers, the solar photovoltaic glass market will need to employ specialised marketing methods. Market segmentation based on social class may also fail in areas where there is little social class stratification.
Technological Factors- In order to understand how new technologies affect the firm's value chain and current cost structure, the solar photovoltaic glass market must analyse both micro and macro expenditures made by competitors. In an environment where creative disruption is widespread, R&D initiatives are critical. To maximise revenues in this scenario, the solar photovoltaic glass market should invest in disruptive technologies and then reinvest profits in the development of new disruptive technologies. The usage of new technology has reduced the lifespan of new things. Today, new products are developed quickly, and supply chain partners wield more power.
Environmental Factors- Some governments provide financial aid to encourage the adoption of renewable energy sources. To maintain long-term viability, the solar photovoltaic glass market can benefit from it and invest in renewable technology. Because of a better brand impression, this investment will also result in higher stakeholder satisfaction and a larger consumer base. Weather and climatic fluctuations can have an impact on the efficiency with which businesses operate. Extreme weather conditions, for example, could raise operational costs and pressure the solar photovoltaic glass market to change the value chain. These changes may also have an effect on consumer purchasing habits, prompting changes to a company's product and marketing tactics.
Legal Factors- Because of consumers' concerns about their privacy and security, data protection has become a major issue. To protect consumer data, the solar photovoltaic glass market must explore data protection rules. There are additional laws in place to regulate prices, maintain quality, and protect customers from fraudulent advertising claims. In order for the solar photovoltaic glass market to comply with consumer protection legislation, some factors must be considered. Intellectual property regulations are intended to safeguard firms' valuable ideas and patents. The solar photovoltaic glass market's position with respect to other market participants may be compromised if it loses a competitive edge as a result of failing to protect intellectual property rights.
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