Solar Photovoltaic Glass Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Solar Photovoltaic Glass Market Size accounted for USD 8.3 Billion in 2022 and is estimated to achieve a market size of USD 113.5 Billion by 2032 growing at a CAGR of 30.2% from 2023 to 2032.
Solar Photovoltaic Glass Market Highlights
- Global solar photovoltaic glass market revenue is poised to garner USD 113.5 billion by 2032 with a CAGR of 30.2% from 2023 to 2032
- Asia Pacific solar photovoltaic glass market value occupied around USD 3.6 billion in 2022
- North America solar photovoltaic glass market growth will record a CAGR of more than 32% from 2023 to 2032
- Among type, tempered glass sub-segment generated notable revenue in 2022
- Based on end-user, building & construction sub-segment generated around 32% market share in 2022
- Increasing focus on environmental sustainability and energy efficiency in construction projects is a popular solar photovoltaic glass market trend
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Solar photovoltaic glass harnesses free and clean electricity from the sun, transforming buildings into vertical power generators. Additionally, it allows natural light penetration while offering thermal and sound insulation, effectively filtering out 99% of harmful UV radiation and absorbing up to 95% of IR radiation. Solar control glass finds diverse applications in the construction sector, spanning facades, skylights, windows, and roofs. Its versatility extends to various types of buildings, including commercial structures like business centers, residential properties, and shopping malls. Furthermore, solar glass serves both internal and external purposes in these constructions.
Global Solar Photovoltaic Glass Market Dynamics
Market Drivers
- Increasing adoption of solar power systems
- Growing recognition for the benefits of sustainable energy sources
- Favorable government policies and initiatives
Market Restraints
- Hotspots affecting the panels pose a constraint
- Volatility in the costs of raw materials
Market Opportunities
- Swift expansion of infrastructure and industrial activities
- Reduction in the expenses associated with solar systems
- Declining expenses for energy storage devices
Solar Photovoltaic Glass Market Report Coverage
| Market | Solar Photovoltaic Glass Market |
| Solar Photovoltaic Glass Market Size 2022 | USD 8.3 Billion |
| Solar Photovoltaic Glass Market Forecast 2032 |
USD 113.5 Billion |
| Solar Photovoltaic Glass Market CAGR During 2023 - 2032 | 30.2% |
| Solar Photovoltaic Glass Market Analysis Period | 2020 - 2032 |
| Solar Photovoltaic Glass Market Base Year |
2022 |
| Solar Photovoltaic Glass Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Type, By Application, By End-User, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | AGC Solar, Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd., Xinyi Solar Holdings Ltd., Hecker Glastechnik GmbH & Co. KG, Sisecam Flat Glass, Emmvee Toughened Glass Private Limited, Saint-Gobain Solar, Polysolar Ltd., and Interfloat Corporation. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Solar Photovoltaic Glass Market Insights
Growing recognition of the benefits of renewable energy sources will boost the demand for the solar PV glass market. Renewable energy is derived from sources that are inexhaustible and naturally renewed, such as tidal movements, solar power, and wind. This type of energy can be utilized for generating electricity, as well as for cooling and heating spaces and water, in addition to powering transportation systems.
Additionally, renewable energy offers diverse applications, such as reducing carbon emissions and air pollution from energy production, coupled with a more reliable, secure, and resilient power grid, and lower energy costs. For instance, more than 20% of the total electricity in the United States is produced through renewable energy, and this proportion is steadily increasing. Furthermore, increasing adoption of solar power systems and favorable policies and initiatives also drive demand in the market.
Shading is the main contributor to hot spots in solar panels. When part of the panel is shaded, a significant reverse bias occurs across the shaded cells due to the high number of series connections. This results in heat accumulation, leading to temperature rise and hot spot formation. Moreover, shading diminishes the panel's overall efficiency, as the shaded cells cannot generate electricity at the same rate as the unaffected area. Additionally, if a solar panel has a faulty cell and its operating current gets too close to the maximum, it can create a situation where all the power generated concentrates in the shaded cell, causing it to overheat. This overheating not only reduces the panel's efficiency but also lowers the overall energy output. In severe cases, these hot spots can damage the panel permanently, making it less effective and cost-efficient over its lifespan. Overall, hotspots affecting the panels pose a constraint in the market.
According to Oxford Economics, the world needs to invest $94 trillion in global infrastructure between 2016 and 2040, which is 19% more than what is currently projected. This averages to $3.7 trillion per year. To meet this requirement, the global dedication of GDP to infrastructure needs to increase to 3.5%, up from the expected 3.0% based on current trends. This growing enlargement in industrialization and infrastructure activities will become an opportunity in the forecast year. Moreover, reduction in the expenses associated with solar systems and declining expenses for energy storage devices will also become opportunities in the Solar Photovoltaic Glass Market.
Solar Photovoltaic Glass Market Segmentation
The worldwide market for solar photovoltaic glass is segmented into type, application, end-user, and region.
Solar PV Glass Market By Type
- TCO Glass
- Tempered
- AR Coated
- Others
According to the solar photovoltaic glass market, tempered glass is widely used type in the solar PV industry. Tempering increases the strength and durability of glass, making it more resistant to mechanical and thermal stresses. Tempered glass is commonly used as the top layer of solar panels to protect photovoltaic cells from external variables such as hail, wind, and snow. Its enormous popularity stems mostly from its capacity to enhance the dependability and durability of solar PV modules.
TCO glass is another popular choice in solar PV modules due to its outstanding balance of transparency and conductivity. It allows light to flow through while maintaining electrical conductivity, making it ideal for photovoltaic applications. TCO glass, particularly indium tin oxide (ITO) coated glass, has been the most popular kind in the solar PV glass industry due to its efficiency and efficacy in solar energy conversion.
Solar PV Glass Market By Application
- Curtain Walls
- Wind Shield
- Facades
- Solar PV Panels
- Skylights
- Glazing
- Others
According to the solar photovoltaic glass market forecast, façade application is expected to dominate in the coming years. The facade serves as the outward appearance or "face" of a building, playing a crucial role in defining its overall look. Additionally, it functions as a protective barrier, separating the interior from the external environment. Additionally, key players have developed the new solar powered façade with diverse applications. For instance, Onyx Solar has created a solar-powered façade and roof system that not only looks good but also offers excellent thermal performance. This innovative design not only enhances the visual appeal of buildings but also serves as a practical and eco-friendly source of free electricity.
Solar PV Glass Market By End-User
- Building and Construction
- Solar Energy
- Automotive Industry
- Infrastructure
- Others
According to the solar photovoltaic (PV) glass market analysis, building and construction segment dominate the industry based on end-users. For instance, Tesla has introduced a solar roof tile designed for use in residential homes. Tesla Solar Roof uses special glass tiles, along with regular roofing tiles, to capture sunlight and generate power for home. Furthermore, China's 14th Five-Year Plan focuses on creating new projects for energy, transportation, water systems, and urban development. It is estimated that around 27 trillion yuan (approximately $4.2 trillion) will be invested in these new infrastructure initiatives from 2021 to 2025. The plan highlights nine key areas for improving energy efficiency and promoting green building practices. It also aims to upgrade more than 350 million square meters of existing buildings and construct over 50 million square meters of buildings that achieve net-zero energy consumption. Overall, this growing construction globally will dominate the building and construction sector in the market.
Solar Photovoltaic Glass Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
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Solar Photovoltaic Glass Market Regional Analysis
According to the solar photovoltaic glass industry analysis, the regional analysis market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia-Pacific segment dominates the solar photovoltaic glass market. Countries such as India, Japan, China, South Korea, Indonesia and Malaysia are experiencing fast population and city growth. These places contain the infrastructure systems. Furthermore, contribution of major key player in this region will also dominate the market. For instance, IRICO Group New Energy Co., Ltd. and Xinyi Solar Holdings Limited, both based in China, stand out as key players in the solar photovoltaic glass market. Moreover, China is the leading country in this market. For instance, On July 2022, China recently disclosed that its daily solar glass production capacity has reached an impressive 64,000 metric tons. Additionally, the State Grid Corp. of China has unveiled intentions to invest CNY 26.07 billion (equivalent to $4.3 billion) in incentives to support the solar energy sector.
Solar Photovoltaic Glass Market Players
Some of the top solar photovoltaic glass companies offered in our report are AGC Solar, Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd., Xinyi Solar Holdings Ltd., Hecker Glastechnik GmbH & Co. KG, Sisecam Flat Glass, Emmvee Toughened Glass Private Limited, Saint-Gobain Solar, Polysolar Ltd., and Interfloat Corporation.
Frequently Asked Questions
How big is the Solar Photovoltaic Glass Market?
The solar photovoltaic glass market size was valued at USD 8.3 billion in 2022.
What is the CAGR of the global Solar Photovoltaic Glass Market from 2023 to 2032?
The CAGR of solar photovoltaic glass market is 30.2% during the analysis period of 2023 to 2032.
Which are the key players in the Solar Photovoltaic Glass Market?
The key players operating in the global market are including AGC Solar, Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd., Xinyi Solar Holdings Ltd., Hecker Glastechnik GmbH & Co. KG, Sisecam Flat Glass, Emmvee Toughened Glass Private Limited, Saint-Gobain Solar, and Polysolar Ltd.
Which region dominated the global Solar Photovoltaic Glass Market share?
Asia Pacific held the dominating position in the Solar Photovoltaic Glass Market analysis period of 2023 to 2032.
Which region registered fastest CAGR from 2023 to 2032?
Asia-Pacific region exhibited fastest growing CAGR for market of hydrogen storage during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global Solar Photovoltaic Glass Market industry?
The current trends and dynamics in the solar photovoltaic glass market are increasing adoption of solar power systems, growing recognition for the benefits of sustainable energy sources, and favorable government policies and initiatives.
Which segment dominate the market By Type?
Tempered segment dominated the solar photovoltaic glass market.
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