Solar Photovoltaic Glass Market

Solar Photovoltaic Glass Market Size 2023-2028:

Solar Photovoltaic Glass Market is anticipated to develop at a CAGR of 25.70% during the forecast period, reaching a size of US $ 28.721 billion in 2028 from US $ 8.255 billion in 2023.

Solar photovoltaic glass is a technology that converts light into electricity by incorporating transparent solar cells. In the photovoltaic solar glass, solar cells are inserted between two sheets of glass panels and are used for photovoltaic applications in different ways. Photovoltaic solar glass is made of crystalline or thin-film silicon. Photovoltaic solar glass is designed to replace building materials traditionally used in rooms such as windows, roofs, and facades. This helps in the creation of renewable energy through creative architectural design. This growth of the photovoltaic glass market is further attributed to the granting of subsidies by the governments of various countries, as well as the rapid reduction in the prices of solar panels around the world. Supportive government initiatives, policies, and programs to increase the adoption of solar energy further contribute to the growth of the solar photovoltaic glass market. Demand for photovoltaic solar panels is increasing across the residential sector due to the net metering policy. Under this policy, net metering gives credit to the owner of solar photovoltaic systems for the sale of excess output from the system. This allows customers to be billed for their “net” energy used, which means savings in electricity and even generating income by selling excess production.

Recent Developments in the Solar Photovoltaic Glass Industry:

• In February 2020, Trina Solar is launching new 500 Wp + bifacial double-glass modules. Trina Solar, one of the world's leading providers of integrated photovoltaic modules and smart power solutions, officially introduced its latest Duomax V double-sided glass modules and Tallmax V back sheet.

• In July 2020, solar glass could transform the windows of all buildings into power generation panels. Not only are organic solar cells non-toxic, lightweight, and semi-transparent, but they also offer the potential for low production costs. However, they tend to have low efficiency, and their reliability over time has so far not been ideal.

• In September 2019, Vikram Solar launches its first bifacial photovoltaic modules with the half-cell module in the United States Solar module manufacturer.

Drivers in the Solar Photovoltaic Glass Market  

Factors driving the growth of the solar photovoltaic glass market include the support of government regulations for the installation of solar photovoltaic power plants. In addition, the growing demand for solar systems at the residential, commercial, and utility scale is fueling the growth of the solar photovoltaic glass market. However, the high cost associated with installing, storing, and purchasing solar devices is expected to hamper the growth of the market. The global solar photovoltaic glass market has yet to explore its full potential. The increased demand for renewable energy is expected to provide growth opportunities in the market.

The feed-in tariff program (FIT) allows owners, communities, and contractors to generate renewable energy and market it at a price guaranteed by a fixed contract under multiple terms and conditions. The price paid for the electricity produced varies depending on the renewable energy technology used and the size of the project. Feed-in tariff programs were launched in 2009 in countries like Canada and the United States to encourage the development of renewable energy technologies and attract investment to reduce the increased dependence on fossil fuels through the phase-out progressive methods of coal-fired power plants. . Therefore, the ongoing investments and commitments for the development and expansion of renewable energies are expected to significantly boost the demand for solar photovoltaic glass.

Restraints in the Solar Photovoltaic Glass Market

High installation costs, rising raw material prices, and the need to purchase power conversion devices are factors hampering the solar photovoltaic glass market. Another key limitation in the solar PV glass market is changing environmental conditions. High technological costs in emerging regions are also likely to be a hindrance to market growth.

SOLAR PHOTOVOLTAIC GLASS MARKET REPORT COVERAGE:

Market Segmentation

Solar Photovoltaic Glass Market By Application:

• Residential

• Non-residential

• Utility

Photovoltaic solar glass has become increasingly popular in both small and large-scale power generation applications in the utility segment. The main factors contributing to the high demand for products in the utility industry are ease of use and installation and lower prices. It is used in a variety of applications in the utility segment, such as photovoltaic panels on building facades, uses to power specific equipment, cogeneration of electrical systems, solar power on rooftops, and small and large power plants. . These trends have benefited the demand for solar photovoltaic glass in utility applications. Rapid urbanization, increasing disposable income, and growing awareness of clean energy use are expected to drive the installation of residential solar photovoltaic capacity, which will benefit the demand for glass in the application. 

Governments run awareness programs to encourage citizens to install rooftop solar systems. Grants are also awarded for these projects. These trends are expected to benefit the overall growth of the segment from 2020 to 2025. Solar PV installations are now designed to ensure that they can withstand a harsh environment, thus offsetting upgrade and maintenance costs. There has been an increase in the adoption of facilities by government institutes, non-profit organizations, and commercial entities to achieve sustainability goals. These factors should benefit market demand in the non-residential sector.

Solar Photovoltaic Glass Market By Product:

• Anti-reflective coated glass

• Tempered glass

• TCO glass

• Others

The demand for annealed photovoltaic solar glass was over 350 million square meters in 2020 and is expected to increase significantly from 2020 to 2025. This can be attributed to cost competitiveness, ease of manufacture, and product availability. The toughened/tempered solar photovoltaic glass market is expected to grow at a CAGR of 8% during the forecast period due to its high strength and effective safety features from other counterparts. In addition, these products offer high mechanical strength and better resistance to thermal stresses.

Solar Photovoltaic Glass Market Regional Analysis:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• The Middle East and Africa 

Regionally, the global solar PV glass market is categorized into North America, South America, Europe, Middle East & Africa, and Asia-Pacific. APAC accounted for the largest market share in 2020 due to China's presence as the world's largest producer of solar panels. In 2020, China's National Energy Administration released an action plan to improve the competitiveness of software and equipment that supports PV smart manufacturing and promotes exports. China aims to improve its level of smart manufacturing of photovoltaic base materials, solar cells, and their components, which will further increase the market for solar photovoltaic glass. In addition, government initiatives and policies in countries like India and Vietnam to boost the adoption of solar power are further contributing to the growth of the market.

For example, as part of the National Solar Mission, the Indian government aims to promote solar power for power generation with a long-term goal of adding 20,000 MW of grid-connected solar power by 2025. , by creating metrics such as RPO-specific solar energy within the framework of the national tariff policy and planning for the implementation of solar parks in various cities of the country. The net metering system has been introduced in Sabah and Peninsular Malaysia with the goal of reaching 500 MW by 2020. According to the 2019 Australia Clean Energy Report, more than 2.4 GW of new renewable capacity emerged in Australia with 38 projects completed in 2020.

The boom in solar panel manufacturing in the United States following the imposition of a 35% tariff by the United States government on imported solar panels and cells in 2020 is driving the growth of solar photovoltaic glass in this region. For example, in October 2020, thin-film solar panel maker First Solar began production at its new PV module manufacturing facility in Lake Township, Ohio. In addition, government initiatives to support and finance small businesses in the solar market are seen as a beneficial factor for the growth of the solar photovoltaic glass market during the forecast period. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STR) are the respective programs that provide funding opportunities for small businesses based in the United States to have future commercialization potential.

 Solar Photovoltaic Glass Market Key Players:

1. AGC Solar

2. Henan Huamei Cinda Industrial Co., Ltd.

3. Borosil Glass Works Ltd.

4. Hecker Glastechnik GmbH & Co. KG

5. Saint-Gobain Solar

6. Guangdong Golden Glass Technologies

7. Euro glass

8. Nippon Sheet Glass Co., Ltd.

9. Sisecam Flat Glass

10. Taiwan Glass Ind. Corp.

11. Xinyi Solar Holdings Ltd.

12. Emmvee Toughened Glass Private Limited.