The global solar photovoltaic glass market was valued at USD 9.3 Billion in 2021 and is projected to reach around USD 43 billion by 2028, growing at a CAGR of 30.9% from 2021 to 2028.
Solar Photovoltaic (PV) glass is a glass that utilizes solar cells to convert solar energy into electricity. It is installed within roofs or façade areas of buildings to produce power for an entire building. In these glasses, solar cells are fixed between two glass panes, which have special filling of resin. These resins securely wrap solar cells from all sides. Each cell is connected with two electrical connections and is attached to other cells to form a module.
The factors boosting solar PV glass market growth includes supportive government regulations toward installation of Solar PV plants. In addition, rise in demand for solar systems in residential, commercial, and utility scale boosts the growth of the solar PV glass market. However, high cost involved with installation, storage, and purchase of solar devices is expected to hamper the growth of the market. The global solar PV glass market is yet to explore its full potential. The rise in demand for renewable energy is expected to offer growth opportunities to the market. Feed-in Tariff (FIT) program allows homeowners, communities, and business owners, to generate renewable energy and trade it with a guaranteed price for a fixed contract under multiple terms and conditions. The FIT is the amount paid per kilowatt-hour (kWh) of electricity delivered to a provincial grid under the FIT contract.
The price paid for electricity produced varies according to the renewable energy technology used and the size of the project. Feed-in Tariff programs were launched in 2009 in countries such as Canada and the U.S. to encourage the development of renewable energy technology and attract investments to reduce enhanced reliance on fossil fuels by methods of phasing out coal fired plants. Thus, the ongoing investments and commitments toward the development and scaling up of renewable energy is expected to significantly boost the demand for solar photovoltaic glass.
The global solar PV glass market is segmented on the basis of type and end-use industry. By type, it is divided into anti-reflective coated glass, tempered glass, TCO glass, and others. The tempered glass segment holds a dominant position in the global solar photovoltaic market. Solar panels are made of tempered glass, as they are much stronger than any other type of glass and are shattered into small pieces, when broken. As both the strength and safety are important for the installation of solar panels, the demand for solar tempered glasses is expected to increase.
The solar photovoltaic glass market application/end-use industry segment is further divided into residential, commercial and utility scale. Region wise, the market is segmented into North America, Asia-Pacific, Europe and LAMEA.
The utility scale industry holds major solar photovoltaic glass market share among all end-use industry and is expected to grow with the highest CAGR during the forecast period. Utility-scale solar plants provide the benefit of fixed-priced electricity during peak demand periods, when electricity from fossil fuels is the most expensive. It has aided in development of clean energy thereby, reducing carbon pollution in atmosphere. The rise in demand for solar glasses in panels for the utility scale industry is expected to offer growth opportunities to the market.
By region, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. The Asia-pacific and LAMEA are providing solar photovoltaic glass market opportunity of growth owing to rapid increase in development of renewable power to cope up with the increase in electricity demand.
In addition, the market is boosted by laws and regulations, which are promoting photovoltaic panel installation. With growing solar installation, the demand for solar photovoltaic glasses is expected to increase significantly, thereby enhancing the growth for the global solar PV glass market.
Utility, one of the segments analyzed in the report, is projected to record a 26.7% CAGR and reach US$25 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Residential segment is readjusted to a revised 20.9% CAGR for the next 7-year period.
- The U.S. Market is Estimated at $2.4 Billion, While China is Forecast to Grow at 31.3% CAGR
- The Solar PV Glass market in the U.S. is estimated at US$2.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.7 Billion by the year 2027 trailing a CAGR of 31.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.5% and 22.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 21.4% CAGR.
- Residential Segment to Record 24.6% CAGR
- In the global Residential segment, USA, Canada, Japan, China and Europe will drive the 23.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.4 Billion in the year 2020 will reach a projected size of US$6.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.4 Billion by the year 2027, while Latin America will expand at a 25.9% CAGR through the analysis period.
The key players involved in the global solar Photovoltaic glass industry are Onyx Solar Group LLC, Shenzhen Topray Solar Co., Ltd., Borosil Glass Works Limited, Trina Solar, Ja Solar Holdings Co. Ltd, Sharp Corporation, Brite Solar, Wuxi Suntech Power Co., Ltd., Gruppo STG and Polysolar. To stay competitive, these market players are adopting different strategies such as product launch, partnership, mergers, and acquisitions. For instance, one of the largest solar panel manufacturers, Trina Solar is looking forward to expanding its massive manufacturing base in India.
By End-Use Industry
The Solar Photovoltaic Glass market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Solar Photovoltaic Glass market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Solar Photovoltaic Glass market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Solar Photovoltaic Glass market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Solar Photovoltaic Glass market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Solar Photovoltaic Glass capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Solar Photovoltaic Glass by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Solar Photovoltaic Glass market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Solar Photovoltaic Glass market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Solar Photovoltaic Glass market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Solar Photovoltaic Glass industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Solar Photovoltaic Glass market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Solar Photovoltaic Glass market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Solar Photovoltaic Glass market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Solar Photovoltaic Glass market. These factors have benefited the growth of the global market for Solar Photovoltaic Glass. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Solar Photovoltaic Glass. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Solar Photovoltaic Glass are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: