Solar Photovoltaic Glass Market

According to Stratistics MRC, the Global Solar Photovoltaic Glass Market is accounted for $7.79 billion in 2023 and is expected to reach $56.78 billion by 2030 growing at a CAGR of 32.8% during the forecast period. Solar photovoltaic (PV) glass is a type of glass used to generate electricity from the sun using solar cells. To generate power for a complete building, it is put within the roof or façade portions of structures. Solar cells are mounted between two glass panes that have specific resin filler in these glasses. Buildings become vertical power producers owing to PV Glass, which uses the sun to produce free and clean electricity. PV Glass allows for the passage of daylight. Additionally, it offers thermal and acoustic insulation, guaranteeing excellent filtration as up to 95% of infrared radiation and 99% of dangerous UV radiation may be absorbed.

According to the International Renewable Energy Agency (IREA), solar photovoltaic energy capacity in India reached over 62.8 gigawatts in 2022, a 21.5% increase over 2021. As a result, an increase in the capacity of solar photovoltaic energy is expected to boost the solar photovoltaic glass market in the country.



Market Dynamics:

Driver:

Off-Grid electricity system development with the rise in green building constructions

Large-scale potential for growth exist for manufacturers in the photovoltaic glass market arena as a result of the development of off-grid power systems. More than a billion people live without access to power worldwide, making off-grid technology the most viable solution to the problem in significant emerging nations with large finances. Furthermore, the global market for solar PV glasses is expanding as a result of the development of green building construction techniques, which increasingly use solar PV glasses as a component of sustainable building. In order to give buildings the potential to produce their own renewable energy, photovoltaics are being included into building designs as part of green construction.

Restraint:

Lack of high-quality solar PV glass

Due to high shipping expenses, there is a demand for fresh glass or glass that is manufactured close to the solar PV module producers. For crystalline silicon modules, quality distinction is crucial because thin film modules may employ low-grade float glass whereas crystalline silicon modules need high-quality solar PV glass. It is challenging for these firms to develop specialized solar float lines given the existing production levels. Glass of various thicknesses and grades is produced on typical glass production lines. The manufacture of solar PV glass is frequently inefficient due to the need for huge glass inventories to achieve economies of scale and lengthy setup periods. As a result, traditional glass producers give solar PV glass a back seat to the production of building and automobile glass which impedes the growth of the market.

Opportunity:

Increasing non-residential sector demand

With the simple integration of solar photovoltaic glass into structures and rooftop systems, renewable energy may be produced through the efficient utilization of solar energy and innovative architectural design. Additionally, the need for industrial power will expand as India's industrial activity grows. Rooftop solar systems would therefore offer a reliable choice for businesses to become independent, which is anticipated to grow the rooftop solar market in India. China, the United Kingdom, the United States, India, Japan, and Malaysia are important players in the market for solar photovoltaic glass. The non-residential sector leads in the use of solar photovoltaic cells.

Threat:

Hotspots on the panels

The overworked and moistened parts of the plates are known as the hot spots. Hotspots on panels are frequently caused by weak connections or structural issues with solar cells. Poor solder joints in the region of the panel that receives the power produced by the cell are the root cause of low resistance. The eventual outcome of this occurrence will be a short circuit, which will decrease the PV panel's efficiency and lifetime. In several solar parks, it has hot spots that call for solar panel replacement and sharply increase the expenses of the projects.

Covid-19 Impact

The global market for solar photovoltaic glass had severe development hindrances as a result of the exceptional COVID-19 pandemic epidemic. Lockdowns and import-export limitations imposed by various nations had a substantial impact on industrial activity as well as the supply and demand for solar photovoltaic glass. Due to a labour shortage, the infrastructure-related operations associated with the renewable energy sector were also briefly put on hold. However, the sector has experienced remarkable development as energy consumption increased and sustainability consciousness spread in the years after COVID-19.

The crystalline silicon PV modules segment is expected to be the largest during the forecast period

The crystalline silicon PV modules segment is estimated to have a lucrative growth, due to the widespread use of these modules in utility solar farms is what has caused this market to flourish. The silicon lattice has a well-organized structure that makes it more effective at converting light into energy. Additionally, silicon is a plentiful semiconductor and is typically safe, making it appropriate for the production of large-scale solar cells and on the other hand, are a more recent technology with higher efficiency than conventional modules thus propelling the growth of the market.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the highest CAGR growth during the forecast period, as the construction industry expands and demand rises, particularly in the regions of Asia-Pacific, North America, and Europe, it is proposed that there will be an increase in the need for solar photovoltaic glass for all sorts of structures. First-mover advantage in uncharted territories and reasonably low acquisition costs continue to be significant driving forces in this market. The architectural glazing business will soon incorporate windows with the potential to generate electricity. It will be feasible to harness the sun's energy to insulate buildings from the cold while regulating the interior lighting levels thanks to solar cells embedded in glass window panels which boosts the market growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the shortage of power in emerging nations like China, India, and Japan has increased the potential for the area to produce its own electricity utilizing solar photovoltaic glass. The Asia-Pacific area is home to the major solar photovoltaic glass manufacturers. The energy produced by solar photovoltaic cells guarantees energy cost reductions while lowering carbon footprints and greenhouse gas emissions. However, the high rate of solar penetration in the residential sector, generating a need for larger, central inverters for large utility-scale projects. During the projection period, the aforementioned elements, together with government backing, are helping to fuel an increase in demand for solar photovoltaic glass.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to a large number of solar energy systems, which are utilized for power production, district heating & cooling, water heating, and space heating. It is anticipated that the highly developed infrastructure and the diligent efforts of the regional administration to support and deploy renewable energy technology would positively impact the European market. Over the next several years, the UK sector is anticipated to have an exponential growth in income, led by continuous government measures to promote rooftop installation and tough regulations against carbon emissions. The government's top priorities are to quit utilizing filthy fossil fuels and convert to solar energy.



Key players in the market

Some of the key players profiled in the Solar Photovoltaic Glass Market include AGC Glass, Nippon Sheet Glass Co., Ltd., Canadian Solar, JA SOLAR Technology Co.,Ltd., INFINI Co. Ltd, Mitsubishi Electric Corporation, Taiwan Glass Industry Corporation, Sisecam, Guardian Glass, SunPower Corporation, Jinko Solar, Onyx Solar Group LLC., KYOCERA Corporation, KANEKA CORPORATION, Guangdong Golden Glass Technologies Ltd.,, Interfloat Corporation, Saint-Gobain, Xinyi Solar Holdings Limited, Emmvee Toughened Glass Private Limited and Hecker Glastechnik GmbH & Co. KG

Key Developments:

In June 2023, AGC Launches New FORBLUETM FLEMIONTM Ion-exchange Membrane that Contribute to Reduction of Electricity Use in Salt Electrolysis Process, the newly launched FORBLUE™ FLEMION™ F-9060 is capable to lower electrolysis voltage by approximately 40 mV*1 at salt electrolysis plants that produce caustic soda, etc.,

In April 2023, Canadian Solar announced its majority-owned subsidiary CSI Solar Co., Ltd.'s 2024 capacity expansion plans. By the end of Q1 2024, CSI Solar intends to add 30 GW of ingot, 15 GW of the wafer, 10 GW of the cell, and 25 GW of module capacity.

In August 2022, Nippon Sheet Glass Co., Ltd. announced an investment for construction of a new production site in Malaysia. The new site will improve the production capacity of the company for TCO-coated solar PV glass.

Product Types Covered:
• Amorphous Silicon Solar Glass
• Annealed Solar PV Glass
• Anti-Reflective (AR) Coated
• Cadmium Telluride Thin Film Glass
• Crystalline Solar Glass
• Tempered Solar PV Glass
• Thin Film Silicon Glass
• Transparent Conductive Oxide (TCO) Coated
• Other Product Types

Modules Covered:
• Amorphous Silicon PV Modules
• Crystalline Silicon PV Modules
• Thin Film PV Modules
• Other Modules

Compositions Covered:
• Poly-Crystalline
• Mono- Crystalline
• Thin Film
• Other Compositions

Grade of Transparencies Covered:
• High Transparency
• Medium Transparency
• Low Transparency

Installation Technologies Covered:
• Pattern Installation Technology
• Float Installation Technology

Applications Covered:
• Residential
• Non-Residential
• Commercial
• Industrial/Institutional
• Utility
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances