According to a new report published by Allied Market Research, titled, "Solar Photovoltaic Glass Market by Type and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global solar photovoltaic glass market was valued at $4.54 billion in 2018 and is projected to reach $37.6 billion by 2026, growing at a CAGR of 30.3% from 2019 to 2026.
Photovoltaic glass (PV glass) is a glass that integrates transparent semiconductor-based photovoltaic cells to convert light into electricity. The factors responsible for solar PV glass market growth includes supportive regulations toward installation of solar plants have led to the increase in demand for solar PV glass. In addition, the demand for solar glasses is on rise from end-use industries like residential, commercial, and utility scale pertaining that solar energy is a renewable energy, which causes no pollution and ensures energy saving. High costs involved in installation, storage, and purchase of solar devices is expected to hamper the growth of the market. However, the global solar PV glass market is yet to explore its full potential. The surge in demand for renewable energy from emerging economies such as India, China, and Japan are expected to offer lucrative growth opportunities to the market.
The global solar PV glass market is segmented on the basis of type, end-use industry, and region. On the basis of 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 market and anti-reflective coated glass segment is expected to grow with the highest CAGR of 31.6% during the forecast period.
By end-use industry, the solar photovoltaic glass market trends are studied across residential, commercial and utility scale. The utility-scale segment holds a dominant position and is expected to grow with the highest CAGR of 31.4%, during the forecast period.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region holds a dominant position in the market and LAMEA is expected to grow with the highest CAGR of 31.0%, during the forecast period.
Key Findings of the Solar Photovoltaic Glass Market :
- In 2018, the Asia-Pacific market held a share of over 68% in the solar photovoltaic glass market size.
- The tempered glass segment is expected to hold a dominant position in the solar PV glass market share during the forecast period.
- The anti-reflective coated glass segment is projected to grow at a CAGR of 31.6% by 2026.
- The Asia-Pacific region dominated the solar photovoltaic glass market in 2018 and LAMEA is expected to grow with the highest CAGR during the forecast period.
- The qualitative data in the report aims on the solar PV glass market trends, dynamics, and developments in the solar photovoltaic glass industry while the quantitative data provides information about the market share and market size in terms of revenue and volume.
The key players involved in the global solar PV glass market are Suntech Power Holding Co. Ltd, Sun Power Corporation, First Solar Inc, Yingli Green Energy Holding Co. Ltd, Canadian Solar Inc, Schott Solar Ag, Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd, and Trina Solar Ltd To stay competitive, these market players are adopting different strategies such as product launch, partnership, merger and acquisition. For instance, one of the largest solar panel manufacturers, Trina Solar announced to expand its solar manufacturing base in India.