Solar Windows Market Expected to Reach $22.5 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Solar Windows Market," The solar windows market size was valued at $9.0 million in 2022, and solar windows industry is estimated to reach $22.5 million by 2032, growing at a CAGR of 9.6% from 2023 to 2032.

A solar window typically refers to a specialized type of window that is designed to generate electricity from sunlight. These windows are equipped with transparent solar cells, which convert sunlight into electricity while still allowing visible light to pass through and illuminate the interior of a building.

The market for transparent solar windows is expected to experience significant growth in the coming years. The use of solar technology has gained popularity with the surge in demand for renewable energy solutions and the growth in awareness of the need to reduce carbon emissions. Transparent solar windows offer a unique solution that allows for the generation of clean energy while maintaining the aesthetic appearance and functionality of windows.

The market for solar windows is expected to grow in both commercial and residential sectors. In the commercial sector, solar windows may be used in office buildings, hotels, and retail spaces, among others. These applications can provide energy savings, reduce the carbon footprint of the building, and enhance the overall sustainability of the facility. In the residential sector, solar windows can be used in homes, apartments, and condominiums. This application provides homeowners with a renewable energy solution that integrates seamlessly into the design of their homes.

The abovementioned factors are projected to provide many opportunities for the development of the market. The appearance and durability of solar windows may be a limiting factor in their adoption for power generation. Solar windows are designed to be aesthetically pleasing and seamlessly integrated into building facades, which may be challenging to achieve while maintaining durability.

Furthermore, the cost of producing solar windows is typically higher than traditional solar panels due to the additional manufacturing processes involved in creating specialized glass. This may limit adoption in markets where appearance, durability, and cost are key considerations. However, as technology continues to improve and the demand for sustainable energy solutions increases, solar windows are anticipated to become more competitive with traditional solar panels.

Advancements in materials science and manufacturing techniques are expected to improve the durability and longevity of solar windows, making them more attractive to building owners and architects. In addition, as the cost of production decreases, solar windows may become a more cost-effective solution for energy generation in commercial and residential buildings.

The solar windows market forecast is segmented by solar cell type, transparency type, application, and region. On the basis of solar cell type, the market is divided into thin film photovoltaics, polymer solar cell, and others. On the basis of transparency type, it is bifurcated into partial and full. On the basis of application, it is classified into residential, commercial, automotive, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of cell type, the thin film photovoltaics segment emerged as the global leader by acquiring more than two-fifths of the solar windows market share in 2022 and is anticipated to continue this trend during the forecast period.

On the basis of type, the full transparency segment emerged as the global leader by acquiring more than half of the solar windows market share in 2022 and is anticipated to continue this trend during the forecast period.

On the basis of application, the residential segment emerged as the largest market share in 2022 which accounted for two-fifths and is anticipated to continue this trend during the forecast period.

On the basis of region, Europe accounted for the largest market share in the market and Asia-Pacific is projected to grow at a CAGR of 22.0% during the forecast period. Europe currently holds the largest market share for solar windows, driven by the rise in demand for renewable energy technologies and energy-efficient buildings. The European Union has set ambitious targets to increase the share of renewable energy sources in its energy mix, which has further boosted the demand for solar windows in the region. In addition, government initiatives and incentives to promote the use of renewable energy sources have also contributed to the solar windows market growth in Europe.

Asia-Pacific- Solar Windows Market Outlook

The Asia-Pacific is expected to grow at a significant rate during the forecast period, driven by the large population base and rapidly developing countries in the region. There is a growth in demand for electricity from renewable resources in the Asia-Pacific due to the need to meet the growth in energy demands of the population while reducing carbon emissions. Ongoing infrastructure activities in the developed countries in this region, such as China and India, have a significant impact on the solar windows market trends, as these countries invest heavily in renewable energy and energy-efficient buildings.

Moreover, the increase in focus on sustainable development and the adoption of green building practices are expected to drive the growth of the solar windows market opportunities in the coming years. Solar windows provide an effective way to generate clean energy while reducing the dependence on fossil fuels, thereby contributing to a sustainable future.

Key Findings of the Study

• As per solar windows market analysis, on the basis of cell type, the thin film photovoltaics segment emerged as the global leader by acquiring more than two-fifths of the solar windows market share in 2022 and is anticipated to continue this trend during the forecast period.
• On the basis of type, the full transparency segment emerged as the global leader by acquiring more than half of the solar windows market share in 2022 and is anticipated to continue this trend during the forecast period.
• On the basis of application, the residential segment emerged as the largest market share in 2022 which accounted for two-fifths and is anticipated to continue this trend during the forecast period.
• On the basis of region, Europe is the major consumer of solar windows among other regions. It accounted for around one-third of the global market share in 2022.

Impact of Covid-19 on Global Solar Windows Market

The solar windows market is expected to see continued growth in the coming years despite the short-term disruptions caused by the pandemic. The increase in demand for sustainable building materials, combined with the growth in awareness of renewable energy, is expected to drive greater adoption of solar windows in both residential and commercial applications.

In addition, there are several ongoing research and development efforts aimed at improving the efficiency and durability of solar windows. These efforts are focused on developing new materials and manufacturing processes that could help reduce costs and improve the overall performance of solar windows.

Impact of Russia-Ukraine War on Global Solar Windows Market

Ongoing hostilities between Russia and Ukraine had a significant impact on the solar window market. due to significant production of solar panels in Ukraine, which includes solar windows, hence; the ongoing war disrupts the supply chain. Furthermore, war causes economic insecurity, which has a significant impact on investment in renewable energy, which includes solar windows. As a result, investors are expected to be hesitant to invest in projects in a volatile region, slowing the growth of the solar windows market.

Competitive Landscape

Key players in the solar windows industry are Glass to Power SpA, SolarWindow Technologies, Inc., Heliatek, Brite Solar, Ubiquitous Energy, Onyx Solar Group LLC., Polysolar, PHYSEE, Solaria Corporation, and Energyglass. These players have adopted various strategies to gain a higher share or retain leading positions in the market.