Southeast Asia Solar Photovoltaic Glass Market Expected to Reach $27.9 billion by 2032-Allied Market Research

According to a new report published by Allied Market Research, titled, " Southeast Asia Solar Photovoltaic Glass Market by Type, By Application: Opportunity Analysis and Industry Forecast, 2023–2032," The Southeast Asia solar photovoltaic glass market was valued at $2.0 billion in 2022 and is estimated to reach $27.9 billion by 2032, exhibiting a CAGR of 30.1% from 2023 to 2032.

Solar photovoltaic glass is a key component in the manufacturing of solar panels. These glass panels are covered with photovoltaic cells, typically made from silicon, that convert sunlight into electricity. Solar panels are widely used for residential, commercial, and industrial applications to generate clean and renewable energy. Solar glass can be integrated into the building envelope, serving as windows, facades, or roof materials that generate electricity. This integration allows buildings to produce solar power without the need for additional space, contributing to the concept of "solar architecture."

Moreover, solar glass can be used in greenhouse constructions to allow sunlight for plant growth while simultaneously capturing solar energy to generate electricity. This dual-purpose application enhances the sustainability of agricultural practices. Solar glass can also be incorporated into various outdoor structures such as bus shelters, benches, or streetlights to capture solar energy and power lighting or charging stations. This application is especially useful in urban environments where renewable energy sources are integrated into public infrastructure.

Increase in demand for renewable energy is propelling the demand for solar photovoltaic (PV) glass in the region. However, high initial costs of solar photovoltaic glass is expected to act as a major restraint for Southeast Asia solar photovoltaic glass market growth. Moreover, technological advancements are anticipated to offer many opportunities for the market growth in the coming years. For instance, 3D printing advancements enable customization of solar PV glass components. This allows for the creation of unique and tailored designs that meet specific architectural and aesthetic requirements. Also, research into new and durable materials for solar PV glass contributes to increased product lifespan.

Enhanced durability opens up opportunities for long-term, reliable solar installations. Also, Augmented Reality (AR) tools facilitate designing and planning of solar installations. These tools enable stakeholders to visualize the impact of solar PV glass on buildings and landscapes, enhancing decision-making in the planning phase.

The Southeast Asia solar photovoltaic glass market scope is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into anti-reflective coated glass, tempered glass, TCO glass, and others. On the basis of application, the market is categorized into residential, commercial, and utility-scale. Country-wise, the Southeast Asia solar photovoltaic glass market share is analyzed across Thailand, Malaysia, Vietnam, Philippines, Indonesia, and Rest of Southeast Asia. Key players in the solar photovoltaic glass industry include Xinyl Solar Holdings Limited, Nippon Sheet Glass Co., Ltd, AGC Inc., Onyx Solar Group LLC., Flat Glass Group Co., Ltd., CSG HOLDING CO.,LTD., Guardian Industries Holdings Site, Jinjing Group Co., Ltd., KIBING GROUP, and Konshen Glass & Coatings.

Key Regulations:

Some of the key regulations and standards relevant to solar photovoltaic glass in Southeast Asia include:

• Feed-in Tariffs (FiTs): Some countries in Southeast Asia have feed-in tariff programs that establish a fixed payment rate for electricity generated from renewable sources, including solar. FiTs are designed to incentivize the adoption of solar technologies.
• Renewable Energy Targets: Governments set specific targets for the share of energy to be generated from renewable sources, including solar. Compliance with these targets may influence the demand for solar technologies.
• Incentives and Subsidies: Various countries offer financial incentives, tax credits, or subsidies to promote the installation of solar energy systems. These incentives can make solar technologies more economically viable.
• Grid Connection Regulations: Regulations related to the connection of solar power systems to the electrical grid are crucial. This includes technical standards, safety requirements, and procedures for grid interconnection.
• Net Metering: Net metering policies allow solar system owners to receive credit for excess electricity they generate and feed back into the grid. Understanding the rules and mechanisms for net metering is important for solar energy users.
• Environmental Impact Assessments (EIAs): Large-scale solar projects are subject to environmental impact assessments to ensure that they comply with environmental standards and regulations.

Key findings of the study

• By type, the tempered glass was the highest revenue contributor to the market, with a CAGR of 29.8%.
• By application, the utility-scale was the highest revenue contributor to the market in 2022.
• By country, Vietnam was the highest revenue contributor to the market in 2022.