Solar Photovoltaic Glass Market Outlook - 2026
The global solar photovoltaic glass market was valued at $4.5 billion in 2018 and is projected to reach $37.6 billion by 2026, growing at a CAGR of 30.3% from 2019 to 2026.
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.
Anti-Reflective Coated Glass is projected as the fastest growing segment.
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 End-use Industry
Utility-scale segment is projected as the fastest growing segment.
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.
LAMEA would exhibit a CAGR of 31.0% during 2019-2026.
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.
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.
Key Benefits for Solar Photovoltaic Glass Market :
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for building strategies.
- It outlines the current trends and future scenario of the solar PV glass market size from 2018 to 2025 to understand the prevailing opportunities and potential investment pockets.
- Major countries in four major regions, namely, North America, Asia-Pacific, Europe, and LAMEA have been mapped according to their individual revenue contribution in the market analysis at regional and country-level.
- The solar PV glass market trends such as drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
- The profiles of key players along with their contribution in market growth are enlisted in the report.
- The solar photovoltaic glass market forecast is studied from the 2019-2026 year.
Solar Photovoltaic Glass Market Report Highlights
By End User Industry
Key Market Players
WUXI SUNTECH POWER CO., LTD., JA SOLAR HOLDINGS CO. LTD., Brite Solar, SHARP CORPORATION, Polysolar, Onyx Solar Group LLC, Shenzhen Topray Solar Co., Ltd., Trina Solar, GruppoSTG., Borosil Glass Works Limited
Photovoltaic glass (PV glass) permits the conversion of sunlight into electricity. For this conversion, these glasses incorporate solar cells which are transparent semiconductor-based photovoltaic cells. These cells are situated between two sheets of glass. Infrastructure that incorporates photovoltaic glass could produce electricity through windows, roof, and façade areas of building. The photovoltaic power generated from these glasses is considered as green and clean as its source is renewable and does not result into any kind of pollution. In addition, it offers energy cost savings and reduces carbon footprint of facilities.
Several companies manufacture photovoltaic glass with variety of options. For instance, Onyx Solar is involved in the development of photovoltaic glasses with different colors, gradient, patterns, which can be double or triple-glazed. Polysolar, an England based company, designed colorless and transparent photovoltaic glasses that offer energy savings.