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2023

Southeast Asia Solar Photovoltaic Glass Market

Southeast Asia Solar Photovoltaic Glass Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Anti-Reflective Coated Glass, Tempered Glass, TCO Glass, and Others), By Application (Residential, Commercial, and Utility-Scale): Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Arpita Kumari | Eswara Prasad
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Southeast Asia Solar Photovoltaic Glass Market Analysis - 2032

The Southeast Asia solar photovoltaic glass market size 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.

Report Key Highlighters:

  • More than 6,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
  • The Southeast Asia solar photovoltaic glass market report includes a detailed study covering underlying factors influencing the industry opportunities and trends
  • The Southeast Asia solar photovoltaic glass market includes company profiles of 10 key players who are actively engaged in producing various Southeast Asia Solar Photovoltaic Glass.
  • Cost structure of solar panel, by components is also included in the report.

COVID Impact Statement: Increasing public awareness and acceptance of renewable energy contribute to the demand for solar photovoltaic (PV) glass. Consumer interest in clean energy solutions supports the growth of the solar industry.

South East Asia Solar Photovoltaic Glass Market , 2023-2032

Solar photovoltaic (PV) glass, also known as solar glass or photovoltaic glazing, is a type of glass that is designed to generate electricity from sunlight. It integrates photovoltaic cells into the glass structure, allowing it to harness solar energy and convert it into electricity. This technology combines the benefits of conventional building materials with renewable energy generation. Solar PV glass is typically designed to be transparent, allowing it to serve as a window or a building façade material while still capturing sunlight for energy production. The integrated photovoltaic cells within the glass capture sunlight and convert it into electrical energy. This energy can be used to power electrical devices or be fed into the grid.

Surge in demand for renewable energy is boosting the Southeast Asia Solar Photovoltaic Glass market growth.

The world is facing environmental challenges, including climate change, attributed to the use of fossil fuels. Thus, there is a global push to transition towards cleaner and more sustainable energy sources. Solar energy, harnessed through photovoltaic technology, is a prominent renewable energy source. Solar photovoltaic (PV) systems generate electricity by converting sunlight into electrical power without emitting greenhouse gases, making them a clean alternative to traditional fossil fuel-based energy sources.

Many countries in Southeast Asia have made commitments to reduce carbon emissions and increase the share of renewable energy in their energy mix. Also, there is a growing awareness among the general public about the environmental impact of conventional energy sources. This awareness, coupled with a sense of environmental responsibility, contributes to increase in demand for renewable energy solutions, including solar power. However, governments across the region are setting ambitious renewable energy targets to transition to a more sustainable and low-carbon energy landscape. These targets often include specific goals for solar energy capacity, driving the adoption of solar PV technologies. Therefore, increase in demand for renewable energy, driven by environmental concerns, public awareness, and government policies, creates a favorable environment for the growth of the solar PV glass market in the region. Also, growing awareness of environmental issues and the need to mitigate climate change led to increased focus on sustainable energy solutions. Solar PV glass aligns with sustainability goals and offers a cleaner alternative to traditional energy sources.

However, high initial costs are expected to act as a major restraint for market growth. The installation of solar photovoltaic (PV) systems, which includes the cost of solar PV glass, solar panels, inverters, mounting structures, and other components, can involve a significant upfront investment. This initial capital outlay can be a deterrent for residential, commercial, or industrial consumers, despite the long-term benefits of reduced energy bills and environmental impact. Also, while the operational costs of solar PV systems are relatively low, the payback period for the initial investment can be a concern for some stakeholders. The time it takes for the energy savings to offset the upfront costs is a crucial factor in decision-making.

Moreover, economic feasibility of solar projects depends on factors such as the cost of conventional energy sources, government incentives, and local economic conditions. However, economic uncertainties, such as fluctuations in interest rates and economic downturns, can affect the willingness of consumers and businesses to make large capital investments in solar PV systems. Nevertheless, technological advancements are anticipated to offer many opportunities for market growth in the coming years.

The Southeast Asia solar photovoltaic glass market scope is segmented on the basis of type, application and country. 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.

Southeast Asia Solar Photovoltaic Glass  market, by Type

On the basis of type, the tempered glass segment was the highest revenue contributor to the market in 2022. Tempered solar photovoltaic glass refers to solar panels that use tempered glass as a protective cover for solar cells. Tempering is a process that involves heating the glass to a high temperature and then rapidly cooling it to increase its strength. This type of glass is commonly used in the manufacturing of solar panels to provide durability and safety.

Southeast Asia Solar Photovoltaic Glass Market
By Type
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Anti-reflective Coated Glass is projected as the fastest-growing segment.

Tempered glass is commonly used as a protective cover for solar panels. It provides durability and protection for the solar cells against environmental factors, such as wind, hail, and snow. It is an integral component in the manufacturing of photovoltaic modules, contributing to the structural integrity and longevity of solar panels.

Furthermore, the tempered glass used in solar panels serves as an electrical insulator, preventing direct contact between the solar cells and the external environment. This helps maintain the electrical integrity of the solar panel. In building-integrated photovoltaics, where solar panels are integrated into the architecture of a building, tempered glass is often used to maintain the structural and aesthetic integrity of the installation. Also, it is employed in solar farms and other utility-scale solar installations where large arrays of solar panels are used to generate significant amounts of electricity. Thus, such factors are projected to propel the segment growth in coming years. 

Southeast Asia Solar Photovoltaic Glass  market, by Application

On the basis of application, the utility-scale segment was the highest revenue contributor to the market in 2022. Solar photovoltaic (PV) glass is widely used in utility-scale solar projects, where large solar arrays are deployed to generate electricity on a massive scale.

Southeast Asia Solar Photovoltaic Glass Market
By Application
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Utility-scale is the fastest-growing segment.

Utility-scale solar farms consist of vast arrays of solar panels, many of which use PV glass to convert sunlight into electricity. The ground-mounted solar panels in solar farms often utilize PV glass to capture solar energy efficiently. Bifacial solar panels, which can capture sunlight from both the front and rear sides, are increasingly used in utility-scale projects. Solar PV glass on the rear side of bifacial panels captures reflected sunlight from the ground, contributing to higher energy yield.

Moreover, utility-scale solar installations often incorporate solar tracking systems that adjust the orientation of solar panels to follow the sun's path. PV glass on tracking systems maximizes sunlight exposure, optimizing energy generation throughout the day. Therefore, such factors are expected to boost the demand for solar photovoltaic glass in utility-scale applications in coming years. 

Southeast Asia Solar Photovoltaic Glass  market, by Country

On the basis of country, the Vietnam was the highest revenue contributor to the market in 2022. Vietnam has been experiencing rapid economic growth, leading to a surge in energy demand. Solar photovoltaic systems, including those utilizing PV glass, provide a sustainable and clean energy source, contributing to the country's energy diversification. Besides, the Vietnamese government has been actively promoting renewable energy sources as part of its sustainable development goals. Incentive programs, feed-in tariffs, and other supportive policies have encouraged the adoption of solar power technologies, including solar PV glass.

Southeast Asia Solar Photovoltaic Glass Market
By Country
2032
Vietnam 
Thailand
Malaysia
Philippines
Rest of Southeast Asia

Indonesia is the fastest-growing country.

Moreover, growing awareness of environmental issues and the need to reduce carbon emissions has driven interest in renewable energy solutions. Solar PV glass allows for the integration of solar technology into various structures, such as buildings, providing a dual benefit of energy generation and environmental sustainability.

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. Other players in the market include First Solar, Hanwha Q Cells, SunPower Corporation, JA Solar, and others.

Key Strategic Developments Undertaken by Key Players

  • In November 2023, Nippon Sheet Glass Co., Ltd (NSG Group) announced the float furnace to produce TCO (transparent conductive oxide) coated glass for solar panels in Luckey, Ohio has started operation. The objective of the new 500,000 square foot glass production plant is to increase TCO glass's production capacity in order to meet the growing demand for solar products. The investment is a part of a long-term supply contract with First Solar, Inc., an American company with its largest Western Hemisphere photovoltaic (PV) solar manufacturing footprint, situated in Northwest Ohio.
  • In March 2022, KIBING GROUP announced that Chenzhou Photovoltaic, a wholly owned subsidiary of the company would invest in two new solar glass production lines in Sabah, Malaysia. This expansion will boost the demand for the solar photovoltaic glass.

​​​​​​​Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current Southeast Asia Solar Photovoltaic Glass market trends and future estimations from 2022 to 2032 to understand the prevailing opportunities and potential investment pockets.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Southeast Asia Solar Photovoltaic Glass Market Report Highlights

Aspects Details
Southeast Asia Solar Photovoltaic Glass Market By Type
By Type
  • Anti-reflective Coated Glass
  • Tempered Glass
  • TCO Glass
  • Others
Southeast Asia Solar Photovoltaic Glass Market By Application
By Application
  • Residential
  • Commercial
  • Utility-scale
Southeast Asia Solar Photovoltaic Glass Market By Country
By Country
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Rest of Southeast Asia.
Southeast Asia Solar Photovoltaic Glass Market By Key players in the Southeast Asia Solar Photovoltaic Glass market are:
By Key players in the Southeast Asia Solar Photovoltaic Glass market are:
  • 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
  • Konshen Glass & Coatings

Analyst Review

According to the opinions of various CXOs of leading companies, the Southeast Asia solar photovoltaic glass market is expected to witness increased demand during the forecast period. Many countries in Southeast Asia have set ambitious renewable energy targets as part of their national energy plans. These targets create a favorable environment for the adoption of solar PV technologies, including solar photovoltaic glass.

Furthermore, technological advancements are driving innovation and improvements in the production and application of solar photovoltaic glass. For instance, advances in nano-coatings and surface treatments make it possible to create self-cleaning solar photovoltaic (PV) glass. This reduces maintenance requirements and ensures optimal light absorption for improved energy efficiency. Innovations in thin-film solar technologies contribute to the development of lightweight and flexible solar modules. This creates opportunities for versatile and easy-to-install solar PV glass solutions. However, integration of advanced energy storage technologies with solar PV glass allows for the storage of excess energy generated during peak sunlight hours. This stored energy can be utilized during periods of low sunlight, improving overall energy reliability.

Author Name(s) : Arpita Kumari | Eswara Prasad
Frequently Asked Questions?

The anti-reflective coated glass is the leading type of the Southeast Asia Photovoltaic Glass Market.

The utility-scale is the leading application of the Southeast Asia Photovoltaic Glass Market.

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.

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.

The Southeast Asia solar photovoltaic glass market is segmented on the basis of type, application and country. 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 market is analyzed across Thailand, Malaysia, Vietnam, Philippines, Indonesia, and Rest of Southeast Asia.

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Southeast Asia Solar Photovoltaic Glass Market

Opportunity Analysis and Industry Forecast, 2023-2032