(MENAFN- GlobeNewsWire - Nasdaq) Chicago, April 04, 2024 (GLOBE NEWSWIRE) -- The Global Solar Photovoltaic Glass market is projected to grow from USD 7.8 billion in 2023 to USD 27.3 billion by 2028, at a CAGR of 28.4% from 2023 to 2028, as per the recent study by MarketsandMarketsTM . The main reason for such growth is that global efforts to transition towards cleaner and more sustainable energy sources have led to a rising demand for solar energy. Solar PV glass is crucial in harnessing sunlight to generate electricity, making it an integral part of the renewable energy landscape.
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343 - Market Data Tables
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List of Key Players in Solar Photovoltaic Glass Market :
Xinyi Solar Holdings Ltd. (China) IRICO Group New Energy Co., Ltd. (China) Flat Glass Group Co., Ltd (China) Qingdao Jinxin Glass Co., Ltd. (China) Dongguan CSG Solar Glass Co., Ltd. (China) AGC Inc. (Japan) Nippon Sheet Glass Co., Ltd. (Japan) Taiwan Glass Ind. Corp. (Taiwan) Borosil Renewables Ltd. (India) Guardian Glass (US)
Drivers, Restraints, and Opportunities in Solar Photovoltaic Glass Market:
Driver: Supportive policies and initiatives of various governments for solar PV plant installations to promote renewable energy generation Restrain: Fluctuations in raw material prices Opportunity: Decreasing costs of solar systems and energy storage devices Challenge: Low availability of high-quality solar PV glass
Key Findings of the Study:
AR coated is estimated to hold the most significant share of the global solar photovoltaic glass market by type. By application, the utility segment will lead the solar photovoltaic glass market during the forecast period. By installation, the patterned glass segment will lead the solar photovoltaic glass market during the forecast period. By end-user, the crystalline silicon PV module segment will lead the solar photovoltaic glass market during the forecast period. During the forecast period, Asia Pacific will lead the global solar photovoltaic glass market.
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Based on type, AR-coated solar photovoltaic glass holds the largest market share in the solar photovoltaic glass market due to its superior characteristics. AR coatings on solar PV glass are designed to be durable and weather resistant. They protect environmental factors such as UV radiation, moisture, and dust. The longevity of the AR coating ensures that the solar panels maintain their enhanced light transmission properties over time, contributing to the long-term performance and reliability of the photovoltaic system.
The solar photovoltaic glass market has been segmented based on residential, non-residential, and utility applications. The utility segment is poised to be a significant driver for the growth of the solar PV glass market. As global energy demand continues to rise, utilities are increasingly turning to solar power to meet electricity needs while reducing carbon emissions. Large-scale utility solar projects, such as solar farms and solar power plants, require vast quantities of solar PV glass to encapsulate photovoltaic modules and ensure efficient energy conversion.
The solar photovoltaic glass market has been segmented based on end-users into crystalline silicon, thin film, and perovskite modules. The widespread use of crystalline silicon PV modules across diverse solar applications contributes substantially to the growing demand for solar PV glass. As the solar industry continues to expand and evolve, developing advanced glass technologies and coatings becomes essential to optimize the performance and efficiency of crystalline silicon PV modules, driving the overall growth of the solar PV glass market.
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The solar photovoltaic glass market in the Asia Pacific region is projected to hold the most significant market share. China and India accounted for a substantial share of the Asia Pacific solar photovoltaic glass market 2022. The Asia Pacific region has the largest solar photovoltaic glass market share due to several factors. One significant factor is the rapid economic growth and urbanization in countries like China, India, and Southeast Asian nations, resulting in a surging demand for electricity. As these economies seek sustainable and clean energy solutions, solar power, supported by high-quality PV glass, has become crucial in meeting their increasing energy needs. This factor positions the region as a significant contributor to the global solar photovoltaic glass market.
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