The solar photovoltaic glass market size reached USD 7.6 billion in 2022 and is estimated to hit around USD 114.44 billion by 2032, growing at a CAGR of 31.2% from 2023 to 2032. 

In a decade, the global solar photovoltaic glass market is predicted to more than triple its current size. The global solar photovoltaic glass market size accounted for USD 9.93 billion in 2023.

Renewable energy is gaining immense popularity owing to the increasing population. Increasing disposable income along with rising demand for energy is driving the need for the development of alternative sources. The government of various economies is taking the initiative in order to reduce carbon emissions owing to surging environmental concerns. The unavailability of fossil fuels in order to meet the increasing demand for energy is driving the need for renewable sources. Solar energy is also gaining traction owing as it does not contribute to carbon emissions. Various organizations are conducting research and development activities in order to promote the usage of solar power.

What is Solar Photovoltaic Glass?

Solar Photovoltaic glass is a specialized glass that is designed in a way that captures solar energy and converts it into electricity. The solar cells are embedded with multiple layers, the top layer is of glass, a layer of photovoltaic cells, and the bottom layer is of protective cells. These glasses are capable of converting sunlight into electricity as it is made up of silicon or thin-film materials.

These glasses are generally utilized in buildings and windows to generate electricity. The power generated using solar cells is environmentally friendly and doesn't contribute to carbon footprints.

Total solar PV power generation is growing on account of increasing awareness regarding the benefits associated with the adoption of solar energy.

Solar Photovoltaic Glass Market Overview

The solar photovoltaic glass market is expected to gain momentum in the upcoming years. The growth of the market is attributed to the favorable initiatives taken by the government across the globe in order to reduce greenhouse emissions. Installation of photovoltaics across various nations is expected to drive the growth of the market. Rising disposable income is also increasing the installation in the residential sector further beholds the growth of the industry. Solar photovoltaic glass is gaining immense popularity and is replacing traditional building materials like windows and roofs.

Moreover, the government is also providing various benefits such as tax credits and subsidies in order to promote the growth of the market. Rising awareness regarding the harmful effects of fossil fuels is also shifting the demand toward renewable energy. The demand for photovoltaics is also driven by the increasing advancement of technology.

The global solar photovoltaic glass market size was estimated at USD 15.78 billion in 2021 and is expected to hit around USD 142.75 billion by 2030, poised to grow at a CAGR of 27.72% over the forecast period from 2022 to 2030.

SWOT Analysis of the Solar Photovoltaic Glass Market

Strengths:

➢ Growing demand for renewable energy sources is driving the solar photovoltaic (PV) glass market.

➢ PV glass is a cost-effective and efficient solution for producing solar energy.

➢ Increased government initiatives and subsidies for solar energy are further fueling the growth of the PV glass market.

➢ Technological advancements in PV glass, such as anti-reflective coatings, are improving its efficiency and durability.

➢ Rising awareness of climate change and its impact is driving the adoption of clean energy, including solar PV glass.

Weaknesses:

➢ The initial investment required for installing solar PV glass is high, which can deter some customers.

➢ The market is highly competitive, with a large number of players offering similar products.

➢ The efficiency of PV glass is dependent on several factors such as location, weather conditions, and orientation of the panels, which can limit its application.

➢ PV glass is relatively fragile and requires careful handling during installation and maintenance.

Opportunities:

➢ The increasing demand for green buildings and sustainable infrastructure is expected to drive the growth of the PV glass market.

➢ Emerging markets in Asia-Pacific and Africa present significant growth opportunities for the PV glass market.

➢ The development of new materials and technologies, such as bifacial PV glass, could provide additional opportunities for the market.

➢ The integration of PV glass into building facades and windows is an emerging trend that could expand the application of PV glass.

Threats:

➢ The availability and cost of raw materials for PV glass production, such as silicon and glass, can be volatile and impact the market.

➢ Changes in government policies and regulations could affect the adoption of solar PV glass.

➢ The emergence of alternative renewable energy sources, such as wind and hydropower, could pose a threat to the PV glass market.

➢ The COVID-19 pandemic has impacted the supply chain and disrupted the market, leading to uncertainties in the future.

Asia Pacific is anticipated to lead the Market

Based on region the market is bifurcated into North America, Latin America, Europe, Asia Pacific, Africa, and the Middle East. Asia Pacific is expected to dominate the growth of the market owing to the increasing crisis of electricity in various developing economies of Asia Pacific including China, India, and Japan. The installed solar capacity in India reached 28.18 GW by March 2019, exceeding the goal of 20 GW by 2020 and functionally demonstrating a rapid increase in the usage of solar photovoltaic glass. The energy produced by solar photovoltaic cells guarantees energy cost reductions while lowering carbon footprints and greenhouse gas emissions.

Moreover, Japan has embraced solar energy with vigor following the Fukushima Daiichi nuclear accident, establishing goals for production of 28 GW and 53 GW for 2020 and 2030, respectively. The demand for solar photovoltaic glass is expected to rise as a result of this action. Thousands of water-resistant solar panels were also used to build floating "solar islands" in Japan. These new solar farms offer a number of benefits, one of which is that water can be used to cool them more effectively. Severe pollution and the rising need for electricity in China are also proliferating the growth of the market.

Europe is also one of the largest markets for Solar PV glass. France, Germany, and the United Kingdom are contributing significantly towards the growth of the region. Increasing commitments of the region in order to reduce carbon emissions and promote the usage of renewable energy is expected to drive the growth of the market.

The Middle East & Africa region is expected to see significant growth in the solar PV glass market due to the increasing demand for solar power and the growing construction industry in the region.

Key Stats in Solar Photovoltaic Glass Market

• Renewable energy experienced the fastest growth in the United States, increasing by more than 40% from 2010 to 2020.


• Solar energy acquired the fastest growth in 2020 i.e., more than 3% of total energy generation.


• India's solar potential is estimated by the National Institute of Solar Energy to be 748 GW, assuming that solar PV modules will cover 3% of the wasteland area.


• The National Solar mission which was launched on 11^TH January 2010 in India, aims at installing 100 GW grid-connected solar power plants by the year 2022.


• As of the 30th of November 2022, the installed capacity of solar energy in India was around 61.97 GW.

COVID-19 Impact on Solar Photovoltaic Glass Market

The COVID-19 pandemic has had a mixed impact on the solar photovoltaic (PV) glass market. On the one hand, the pandemic has disrupted supply chains, leading to delays and cost increases for PV glass manufacturers. The lockdown and restrictions imposed by the government have made it difficult for manufacturers to get raw materials. Moreover, the restrictions also paused construction activities across the globe which further declined the market growth.

Another challenge has been the reduction in the workforce due to social distancing guidelines and lockdowns, which has further slowed down the production of PV glass. The pandemic has also resulted in a decrease in investment in renewable energy projects, as many governments have focused their resources on addressing the immediate health and economic impacts of the pandemic.

On the other hand, the pandemic has increased demand for renewable energy, including solar PV, as many countries have recognized the importance of reducing carbon emissions and building a more sustainable future. The demand for solar PV has continued to increase during the pandemic, as many countries have recognized the importance of reducing carbon emissions and building a more sustainable future. This has created opportunities for PV glass manufacturers, as the demand for solar PV has increased.

Solar Photovoltaic Glass Market Key Players

• AGC Glass Europe. (Japan)


• Nippon Sheet Glass Co., Ltd. (Japan)


• Taiwan Glass Industry Corporation (Taiwan)


• Xinyi Solar Holdings Limited (China)


• Sisecam (Turkey)


• Guardian Glass (Thailand)


• Saint-Gobain (France)


• Borosil Limited (India)


• China-Henan Huamei Chemical Co., Ltd., (China)


• Interfloat Corporation (Germany)


• Guangdong Golden Glass Technologies Ltd., (China)


• Hecker Glastechnik GmbH & Co. KG (Germany)


• ENF Ltd., (Germany)


• Emmvee Toughened Glass Private Limited (India)


• Euroglas GmbH (Germany)

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Market Segmentation:


By Type

• Photovoltaic Glass


• Multifunctional Glass


• AR Coated


• Tempered


• Others

By Grade of Transparency

• Low Transparency


• Medium Transparency


• High Transparency

By Application

• Curtain Walls


• Facades


• Skylights


• Solar PV Panels


• Glazing


• Wind Shield


• Others

By End Use

• Building and Construction


• Automotive Industry


• Solar Energy


• Infrastructure


• Others