Solar Photovoltaic Glass Market worth $21.1 billion by 2027 Globally, Says MarketsandMarkets™

CHICAGO  , Oct. 7, 2022 /PRNewswire/ -- Solar Photovoltaic Glass Market size is expected to grow from USD 6.2 billion in 2022 to USD 21.1 billion by 2027, at a CAGR of 27.9%, during the forecast period, as per the recent study published by MarketsandMarkets™. The major factors driving the solar photovoltaic (PV) glass industry include increasing demand of renewable energy resources and conducive government support for set up of solar power farms.

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List of Key Players in Solar Photovoltaic Glass Industry:

1.  Xinyi Solar Holdings Ltd. (China),

2.  IRICO Group New Energy Co., Ltd. (China),

3.  Flat Glass Group Co., Ltd (China),

4.  Qingdao Jinxin Glass Co., Ltd. (China),

5.  Dongguan CSG Solar Glass Co., Ltd. (China),

6.  AGC Solar (Japan),

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

8.  Taiwan Glass Ind. Corp. (Taiwan),

9.  Saint-Gobain (France),

10.  Borosil Renewables Ltd. (India),

11.  Guardian Glass (US).

Key Findings of the Study:

1.  AR-coated solar PV glass to hold the largest share in the global solar PV glass market through the forecast period.

2.  Utility segment to grow at the fastest rate during the forecast period.

3.  Asia Pacific is expected to have the largest market size in the global solar PV glass industry during the forecast period.

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AR-coated solar PV glass to hold the largest share in the global solar PV glass market through the forecast period.

The solar PV glass industry has been segmented based on type into AR-coated solar PV glass, tempered solar PV glass, TCO-coated solar PV glass, and others. The AR-coated segment accounted for the dominant share of the market in 2021. The dominance of this segment is attributed to the high efficiency of these glasses in conversion of solar energy. Also, they can be easily placed in sensitive surroundings such as airports. On the other hand, TCO-coated solar PV glass have better transmission of energy, which is expected to lead this segment to grow with the highest CAGR during the forecast period.

Utility segment to grow at the fastest rate during the forecast period.

The solar PV glass industry has been segmented based on application into residential, non-residential, and utility. The utility segment is projected to grow with the fastest CAGR during the forecast period. The growth in this segment is attributed to the conducive support of governments across the globe to set up of solar energy farms. Governments are providing subsidies and tax rebates to companies setting up solar farms for feeding energy into the grid. For instance, in China, the budget for renewable energy rebates was increased to USD 840 million for 2021, of which about 55% was allocated to the solar power industry. A similar trend is observed across the globe, even in underdeveloped countries, in order to reduce their fossil fuel import burden. 

Asia Pacific is expected to have the largest market size in the global solar PV glass industry during the forecast period.

Asia Pacific is projected to be the leading solar PV glass market during the forecast period. The dominance of the regional market can be attributed to the concentration of solar PV module manufacturers in the region, especially in China. According to International Energy Agency, Asia Pacific hold 90% share in the manufacture of solar modules, with China alone accounting for 74% of the global manufacturing capacity. These glasses are primarily used in solar modules, thus leading the glass demand in the region to be the highest. The presence of a robust industrial base, favorable government policies for solar energy generation, and low labor costs are factors strengthening the solar PV glass industry and attracting major players to invest in the region.

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