The Global Solar Photovoltaic Glass Market size is expected to reach $84.8 billion by 2031, rising at a market growth of 27.9% CAGR during the forecast period.
Europe’s strong commitment to renewable energy and stringent environmental regulations have driven the adoption of solar PV technology across the continent. Countries such as Germany, Spain, Italy, and France have been pioneers in the solar energy sector, with robust policy frameworks and substantial investments in solar infrastructure. Consequently, the European Region would acquire nearly 20% of the total market share by 2031.
In recent years, there has been a significant global push towards adopting renewable energy sources to combat the ever-increasing threat of climate change. On a global basis, there has been a significant increase in the installation of solar photovoltaic (PV) systems as a response to the growing need for renewable energy. Hence, the rising demand for renewable energy is propelling the growth of the market.
Additionally, to accelerate the adoption of solar energy, many governments have implemented a variety of incentives and policies designed to make solar installations more financially attractive for individuals, businesses, and utilities. These measures include subsidies, tax credits, feed-in tariffs, renewable portfolio standards, and net metering. Thus, government incentives and policies play a crucial role in promoting the adoption of solar PV systems, driving the market's growth.
However, although solar panels have decreased significantly over the years, driven by technological advancements and increased production scale, the overall expense of setting up a solar PV system remains relatively high. The challenge is further compounded in areas with limited access to financing options. In many developing countries, financial institutions are either not equipped to offer loans for solar installations, or the interest rates are too high, making the loans unattractive. Hence, the high initial costs associated with solar PV systems are significant barriers to market growth.
Europe’s strong commitment to renewable energy and stringent environmental regulations have driven the adoption of solar PV technology across the continent. Countries such as Germany, Spain, Italy, and France have been pioneers in the solar energy sector, with robust policy frameworks and substantial investments in solar infrastructure. Consequently, the European Region would acquire nearly 20% of the total market share by 2031.
In recent years, there has been a significant global push towards adopting renewable energy sources to combat the ever-increasing threat of climate change. On a global basis, there has been a significant increase in the installation of solar photovoltaic (PV) systems as a response to the growing need for renewable energy. Hence, the rising demand for renewable energy is propelling the growth of the market.
Additionally, to accelerate the adoption of solar energy, many governments have implemented a variety of incentives and policies designed to make solar installations more financially attractive for individuals, businesses, and utilities. These measures include subsidies, tax credits, feed-in tariffs, renewable portfolio standards, and net metering. Thus, government incentives and policies play a crucial role in promoting the adoption of solar PV systems, driving the market's growth.
However, although solar panels have decreased significantly over the years, driven by technological advancements and increased production scale, the overall expense of setting up a solar PV system remains relatively high. The challenge is further compounded in areas with limited access to financing options. In many developing countries, financial institutions are either not equipped to offer loans for solar installations, or the interest rates are too high, making the loans unattractive. Hence, the high initial costs associated with solar PV systems are significant barriers to market growth.
Driving and Restraining Factors
Drivers- Rising demand for renewable energy
- Growing support from government incentives and policies
- Advances in solar PV technology
- High initial costs associated with the installation of solar PV systems
- Substantial lack of infrastructure
- Rapid urbanization and industrialization
- Increasing number of corporate sustainability initiatives
- Competition from other energy sources
- Supply chain and material constraints
Type Outlook
Based on type, the market is characterized into anti-reflective coated glass, tempered glass, TCO glass, and others. The anti-reflective coated glass segment procured 26% revenue share in the market in 2023. Anti-reflective (AR) coated glass is designed to minimize the reflection of sunlight off the surface of the glass, thereby increasing the amount of light that penetrates through the photovoltaic cells.
End-use Outlook
On the basis of end-use, the market is classified into residential, commercial, and utility-scale. The residential segment recorded 24% revenue share in the market in 2023. The growing awareness of solar energy's environmental and economic benefits has driven the adoption of residential solar systems. Advanced solar technology has made solar panels more efficient and affordable, making them accessible to a broader range of homeowners.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 50% revenue share in the market in 2023. Several critical factors, such as rapid industrialization, urbanization, and robust governmental support for renewable energy initiatives, have contributed to this dominance. China, India, Japan, and South Korea have been at the vanguard of the solar energy adoption revolution, which has resulted in a substantial demand for solar PV glass.Recent Strategies Deployed in the Market
- Jun-2024: JA SOLAR Technology Co., Ltd. unveiled a new anti-dust TOPCon solar module tailored for rooftop installations. It incorporates advanced encapsulation and anti-dust frame technology, ensuring minimal maintenance, high reliability, and a robust 650W power output.
- Jun-2024: JA SOLAR Technology Co., Ltd. unveiled new offerings such as the Deep Blue 4.0 Pro series featuring Advanced Bycium+ Cells, alongside a single-glass anti-dust module designed for rooftops. JA Solar aims to increase its manufacturing capacity to over 100GW in 2024, with a module shipment target of 95GW.
- Mar-2024: SHARP Corporation and Olympic Engineering & Consulting have partnered to advance Greece's solar industry. This partnership features an 800-kW project utilizing Sharp's NB-JD580 panels, renowned for their efficiency, durability, and reliability across various solar applications.
- Feb-2024: Trina Solar Co., Ltd. and Low Carbon are collaborating to deploy battery energy storage systems at four UK sites, offering 190 MWh capacity to boost arbitrage and ancillary services. The initiative encompasses consulting, system design, integration, and a 15-year performance warranty.
- Dec-2023: NSG Group is expanding TCO glass production at its Rossford, Ohio plant to support the solar market, notably supplying First Solar's U.S. operations. This investment strengthens their partnership, ensuring American-made components meet domestic content requirements for solar panel tax credits.
List of Key Companies Profiled
- Trina Solar Co., Ltd.
- JA SOLAR Technology Co., Ltd.
- SHARP Corporation
- Guardian Industries Corporation (Koch Industries)
- AGC, Inc.
- Nippon Sheet Glass Co., Ltd.
- Brite Solar Inc.
- Saint-Gobain Group
- Shenzhen Topray Solar Co., Ltd.
- Onyx Solar Group LLC
Market Report Segmentation
By Geography- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Netherlands
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- Egypt
- South Africa
- Morocco
- Chile
- Rest of LAMEA
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Solar Photovoltaic Glass Market, by End-use
Chapter 6. Global Solar Photovoltaic Glass Market, by Type
Chapter 7. Global Solar Photovoltaic Glass Market, by Region
Chapter 8. Company Profiles
Companies Mentioned
- Trina Solar Co., Ltd.
- JA SOLAR Technology Co., Ltd.
- SHARP Corporation
- Guardian Industries Corporation (Koch Industries)
- AGC, Inc.
- Nippon Sheet Glass Co., Ltd.
- Brite Solar Inc.
- Saint-Gobain Group
- Shenzhen Topray Solar Co., Ltd.
- Onyx Solar Group LLC
Methodology
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