The solar PV glass market is expected to reach US dollars

Chicago, Nov. 20, 2022 (GLOBE NEWSWIRE) — The global PV solar glass market size is expected to grow from $6.2 billion in 2022 to $21.1 billion by 2027, at a CAGR of 27.9%, according to recent MarketsandMarkets™ study. The major factors driving the solar photovoltaic (PV) glass industry include the growing demand for renewable energy resources and the favorable government support for the creation of solar farms. The solar PV glass industry has been segmented on the basis of the 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.

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Browse the in-depth TOC at “PV Solar Glass Market”

330 – Market data tables
47- Figures
237- Pages

List of key players in PV solar glass market:

  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)

Drivers, restraints, opportunities and challenges in the Solar PV Glass market:

  1. Drivers: Various government support policies and initiatives for solar PV installations to promote renewable energy generation
  2. Restrictions: Fluctuations in commodity prices
  3. Chance: Cost reduction of solar energy storage devices
  4. Challenges: Low availability of high quality PV solar glass

Main findings of the study:

  1. AR coated solar PV glass to hold the largest share in the global solar PV glass market during the forecast period.
  2. Utility segment to grow at the fastest rate during the forecast period.
  3. Crystalline silicon PV modules use the largest amount of PV solar glass produced in the world.
  4. Model glass technology accounts for the highest share of solar PV glass installation.
  5. Asia Pacific is projected 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 Largest Share in Global Solar PV Glass Market During Forecast Period

The solar PV glass industry has been segmented on the basis of the 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 converting solar energy. Furthermore, they can easily be placed in sensitive environments such as airports. On the other hand, TCO-coated solar PV glasses have better energy transmission, which is expected to lead this segment to grow at the highest CAGR during the forecast period.

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

The PV solar glass industry has been segmented based on the application into residential, non-residential, and utility. The utilities segment is expected to grow at the fastest CAGR during the forecast period. Growth in this segment is attributed to favorable support from governments around the world for the creation of solar energy farms. Governments are providing grants and tax breaks to companies that install solar farms to feed energy into the grid. For example, in China, the budget for renewable energy rebates has been increased to $840 million for 2021, of which about 55% has been allocated to the solar energy industry. A similar trend is observed all over the world, even in underdeveloped countries, in order to reduce the import burden of fossil fuels.

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Crystalline silicon PV modules use the largest amount of PV solar glass produced in the world

The market has been segmented based on the end user into crystalline silicon PV modules, thin film modules and perovskite modules. The crystalline silicon PV modules segment accounted for the largest share of the market in 2021 and is expected to witness significant growth over the forecast period. This increase is attributed to good efficiency, easy availability of semiconductor raw materials, and competitive module cost in large volumes. On the other hand, the perovskite module is a relatively new technology that is gaining popularity due to its higher efficiency and smaller footprint.

Model glass technology accounts for the highest share of solar PV glass installation

The market has been segmented based on the installation into float glass technology and patterned glass technology. Patterned glass is widely used due to its ability to concentrate the flow of energy into the cell. Glasses with this technology are usually coated with AR coating to maximize efficiency and then used in large-scale utility solar cells. On the other hand, float glass is used in spaces where light transmission is as important as absorption such as windows, facades and canopies.

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

Asia Pacific is expected to be the largest 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, particularly in China. According to the International Energy Agency, Asia-Pacific has a 90% share in solar module production, with China alone accounting for 74% of global production capacity. These glasses are mainly used in solar modules, thus leading the demand for glass in the region to be the highest. The presence of strong industrial base, favorable government policies for solar energy generation and low labor cost are factors which strengthen the solar PV glass industry and attract major players to invest in the region.

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