CHICAGO, March 4, 2024 /PRNewswire/ — The report “Solar Photovoltaic Glass Market by Type (AR-Coated, Tempered, TCO-Coated), Application, End User (Crystalline Silicon PV Module, Thin Film Module, Perovskite Module), Installation Technology & Region – Global Forecast to 2028“, size is projected to grow from USD 7.8 billion in 2023 and reach USD 27.3 billion by 2028, at a CAGR of 28.4% from 2023 to 2028. Technological advancements, government policies promoting renewable energy, and the overall growth of the solar industry are the key drivers for the solar photovoltaic glass market.
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AR coated is estimated to hold the most significant share of the global solar photovoltaic glass market by type.
By type, AR coated is estimated to dominate the solar photovoltaic glass market globally. AR coatings are particularly beneficial in environments with varying light conditions. They help solar panels capture sunlight more effectively during periods of low-angle sunlight or diffuse light, such as early mornings, late afternoons, or cloudy days. By minimizing reflection losses, AR-coated glass contributes to consistent energy harvesting across different weather conditions, optimizing overall performance. This factor led to the growth of the AR-coated segment.
By application, the utility segment will lead the solar photovoltaic glass market during the forecast period.
In terms of application, the utility segment is anticipated to hold the leading position in the solar photovoltaic glass industry. The utility sector’s transition towards renewable energy aligns with global sustainability goals and government initiatives promoting clean energy. Many countries are setting ambitious targets for renewable energy capacity, and utilities are crucial in achieving these goals. As a result, the utility segment’s commitment to large-scale solar projects is a significant factor propelling the growth of the solar PV glass market. The continued expansion of utility-scale solar installations meets rising energy demands and contributes significantly to reducing greenhouse gas emissions and mitigating climate change.
By installation, the patterned glass segment will lead the solar photovoltaic glass market during the forecast period.
Regarding installation, the patterned glass segment is anticipated to lead in the solar photovoltaic industry. One of the key drivers of the pattern glass segment’s growth is its role in building integrated photovoltaics (BIPV). With its ability to diffuse light, textured glass is well-suited for BIPV applications, where solar modules are integrated into architectural elements such as facades and windows. The use of pattern glass not only generates clean energy but also provides an aesthetically pleasing and functional building material.
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By end-user, the crystalline silicon PV module segment will lead the solar photovoltaic glass market during the forecast period.
In terms of end-users, the crystalline silicon segment is anticipated to hold the leading position in the solar photovoltaic glass industry. 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.
During the forecast period, Asia Pacific will lead the global solar photovoltaic glass market.
In 2022, the Asia Pacific region held the dominant share in the global solar photovoltaic glass industry. Forecasts suggest this region will experience a significant Compound Annual Growth Rate (CAGR) between 2023 and 2028. One crucial 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.
Key Players
Some of the leading manufacturers of solar photovoltaic glass profiled in this report are 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), and Guardian Glass (US).
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