Photovoltaic Glass Market Size, Share, Growth, And Industry Analysis, By Type (Anti-Reflective (AR) Coated, Tempered, Transparent Conductive Oxide (TCO) Coated, Others), By Application (Utility, Residential, Non-Residential), Regional Forecast By 2031

Updated On: 08 April 2024

Photovoltaic Glass Market Report Overview

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The global photovoltaic glass market size was USD 6.5001 billion in 2021. As per our research, the market is expected to reach USD 33.69 billion by 2031, exhibiting a CAGR of 16.85 % during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with photovoltaic glass experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A technological advancement that makes it possible to convert light into electricity is photovoltaic glass (PV glass). Transparent semiconducting based photovoltaic cells, also referred to as solar cells, are incorporated into the glass to achieve this. Two thin sheets of glass are positioned between the cells. Although photovoltaic glass is indeed not completely transparent, a portion of the light available does pass through.

Buildings with a lot of photovoltaic glass installed in their windows may be able to generate a little of their own electricity. Due to its renewable source and lack of pollution, the photo voltaic power produced is referred to as green or clean electricity. In addition to lowering energy costs, photovoltaic glass use has the potential to improve marketing and public relations by lowering facilities' thus promoting carbon footprints and promoting sustainability.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Share

The eruption of COVID-19 has done act as a substantial restraint on photovoltaic glass market growth in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Lockdowns and import-export trade restrictions imposed worldwide as a result of COVID-19's global spread. This inevitably has had an impact on the growth of the worldwide glass market as well. The year saw a significant decline in PV installations as a result of supply disruptions, shelter-in-place restrictions, and tighter project financing. As a result, the market for glass grew at a slower rate than usual. 

Latest Trends

"Enhancement in Initiatives to Intensify Market Magnification "

Rising research and developments efforts and green building market dynamics are the main trends seen in the photovoltaic market. During the forecast period, major businesses that include Xinyi Solar Holding Ltd., followed by Nippon Sheet Glass Ltd. will invest significantly in research and development activities to develop novel technologies and solutions in the market. Additionally, a report of World Green Building Trends 2016 predicts that the demand for photovoltaic glass will increase significantly over the forecast period as green building construction doubles roughly every three years as a result of customer demand, environmental regulations, and growing public awareness of the advantages of renewable energy sources.

Photovoltaic Glass Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into anti-reflective (AR) coated, tempered, transparent conductive oxide (TCO) coated, others

Anti-reflective (AR) coated are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into utility, residential, non-residential

Utility is the leading part of the application segment

Driving Factors

"Rising Installation and Governmental Policies to Boost Market Share"

The photovoltaic glass market share is expanding as a result of rising photovoltaic installations and supportive government policies. The utilities sector is anticipated to present significant opportunities for photovoltaic market during the forecast period due to the rising power demands and relatively lower costs associated with PV installations compared to traditional energy sources.

"Increased Awareness Rate of Renewable Sources to Expand Market Forwarding "

The photovoltaic glass market is also anticipated to grow during the forecast timeframe due to rising awareness of the advantages of renewable sources of energy and the pressing need to reduce emissions. Furthermore, during the forecast period, more PV deployments in the residential applications are anticipated due to rising disposable incomes. This would significantly boost the requirement for PV glass during the projected timeline.

Restraining Factors

"High Technological Costs to Deplete Market Advancement "

The changing environmental landscape and elevated technological costs in evolving and underdeveloped nations are two major obstacles to the expansion of the global PV (photovoltaic) glass market growth. A further obstacle to the development of PV (photovoltaic) glass during the projected timeline may be the escalating grid congestion issues, production restraints, and complexity of subsidization in China and India. The overall deployment of PV (photovoltaic) glass system would be constrained by the high capital expenses affiliated with PV (photovoltaic) systems and the generally subpar installation and maintenance practices, despite the fact that PV (photovoltaic) glass is affordable and a suitable option for a variety of end-use applications. This would make it more difficult to meet the future demands for PV (photovoltaic) glass.

Photovoltaic Glass Market Regional Insights

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" Rise in Energy Consumption to Foster Market Growth in Asia Pacific and North America "

Asia Pacific region is an important market for PV (photovoltaic) glass, with China controlling the majority of the market in terms of revenue.  According to a 7.4X rise in energy consumption even during forecast period, China is expected to experience the fastest rate of growth during that time.

The photovoltaic glass market in North America is anticipated to grow at a highest CAGR in terms of value-energy utilization over the forecast period, whereas the market is anticipated to represent an important incremental possibility over the coming years.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Shenzhen Topray Solar Co., Ltd (China)
• CSG Holding (China)
• Almaden (U.S.)
• IRICO New Energy (China)
• CNBM (China)
• JINXIN GROUP (China)
• Xinyi Solar Holdings Ltd. (China)
• Flat Glass Co., Ltd. (China)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.