Solar Glass Market Size, Share, Growth, and Industry Analysis, By Type (3.2mm, 2.5mm, 2.0mm and Others), By Application (Single Glass Module, Double Glass Module and Others) Regional Forecast to 2031

Updated On: 29 April 2024

SOLAR GLASS MARKET REPORT OVERVIEW

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The global solar glass market size was expected to be USD 6102 million in 2022. As per our research, the market is projected to touch USD 18780.37 million by 2031, exhibiting a CAGR of 13.3% during the forecast period.

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

Solar glass is a specific kind of glass that is intended to collect and produce solar energy. It is sometimes referred to as photovoltaic glass or solar PV glass. It is utilized in many solar applications, particularly solar panels and building-integrated photovoltaics (BIPV). Photovoltaic cells are integrated into solar glass, enabling it to convert solar radiation into electrical power. Government rules that are favorable to the development of solar PV plants is one of the factors driving the growth of the solar PV glass market. Additionally, the market for solar PV glass is growing due to the surge in demand for solar systems on a residential, commercial, and utility scale.

COVID-19 Impact: Lockdowns Havocked the Market with Substantial Interruptions and Import Export Restrictions

The market for solar photovoltaic glass was negatively impacted by the latest coronavirus outbreak. Globally, lockdowns and import-export limitations have been enforced because to the proliferation of COVID-19. Many precautionary lockdowns enforced by governments to prevent the spread of disease have caused considerable disruptions in a variety of manufacturing and supply-chain operations, which have cost the market a great amount of money. This has consistently impeded the global market expansion for photovoltaic glass. 2020 is predicted to see a sharp decline in solar PV installations due to supply issues, shelter-in-place regulations, and tighter project finance. As a result, for the foreseeable future, the market for photovoltaic glass will grow more slowly than usual.

LATEST TRENDS

"Renewable Energy Generation and Green Building Construction to Nurture the Market Growth Potentially"

One of the most plentiful and cleanest renewable energy sources on the planet is solar energy. To assure the production of renewable energy, the government has also provided encouraging environmental laws at the state level for the construction and operation of solar PV projects. The fact that solar energy is a really renewable energy source is its main advantage. Additionally, governments in a number of nations have worked to promote the use of renewable energy sources in an effort to give market participants more lucrative opportunities in the forecasted period. The development of green building construction technology, which makes greater use of solar photovoltaic glasses in sustainable building practises, will also contribute to the market's future expansion.

SOLAR GLASS MARKET SEGMENTATION

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• By Type

Based on type the solar glass market is classified as 3.2mm, 2.5mm, 2.0mm and others.

• By Application

Based on application the solar glass market is classified as single glass module, double glass module and others.

DRIVING FACTORS

"Various Green Benefits and Hazardous Eliminations to Double the Market Share"

Expected to be highly popular, solar PV glass is progressively taking the place of conventional building materials in areas such as facades, skylights, roofs and windows. The industrial and commercial sectors in developing economies have a significant need for solar photovoltaic glass, which propels the market's expansion.

The growing need to prevent environmental deterioration and the growing awareness of the advantages of renewable energy sources will drive the market for solar photovoltaic glass. Laws aimed at reducing greenhouse gas emissions will also stimulate an increase in market value. Other factors that are expected to support market expansion include the rising demand for green building technologies in homes and businesses and the use of sustainable energy in building envelopes.

"Increasing Demand from Non-Residential Sector to Supplement the Market Growth"

The technique known as solar photovoltaic glass makes it possible to convert light into electrical power. Transparent semiconductor-based photovoltaic cells, or solar cells, are integrated into the glass. These solar rays can be captured by these cells and turned into power since they are encased between two panes of glass. In addition to ensuring energy cost reductions, the power produced by solar photovoltaic cells lowers greenhouse gas emissions and carbon footprints. These items' differences in light penetration and photovoltaic efficiency allow for a variety of architectural design possibilities. Solar photovoltaic glass is simple to incorporate into rooftop systems and structures, allowing for the economical utilization of solar energy and innovative architectural design to provide sustainable energy.

RESTRAINING FACTOR

"High Costs and Supply Chain Disruptions to Restrain the Market Growth"

The cost of installation for solar PV glass technology is expensive. Installing solar PV glass varies in price depending on the nation and region, however it is typically more expensive in developing and growing economies. This will make it more difficult for the market for solar photovoltaic glass to flourish. Additionally, it is predicted that the market for solar photovoltaic glass will be negatively impacted by the low operational efficiency of photovoltaic modules. As a result, the market growth rate for solar photovoltaic glass will be challenged. These limitations and drawbacks combined have a substantial influence on solar glass market growth.

SOLAR GLASS MARKET REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate the Market with Adoption by Commercial Areas and Major Players"

 The Asia Pacific region held almost half of the solar glass market share in 2020. This can be attributed to the existence of leading firms like EMMVEE Toughened Glass Private Limited, Sisecam Group, Euroglas GmbH, Hecker Glastechnik GmbH & Co. KG, and so on. Furthermore, a great deal of demand is anticipated for the market in this area due to the growing use of solar PV glass. The amount of new buildings, as well as the commercial, industrial, and utility sectors, are driving expansion in the Asia Pacific market. There are an increasing number of commercial districts. Additionally, people are becoming more conscious of the need to conserve energy and employ renewable energy sources, such solar panels, and are shifting towards doing just that. In addition, people's purchasing power is rising, which is driving up solar panel adoption.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The industry is tremendously competitive, with numerous global and regional companies. Major players are contemplating numerous plans such as mergers and acquisitions, collaborations, the introduction of new and improved products, and joint ventures.

List of Market Players Profiled

• Xinyi Solar (Cina)
• FLAT (China)
• CNBM (China)
• Almaden (U.S.)
• CSG (U.S)
• Saint-Gobain (France)
• Xinda (Sri Lanka)
• Borosil Renewables (India).

REPORT COVERAGE

The report includes a SWOT analysis as well as information on potential developments. The examination of a variety of elements that encourage market expansion is included in the research report. This section also includes a wide range of market categories and applications that may have an impact on the market in the future. The details are based on current trends as well as historical turning moments. The current situation of the market's components and prospective growth areas in the coming years.