Solar Photovoltaic Glass Market Set to Witness High Growth Owing to Rising Demand for Renewable Energy Sources
Solar Photovoltaic Glass Market Set to Witness High Growth Owing to Rising Demand for Renewable Energy Sources
The solar photovoltaic glass market involves the manufacturing and installation of glass in photovoltaic systems for converting sunlight into electricity.

Solar photovoltaic glass helps improve efficiency, durability, and aesthetics of solar panels. Made from specially-treated tempered glass, it protects the solar cells from environmental factors like rain and hail. The growing awareness about the benefits of clean energy is fueling the adoption of solar photovoltaic systems around the world. This, in turn, is driving the demand for solar photovoltaic glass in various residential and non-residential applications.

The global solar photovoltaic glass market is estimated to be valued at US$ 15.38 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the solar photovoltaic glass are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. Dow and PPG Industries Inc capture over 40% of market share owing to their diversified product portfolio and strong distribution network across major solar markets.

There is high opportunity for solar photovoltaic glass manufacturers in developing economies in Asia Pacific and Middle East & Africa considering intense solarization initiatives by various governments in these regions. Key players are expanding their manufacturing capacities and distribution networks in these high growth Global Solar Photovoltaic Glass Market Size to leverage untapped potential.

Global expansion remains key strategy for major players to sustain growth. Notable M&A activities have been witnessed in the past five years with aim to enhance geographic footprint. Going forward, companies may explore partnerships with EPC firms and project developers for long-term supply agreements.

Market drivers

Rising deployment of renewable energy: Stringent regulations and policies by governments across the world to reduce dependency on fossil fuels and curb carbon emissions is a key driver. This is increasing investments in solar projects globally.

Technological advancements: Continuous innovations such as introduction of more efficient anti-reflective solar photovoltaic glass and glass-glass modules are increasing applications of photovoltaic glass.

Market restraints

High initial costs: Switching to solar energy through photovoltaic systems has significant upfront cost which is a major challenge limiting widespread adoption, especially in price-sensitive markets.

Intermittent power supply: Dependency on sunlight limits the solar panels in generating electricity only during daytime. Significant storage solutions are required to overcome this challenge.

Segment Analysis

The solar photovoltaic glass market has been segmented based on type, module type, and end use. The tempered glass segment dominates other types as tempered glass is toughened by heating and cooling the material to increase its strength and safety. Crystalline silicon PV modules dominate the module type segment as these modules are highly reliable and affordable. The residential end use segment dominates the market as distributed generation and rural electrification drive the adoption of rooftop solar PV systems in residential applications.

Global Analysis

The Asia Pacific region dominates the global solar photovoltaic glass market. China contributes significantly to market growth as it is the leading producer and consumer of solar PV systems globally. Supportive government policies and presence of leading solar PV glass manufacturers drive the market in China. North America and Europe are other major regions for solar PV glass market. Supportive renewable energy policies and initiatives to reduce dependence on conventional energy sources boost the demand for solar PV systems and thereby solar PV glass in these regions. Growing emphasis on clean energy across different industries also drives regional market growth.

Get More Insights On This Topic: https://www.ukwebwire.com/solar-photovoltaic-glass-market-size-share-analysis-2023-2030/

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