Solar Photovoltaic Glass Market Size to Reach USD 113.5 Billion by 2032 growing at 30.2% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Solar Photovoltaic Glass Market, valued at USD 8.3 Billion in 2022, is projected to surpass USD 113.5 Billion by 2032, indicating a robust CAGR of 30.2%.

The solar photovoltaic glass market has grown significantly in recent years. PV Glass acts as a dual-purpose innovation, converting buildings into vertical power stations by utilizing solar energy to generate electricity. Simultaneously, it permits natural light transmission and offers effective thermal and sound insulation. Remarkably, it filters out 99% of UV radiation. Additionally, it can absorb up to 95% of IR radiation, contributing to a safer and more comfortable indoor environment. However, hotspots affecting the panels pose constraints on growth and have become a limitation for the solar photovoltaic glass market. Furthermore, the declining expenses for energy storage devices have spurred growth in the solar photovoltaic glass market. As a consequence, market participants are looking into new advancement, indicating a growing trend towards development in the solar photovoltaic glass market.

Solar Photovoltaic Glass Market Value

Solar Photovoltaic Glass Market Statistics

  • The global solar photovoltaic glass market reached USD 8.3 billion in 2022, with a projected robust CAGR of over 30.2% from 2023 to 2032
  • Asia Pacific leads with a substantial 44% market share in 2022, while North America anticipates impressive growth with a projected CAGR of 32%
  • The tempered segment dominates, holding a significant market share in 2022, with notable revenue from the facade segment
  • The building and construction end-user industry achieves a 32% share in 2022
  • A discernible trend in the solar photovoltaic glass market is the increasing adoption of solar power systems

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Solar Photovoltaic Glass Market Dynamics

Growing Recognition of the Benefits of Sustainable Energy Sources Fuels the Solar Photovoltaic Glass Market Value

The solar photovoltaic glass market is experiencing significant growth, driven by the growing recognition of the benefits of sustainable energy sources. Renewable energy has become a major contributor to employment opportunities in the United States, supporting thousands of jobs across various sectors. Nationwide, over 500 factories are engaged in producing components for wind turbines, demonstrating robust domestic manufacturing infrastructure. In 2016, investments totaling $13.0 billion were directed towards wind power projects, highlighting their significant economic impact and potential for further growth in the renewable energy sector. Additionally, the increasing adoption of solar power systems, along with favorable governmental policies and initiatives, drives market growth

Swift Expansion of Infrastructure and Industrial Activities Offers Significant Solar Photovoltaic Glass Market Opportunity

Swift expansion of infrastructure and industrial activities presents an opportunity in the coming years. For instance, the Infrastructure Congress passed landmark legislation authorizing substantial investments in U.S. infrastructure, earmarking hundreds of billions of dollars for additional expenditure in November 2022. Additionally, growing industrial activities in China have further bolstered the solar photovoltaic market. For example, in 2007, the combined sectors of industry, including manufacturing, mining, power, and construction, comprised 46.7 percent of China's GDP and employed 27 percent of the workforce by 2010. By 2015, manufacturing industries alone contributed 40% to China's GDP.

Solar Photovoltaic Glass Market Segmentation

The global market for solar photovoltaic glass has been segmented into type, application, end-use industry and region.

  • Type is categorized into TCO glass, AR coated, tempered and others
  • Application segment is sub-segmented into curtain walls, wind shield, facades, solar PV panels, skylights, glazing and others
  • End-use industry segment includes building and construction, solar energy, automotive industry, infrastructure, and others
  • The solar PV glass market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Solar Photovoltaic Glass Market Regional Outlook

The Asia-Pacific region dominates the solar photovoltaic glass market. Countries like China, India, and Japan play a pivotal role in boosting the market. Furthermore, Japan is actively seeking to increase its solar power capacity to reduce reliance on nuclear energy within its energy portfolio. The goal is to elevate installed solar capacity to approximately 108 gigawatts by 2030. Furthermore, the Indonesian government has released a preliminary version of its Policy Plan and Comprehensive Investment, outlining the nation's decarbonization objectives for 2050. These goals encompass boosting Indonesia's solar power capacity to 264.6 gigawatts and net-zero emissions.

Additionally, North America is the fastest-growing region in the solar photovoltaic glass market due to increasing demand for clean energy. For instance, Fossil fuels dominate the energy landscape in the nation, accounting for approximately 79% of total energy consumption, followed by renewable at 13.1%. and nuclear at 8.0%. Notably, renewable energy surpassed coal in the United States' energy supply in 2019, a trend that has persisted through 2022. Although solar and wind are the fastest-growing renewable sources and now the largest contributors, they still account for only around 6% of overall energy consumption in the U.S.

Solar Photovoltaic Glass Market Players

Solar photovoltaic glass companies profiled in the report include AG Solar, Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd., Xinyi Solar Holdings Ltd., Hecker Glastechnik GmbH & Co. KG , Sisecam Flat Glass, Emmvee Toughened Glass Private Limite, Saint-Gobain Solar, and Polysolar Ltd.

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Mr. Frank Wilson

Acumen Research and Consulting

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