Power & Energy

Global PV Glass Market

September 20, 2021
ID: SR/PE-08
Format:Pdf
Pages:220

Global PV Glass Market By Type (Anti-reflective Coated Glass, TCO Glass, Tempered Glass, Others), By Application (Utility, Residential, Non-Residential) and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

PV Glass Market Overview

The PV glass market size was valued at USD 5.88 Billion in 2020 and projected to reach USD 37.49 Billion by 2027, growing at a CAGR of 30.3% during the forecast period, 2020-2027.

Growing demand for solar systems in emerging economies like residential, commercial and utility-scale and increasing installation of a utility-scale solar power plant across the globe. This, in turn, is anticipated to contribute to the PV glass market growth in the forecast period.

Moreover, rising government investments and supportive government regulations towards installing solar PV plants propel the growth of the global PV glass market in the upcoming years.

Additionally, rising awareness regarding the benefits of renewable energy solutions such as less global warming, inexhaustible energy, reliability and many others and technological advancements in the solar PV glass industry is anticipated to drive the global growth of the PV glass market.

What is PV Glass?

Photovoltaic (PV) glass is a technology that enables solar cells to convert solar energy into electricity. PV glass uses the same principle as solar panels. By absorbing sunlight and using that light energy to create an electric current, PV cells generate electricity. It is highly popular and is installed within roofs, windows, and facades of buildings to produce power for an entire building.

Growth Driver

The surge in demand for off-grid electricity systems

There is a major growth opportunity for photovoltaic glass manufacturers in the global market due to the development of off-grid electricity systems. Off-grid technology is one of the most feasible solutions to resolve electricity issues across the world. This will fuel the growth of the global PV glass market.

However, the major factor restraining the growth of the global PV glass market is the high cost associated with the purchase, storage and installation of solar PV glass and large dependence on climatic conditions.

Pre Covid-19 impact

Factors such as a boost in demand for renewable energy and a surge in demand for solar systems in various applications drive the market growth for PV glass. Additionally, rising global urbanization and the increasing need for better infrastructures had created several opportunities for the PV glass market in the Pre-covid era.

Covid-19 impact

Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. WHO has declared COVID-19 a public health emergency. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and many others.

Post Covid-19 impact

COVID-19 pandemic has affected the growth of the PV glass market due to the worldwide lockdown, supply disruptions and economic challenges. Since the COVID-19 virus outbreak in December 2019 resulted in a decrease in the demand for the PV glass market across several sectors. Therefore, with the explosion of the COVID-19, the market will grow at a low rate for PV glass across the globe, which has negatively impacted the PV glass market value in 2020 and subsequent years.

Type Segmental Analysis

The PV glass market is segregated into anti-reflective coated glass, TCO glass, tempered glass, and other types based on the type.

The anti-reflective coated glass segment is likely to have the highest market share in the type segment for the PV glass market. However, the tempered glass segment is projected to grow with a higher CAGR throughout the forecast period since most solar panels are made of tempered glass. Tempered glass is much stronger than any other glass and is shattered into thousands of small pieces. When broken, that won’t be harmful.

Application Segmental Analysis

Based on the application, the PV glass market is bifurcated into utility, residential, and non-residential.

The utility segment will dominate the PV glass market by 2027. This is because utility-scale solar plants offer several benefits, such as less energy loss and fixed price electricity when fossil fuels are expensive during peak demand periods.

However, the residential segment is projected to grow with a higher CAGR throughout the forecast period.

Region Segmental Analysis

The PV glass market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The Asia Pacific is estimated to project considerable growth over 2020-2026. Due to the surge in demand for solar energy, a rapid rise in the development of renewable power and supportive initiatives undertaken by the government in the region.

However, Europe will have a prominent share in the PV glass market by 2027, owing to the rapidly increasing rising population and development of infrastructure in the region.

Competitor Analysis

Companies include Onyx Solar Group LLC, Borosil Glass Works Limited, Trina Solar, Brite Solar, Shenzhen Topray Solar Co. Ltd., Jinko Solar, Mitsubishi Electric Corporation, INFINI Co. Ltd., Nippon Sheet Glass Co. Ltd., Sun Power Corporation are the key players in the global PV glass market.

Key Stakeholders

Market research and consulting firms
PV glass manufacturers
Investors
Research organizations and consulting companies
Technology providers
Regulatory bodies

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 5.88 Billion
The revenue forecast in 2027	USD 37.49 Billion
Growth Rate	CAGR of 30.3% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021-2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Onyx Solar Group LLC, Borosil Glass Works Limited, Trina Solar, Brite Solar, Shenzhen Topray Solar Co. Ltd., Jinko Solar, Mitsubishi Electric Corporation, INFINI Co. Ltd., Nippon Sheet Glass Co. Ltd., Sun Power Corporation

Recent Developments

In August 2017, The Dow Chemical Company and EI du Pont de Nemours & Company accomplished a successful merger to boost their position in the market for PV glass.
In 2017, Skanska and Saule Technologies announced their collaboration. The main purpose of their collaboration was to develop photovoltaic glass for green office buildings.
In November 2018, DuPont Photovoltaic Solutions merged with GCL System Integration Technology Co. Ltd to integrate their position in the market and aim to meet the increasing demands of consumers.

Market Modelling

By Type

Anti-reflective Coated Glass
TCO Glass
Tempered Glass
Others

By Application

Utility
Residential
Non-Residential

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is PV glass?

Photovoltaic (PV) glass is a technology that enables solar cells to convert solar energy into electricity. By absorbing sunlight and using that light energy to create an electric current, PV cells generate electricity.

What is the growth rate of the PV glass market?

The PV glass market size was valued at USD 5.88 Billion in 2020 and projected to reach USD 37.49 Billion by 2027, growing at a CAGR of 30.3% during the forecast period, 2020-2027.

What are the factors that are uplifting the growth in the PV glass market?

The major drivers for the PV glass market are a surge in demand for off-grid technology and growing demand for solar systems in emerging economies like residential, commercial and utility-scale.

Which region has the highest growth rate in the PV glass market?

The Asia Pacific is expected to project considerable growth over 2020-2026 due to the surge in demand for solar energy, the rapid rise in the development of renewable power and supportive initiatives undertaken by the government in the region.

Who are the prominent players in the PV glass market?

Onyx Solar Group LLC, Borosil Glass Works Limited, Trina Solar, Brite Solar, Shenzhen Topray Solar Co. Ltd., Jinko Solar, Mitsubishi Electric Corporation, INFINI Co. Ltd., Nippon Sheet Glass Co. Ltd., Sun Power Corporation are the prominent players in the global PV glass market.

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Global PV Glass Market