May 18, 2024
Solar Photovoltaic Glass Market

The Rising Demand For Renewable Energy Boosts The Solar Photovoltaic Glass Market

Solar photovoltaic glass, also known as solar glass, is a type of glass specially designed for use in solar panels. It consists of tempered glass with antireflective coatings to maximize light transmission to the solar cells. The growing awareness about the need for renewable energy sources and government incentives for solar installations has led to significantly higher demand for solar panels in recent years. As solar glass serves as a protective cover for the solar panels, its market is also expanding rapidly.

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

Key Takeaways

Key players operating in the Global Solar Photovoltaic Glass Market Size are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. These companies are focusing on expanding their production capacities and developing more durable and efficient solar glass through investments in research and development.
The growing deployment of solar farms and rooftop solar panels across the commercial and residential sectors is expected to generate significant opportunities for players in the solar photovoltaic glass market over the coming years. Various governments are also offering subsidies and tax incentives for installations of solar power systems.
Advancements in glass coating technologies are enabling the development of solar photovoltaic glasses with higher light transmission rates, strength and corrosion resistance. Anti-reflective coatings are being enhanced to absorb more than 95% of sunlight and reduce light reflection losses.

Market Drivers

Growing emphasis on renewable energy sources – With rising environmental concerns and need for energy security, more countries and businesses are focussing on tapping solar power. This is driving up demand for solar panels and photovoltaic glass.
Falling prices of solar panels – Continued technological progress and mass production have led to a significant decline in solar panel costs over the past decade. This has improved the affordability of solar installations and their payback periods.

Current challenges in Solar Photovoltaic Glass Market:

High initial installation costs: Setting up a solar plant requires heavy upfront investment into technology and installation. The cost is too high for individual installations and thus limits widespread adoption.
Intermittency of solar energy: Solar energy is only available when the sun is shining and has lower availability at night or during cloudy weather. This requires expensive energy storage solutions and grid backup to ensure continuous energy supply.
Requirement of large land area: Large number of solar panels need to be installed to generate utility-scale power, requiring vast swathes of unused land. This poses a challenge in densely populated areas with limited vacant land availability.

SWOT Analysis
Strength:Solar PV glass has the advantage of being an environment-friendly renewable source of energy that reduces carbon emissions and dependence on fossil fuels.
Weakness: The technology has high dependence on weather conditions and sunlight availability. Seasonal and hourly variations in sunlight pose output stability challenges.
Opportunity: Growing push for adoption of clean energy in both developed and developing nations around the world presents a massive market opportunity. Favorable government policies and incentives are boosting demand.
Threats: Fluctuating costs of raw materials can impact supply security and pricing stability of solar PV modules. Changing trade policies present regulatory uncertainties for long-term investments.

Geographical regions: Asia Pacific accounts for the bulk of solar PV glass demand currently due to the region’s large solar market and supportive renewable energy policies. China alone accounts for over 50% of global PV glass consumption.
Fastest growing region: The Middle East and Africa region is expected to witness the fastest growth during the forecast period owing to ongoing solar projects, supportive government initiatives and abundant availability of sunlight. Significant investment expansions are boosting PV glass use across GCC nations.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it