by The solar photovoltaic glass is an essential component of solar panels that helps absorb sunlight and convert it into electricity. Solar photovoltaic glass plays a vital role in solar energy generation as its special coating allows maximum sunlight to pass through while protecting the solar cells from external elements. 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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing renewable energy adoption is one of the key drivers of the solar photovoltaic glass market. Many countries are shifting towards renewable sources to meet their increasing energy demand and reduce dependence on fossil fuels. As solar energy becomes more popular due to government initiatives and falling prices of components like solar photovoltaic glass, its usage will continue to surge over the coming years. This is expected to positively impact the demand for solar photovoltaic glass during the forecast period.
SWOT Analysis
Strength: Solar photovoltaic glass have high light transmittance which allows maximum sunlight to pass through for solar power generation. They provide durable and dependable alternative to produce electric power with no emission of pollutants.
Weakness: Initial setup and installation cost of solar photovoltaic glass system is very high which restricts its mass adoption. Dependency on climatic conditions and availability of sunlight also affects the power output from solar photovoltaic glass panels.
Opportunity: Increasing support from various governments in the form of tax rebates and subsidies on installation of solar power systems is encouraging more adoption of solar photovoltaic glass. Growing awareness about clean energy sources and need to reduce carbon footprint is also driving demand.
Threats: Significant dependency on fossil fuels still exist which poses threat from fluctuating fuel prices. Technological advances can make other renewable energy sources more efficient and cost-effective than solar photovoltaic glass.
Key Takeaways
The global Solar Photovoltaic Glass market size is expected to witness high growth. The market is forecast to grow at a CAGR of 4.3% during the forecast period of 2024 to 2031. By 2031, the market size is projected to reach US$ 23.72 Mn.
Regional analysis comprises Asia Pacific dominates the global solar photovoltaic glass market currently due to high production and installation of solar panels in major economies like China, Japan and India. Europe and North America regions are also contributors to growth driven by supportive government initiatives and increasing rooftop solar installations.
Key players operating in the Solar Photovoltaic Glass market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. These companies are focusing on developing advanced anti-reflection and anti-soiling coatings for solar photovoltaic glass to improve efficiency of solar panels.
