The Global Solar PV Glass Market is
projected to exhibit an enormous compound annual growth rate of approximately
34% over the forecast period 2018-2023, asserts Market Research Future (MRFR)
in an extensive study. The global solar PV glass market was valued at USD 4.5
Bn in 2017 and is expected to catapult to USD 19 Bn by the end of 2023.
Solar PV glass is
a recent development in the solar energy market and is making big waves in the
renewable energy sector. At the current rapid growth of adoption, it is highly
conceivable that solar PV glass may replace traditionally used materials over
the course of the coming years. Renewable energy solutions have been gaining
traction across the globe due to its many benefits and reduced reliance on
non-renewable energy making it the more sustainable option.
Moreover, solar PV
glass technology is increasingly cost-effective due to the ongoing R&D
activities and increasing deployment of solar energy solutions. The increased
demand for environmentally conscious and sustainable sources of energy is
largely due to the production of harmful emissions and other issues which have
contributed to poor air quality among other problems. The need to reduce the
global carbon footprint is highly encouraging of the global solar PV market
over the assessment period. Several factors are expected to help improve growth
over the market, including the presence of government support for the adoption
of renewable energy technology and the growth of green building construction
projects.
Key Players
MRFR has also
covered the competition in the market and included the strategic market
activities and market share of leading market players such as Saint-Gobain S.A,
Guardian Industries, First Solar Inc., Hanwha Q CELLS Co., Nippon Sheet Glass
Co. Ltd., Yingli Green Energy Holding Company Ltd., Sun Power Corporation,
Xinyi Solar Holding Ltd. and ReneSola Ltd.
Market
Segmentation
Segmentation of
the global solar PV market has
been performed, in MRFR’s report, on the basis of type, module, application,
and region.
Types have been
segmented into anti-reflective (AR) coated, transparent conductive oxide,
tempered, and others.
Module has been
segmented into crystalline silicon modules, amorphous silicon modules,
thin-film modules, and others.
Applications of
solar PV glass have been segmented to include residential, utility, and
non-residential.
Regional Analysis
The global solar
PV glass market covers North America, Europe, Asia Pacific and the Rest of the
World.
Europe is expected
to come out ahead and dominate the market with the largest share of the global
market due to the high environmental awareness in the region. Moreover, the
governments in this region, display strong support and encouragement for the
adoption of renewable energy technologies. This is expected to drive the
European solar PV glass. Moreover, solar energy technology is cheaper in
developed economies. However, emerging economies in the APAC are very promising
as this region receives high among of solar energy and the use of solar energy
can be really beneficial. Although costs are higher in developing markets, the
long terms benefits are difficult to ignore and the market in the APAC is
expected to grow considerably.
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