Solar PV Glass Market Overview
The
global Solar
PV Glass Market Size is anticipated to surpass a valuation of USD 19
billion, attaining a CAGR of 34% during the forecast period (2018-2023), Market
Research Future (MRFR) claims in a detailed report. Solar photovoltaic glass
technology is considered a highly engineered construction glass, which
incorporates transparent semiconductor-based solar or photovoltaic cells, and
can be used for multiple purposes.
Market Potential and
Pitfalls
The
global solar PV glass market has witnessed a tectonic surge over the past few
years. Solar PV glass is more in vogue than its counterparts and can replace
traditionally used materials in the foreseeable future. Constant cost reduction
in solar PV glass technology due to rigorous R&D and soaring deployment has
fostered the adoption of solar PV glass across the globe. People across the
world are highly becoming aware of the benefits of renewable energy solutions,
which has further accelerated its adoption. The incessant need to curtail environmental
degradation is one of the key influencers of the market growth. Governments are
encouraging the adoption of renewable energy sources, which is further
reflecting positively on the market across the world.
The
increasing green building trend is one of the key factors encouraging the
market growth globally. With rising power demand across the globe, the market
is likely to flourish. Moreover, rising disposable income of consumers is
likely to increase the number of PV installations. This will further spike the
demand for solar PV glass globally.
Solar PV Glass Market:
Segmental Analysis
The
solar PV glass market is segmented on the basis of type, module, and
application.
By
type, the solar PV glass market is segmented into transparent conductive oxide,
anti-reflective (AR) coated, tempered, and others. Of these, the anti-reflective
(AR) coated type is likely to gain significant traction in the long run. The
growth can be attributed to its ease of operation and use.
By
module, the solar PV glass market is segmented into amorphous silicon modules, crystalline
silicon modules, thin-film modules, and others. Among these, the crystalline
silicon modules segment is predicted to be the major contributor.
By
application, the market comprises residential, utility, and non-residential. Of
these, the residential sector is predicted to gain prominence and retain its
position in the long run. The growth is credited to the soaring awareness regarding
environmental initiatives among average residential consumers.
Regional Frontiers
Geographically,
the solar PV glass market spans across Europe, Asia Pacific, North America, and
the Rest of the World (RoW).
Considering
the global scenario, Europe will dominate the global solar PV glass market,
owing to the soaring amount of awareness among consumers associated with the
importance of initiatives like solar PV glass. The considerable shift towards renewable
energy, coupled with the government supporting the adoption of renewable energy
generation mechanisms, is encouraging the market growth in the region.
The
Asia Pacific is likely to gain prominence in terms of revenue. The existence of
countries like Japan, China, South Korea, and India is highly influencing the
market growth. The surging demand for solar photovoltaic glass is predicted to
encourage growth.
North
America is likely to witness significant growth, with the U.S. actively
investing in solar energy plants in order to obtain a future with sustainable
energy. As per the International Energy Agency, the government of the U.S. has passed
an extension of tax credits for renewable energy plants like solar PV glass
stations and concentrating solar power. Moreover, the government has imposed supportive
environment policies for the operation and installation of renewable energy
plants & power stations.
Competitive Dashboard
The
key players dominating the solar PV glass market include Xinyi Solar Holding
Ltd., First Solar Inc., Yingli Green Energy Holding Company Ltd., Nippon Sheet
Glass Co. Ltd., ReneSola Ltd., Sun Power Corporation, Saint-Gobain S.A, Guardian
Industries, and Hanwha Q CELLS Co.
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