Solar Photovoltaic Glass Market by Type (AR-Coated, Tempered, TCO-Coated), Application, End User (Crystalline Silicon PV Module, Thin Film Module, Perovskite Module), Installation Technology & Region - Global Forecast to 2028
The solar photovoltaic glass market is projected to grow from USD 7.8 billion in 2023 to USD 27.3 billion by 2028, at a CAGR of 28.4% from 2023 to 2028. Rapid urbanization and the global focus on sustainable construction practices have fueled the demand for solar PV glass in the building sector. As cities strive for energy efficiency and green building certifications, integrating solar technology into structures becomes increasingly common.
Attractive Opportunities in the Solar Photovoltaic Glass Market
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Solar Photovoltaic Glass Market Dynamics
Driver: Supportive policies and initiatives of various governments for solar PV plant installations to promote renewable energy generation
Government policies and support are crucial in shaping the solar PV glass market, influencing its growth and sustainability. Many governments worldwide have recognized the importance of transitioning towards renewable energy sources to address climate change and ensure energy security. To promote the adoption of solar power, governments implement various policies and support mechanisms that directly impact the solar PV glass market. Government incentives, such as subsidies, tax credits, and feed-in tariffs, encourage businesses and individuals to invest in solar energy installations. These incentives aim to make solar power more economically viable, driving increased demand for solar PV glass as a fundamental component of solar panels. Additionally, favorable regulatory frameworks and streamlined permitting processes facilitate the development of solar projects, supporting the market's expansion.
Restraint: Fluctuations in raw material prices
Fluctuations in raw material prices can significantly challenge the solar PV glass market, affecting production costs and market dynamics. The solar PV industry relies on various raw materials, including but not limited to glass substrates, coatings, and encapsulants. Price volatility in these inputs can impact the overall cost structure of solar PV glass production, influencing market dynamics.
Opportunity: Decreasing costs of solar systems and energy storage devices
The decreasing cost of solar panels presents a significant opportunity for the solar PV glass market. As advancements in technology, manufacturing processes, and economies of scale contribute to the overall affordability of solar energy, the demand for solar installations is on the rise. The reduced cost of solar panels positively influences the market by making solar power more accessible and cost-effective for consumers, businesses, and utility-scale projects. This increased affordability stimulates the demand for high-quality solar PV glass, which is critical in producing efficient and durable solar modules. The opportunity lies in the potential for the solar PV glass market to capitalize on the growing demand for solar panels, further driving innovation and market expansion as the solar industry becomes increasingly competitive and accessible.
Challenge: Low availability of high-quality solar PV glass
The availability of low-quality solar PV glass poses a significant challenge for the market. While the market is driven by the demand for high-quality, efficient, and durable glass to ensure optimal performance of solar panels, the presence of substandard or low-quality alternatives introduces concerns. Low-quality solar PV glass may compromise solar modules' efficiency, longevity, and overall reliability, leading to reduced energy output and potential safety risks. The challenge lies in educating consumers, project developers, and manufacturers about the importance of selecting high-quality solar PV glass to maintain the integrity of solar installations and foster long-term confidence in the solar energy industry. Addressing this challenge involves implementing quality standards, certifications, and industry regulations to ensure the market's sustainability and the continued growth of reliable and efficient solar energy solutions.
Solar Photovoltaic Glass Market: Ecosystem
Based on the type, the AR-coated segment will hold the most significant share during the forecast period.
Based on type, the AR-coated segment held the largest share in 2022. Anti-reflective (AR) coated solar PV glass is designed to minimize the reflection of sunlight, thereby enhancing the overall efficiency of solar modules. By minimizing reflection losses, AR-coated glass contributes to consistent energy harvesting across different weather conditions, optimizing overall performance.
Based on application, utility is expected to be the largest solar photovoltaic glass market segment during the forecast period.
By application, in 2022, the utility segment held the most significant portion of the solar photovoltaic glass market. Utilities worldwide are investing heavily in solar energy to meet rising electricity needs sustainably. The utility-scale installations, such as solar farms and power plants, require substantial quantities of high-quality solar PV glass to ensure the efficiency and longevity of solar modules. This growing emphasis on utility-scale solar initiatives positions the segment as a critical contributor to the expansion of the solar PV glass market.
Based on installation, patterned glass is expected to be the largest segment of the solar photovoltaic market during the forecast period.
In 2022, the patterned glass segment held the most significant portion of the solar photovoltaic glass market by installation. The pattern glass segment is gaining traction in utility-scale solar projects. The light-scattering properties of pattern glass can mitigate the effects of potential-induced degradation (PID) in solar modules, enhancing the long-term performance and reliability of solar installations. As large-scale solar projects continue to proliferate, especially in regions focusing on renewable energy expansion, the pattern glass segment is expected to contribute significantly to the overall growth of the solar PV glass market.
Based on end-users, the crystalline silicon solar PV module is expected to be the largest segment of the solar photovoltaic glass market during the forecast period.
In 2022, the crystalline silicon PV module segment held the most significant portion of the solar photovoltaic glass market by end-users. The widespread use of crystalline silicon PV modules across diverse solar applications contributes substantially to the growing demand for solar PV glass. As the solar industry continues to expand and evolve, developing advanced glass technologies and coatings becomes essential to optimize the performance and efficiency of crystalline silicon PV modules, driving the overall growth of the solar PV glass market.
Asia Pacific is projected to hold the most significant market share during the forecast period.
Asia Pacific accounted for the most significant global solar photovoltaic glass market share in 2022, followed by North America and Europe. China, in particular, has emerged as a worldwide leader in solar panel production, driving the demand for specialized glass materials. The scale of production and the ability to cater to domestic and international markets position the Asia-Pacific region as a central hub for solar PV glass manufacturing.
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Key Market Players
Xinyi Solar Holdings Ltd. (China), IRICO Group New Energy Co., Ltd. (China), Flat Glass Group Co., Ltd (China), Qingdao Jinxin Glass Co., Ltd. (China), Dongguan CSG Solar Glass Co., Ltd. (China), AGC Inc. (Japan), Nippon Sheet Glass Co., Ltd. (Japan), Taiwan Glass Ind. Corp. (Taiwan) is one of the major players in the global solar photovoltaic glass market. These players have been focusing on expansion, acquisition, and agreement strategies that help them expand their businesses in untapped and potential markets. They have adopted various organic and inorganic growth strategies to enhance their position in the solar photovoltaic glass market.
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- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Report Metric |
Details |
Market Size Available for Years |
2018 to 2028 |
Base Year Considered |
2022 |
Forecast Period |
2023–2028 |
Forecast Units |
Value (USD Million/Billion), Volume(million square meters) |
Segments Covered |
Type, End-use, Application, Installation, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Companies Covered |
Xinyi Solar Holdings Ltd. (China), IRICO Group New Energy Co., Ltd. (China), Flat Glass Group Co., Ltd (China), Qingdao Jinxin Glass Co., Ltd. (China), Dongguan CSG Solar Glass Co., Ltd. (China), AGC Inc. (Japan), Nippon Sheet Glass Co., Ltd. (Japan), and others. |
This research report categorizes the reticulated market based on type, end-use, application, installation, and region.
Based on the type, the solar photovoltaic glass market has been segmented as follows:
- AR coated
- Tempered
- TCO-coated
Based on end-user, the solar photovoltaic glass market has been segmented as follows:
- Crystalline silicon solar PV module
- Thin film module
- Perovskite module
Based on application, the solar photovoltaic glass market has been segmented as follows:
- Residential
- Non-residential
- Utility
Based on installation, the solar photovoltaic glass market has been segmented as follows:
- Float Glass
- Patterned glass
Based on the region, the reticulated foam market has been segmented as follows:
-
North America
- US
- Canada
- Mexico
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
-
Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Vietnam
- Rest of Asia Pacific
-
South America
- Brazil
- Chile
- Rest of South America
-
Middle East & Africa
-
GCC Countries
- UAE
- Rest of GCC
- Turkey
- South Africa
- Israel
- Rest of Middle East & Africa
-
GCC Countries
Recent Developments
- In August 2022, Nippon Sheet Glass Co., Ltd. announced an investment to construct a new production site in Malaysia. The new site is set up to improve the company's production capacity for TCO-coated solar PV glass.
- In April 2021, Borosil Renewables Ltd. announced the acquisition of two solar glass companies, Interfloat Corporation and Glasmanfaktur Brandenburg (GMB). The acquisition was made to strengthen the company’s supply chain across Europe.
Frequently Asked Questions (FAQ):
What is the key driver and opportunity for the solar photovoltaic glass market?
Supportive policies and initiatives of various governments for solar PV plant installations to promote renewable energy generation and decrease the costs of solar systems and energy storage devices are the primary drivers and opportunities.
Which region is expected to hold the highest market share in the solar photovoltaic glass market?
The solar photovoltaic glass market in the Asia Pacific is expected to dominate the market share in 2028 due to rapid development and investment in sustainable infrastructure.
What type of solar photovoltaic glass accounts for a significant share?
AR-coated solar PV glass accounts for a significant share of the solar photovoltaic glass market.
Who are the major service providers of solar photovoltaic glass?
The key manufacturers operating in the market are Xinyi Solar Holdings Ltd. (China), IRICO Group New Energy Co., Ltd. (China), Flat Glass Group Co., Ltd (China), Qingdao Jinxin Glass Co., Ltd. (China), and Dongguan CSG Solar Glass Co., Ltd. (China).
What total CAGR is expected for the solar photovoltaic glass from 2023 to 2028?
The market is expected to record a CAGR of 28.4% from 2023-2028.
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The study involved four major activities in estimating the current size of the solar photovoltaic glass market—extensive secondary research collected information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and measures with industry experts across the value chain of solar PV glass through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the size of the segments and sub-segments of the market.
Secondary Research
The research methodology used to estimate and forecast the access control market begins with capturing data on the revenues of key vendors in the market through secondary research. In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, Factiva, World Bank, and Industry Journals, were referred to to identify and collect information for this study. These secondary sources included annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, notifications by regulatory bodies, trade directories, and databases. Vendor offerings have also been taken into consideration to determine market segmentation.
Primary Research
The solar photovoltaic glass market comprises several stakeholders in the supply chain, such as manufacturers, equipment manufacturers, traders, associations, and regulatory organizations. The development of various end-use industries characterizes the demand side of this market. Various primary sources from the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:
Note: “Others” includes sales, marketing, and product managers
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the total size of the solar photovoltaic glass market. These methods were also used extensively to determine the market size of various segments. The research methodology used to estimate the market size included the following:
- The key players were identified through extensive primary and secondary research.
- The value chain and market size of the reticulated foam market, in terms of value and volume, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and marketing executives.
Global Solar Photovoltaic Glass Market Size: Bottom-Up Approach
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Global Solar Photovoltaic Glass Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and determine each market segment’s and subsegment’s exact statistics. The market size was calculated globally by summing up the country-level and regional-level data.
Market Definition
The solar PV (photovoltaic) glass market refers to the global industry involved in producing, distributing, and selling specialized glass materials used in manufacturing solar panels or photovoltaic modules. This market encompasses the various types of glass designed to enhance the performance, efficiency, and durability of solar cells within solar modules, facilitating the conversion of sunlight into electricity.
Key Stakeholder
- Manufacturers of solar photovoltaic glass
- Traders, distributors, and suppliers of solar photovoltaic glass
- Government and research organizations
- Associations and industrial bodies
- Research and consulting firms
- R&D institutions
- Environment support agencies
- Investment banks and private equity firms
Report Objectives:
- To define, describe, and forecast the size of the global solar photovoltaic glass market in terms of value and volume
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the solar photovoltaic glass market.
- To analyze and forecast the size of various segments (type, installation, end-use, application) of the solar photovoltaic glass market based on five major regions—North America, Europe, Asia Pacific, South America, Middle East & Africa—along with key countries in each of these regions
- To analyze recent developments and competitive strategies, such as expansions, new product developments, partnerships, and acquisitions, product launches to draw the competitive landscape of the market
- To strategically profile the key players in the market and comprehensively analyze their core competencies
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to client-specific needs. The following customization options are available for the report:
- Additional country-level analysis of the solar photovoltaic glass market
- Profiling of additional market players (up to 5)
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Growth opportunities and latent adjacency in Solar Photovoltaic Glass Market