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Report
Solar Photovoltaic Glass - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 120 Pages I Mordor Intelligence
The Solar Photovoltaic Glass Market size is estimated at 15.28 Million tons in 2024, and is expected to reach 30.03 Million tons by 2029, growing at a CAGR of 14.47% during the forecast period (2024-2029).
The COVID-19 outbreak brought several short-term and long-term consequences in various industries, such as manufacturing and construction affecting the solar photovoltaic glass market. The industry was widely impacted due to supply chain disruption and a halt in the production of chemical manufacturing companies. It is due to lockdown and workforce shortages, thus, adversely affecting the market.
Key Highlights
-Major factors driving the solar photovoltaic glass market are increasing the demand from non-residential sector and increasing number of subsidy schemes from government.
-High capital costs for installation and maintenance of photovoltaic glass is expected to hinder the growth of the market studied.
-The growing demand for producing green electricity to reduce air pollution is offering various opportunities for the growth of solar photovoltaic glass market.
-Asia-Pacific region dominated the market for solar photovoltaic glass with China, Japan, and India representing major countries for consumption.
Solar Photovoltaic (PV) Glass Market Trends
Increasing Demand from Non-Residential Sector
- Solar photovoltaic glass is a technology that enables the conversion of light into electricity. The glass is incorporated with transparent semiconductor-based photovoltaic cells, which are also known as solar cells. These cells are sandwiched between two sheets of glass, which enables them to capture these solar rays and convert them into electricity.
- The power generated from solar photovoltaic cells reduces carbon footprints and greenhouse gas emissions and also ensures energy cost savings. Variance in photovoltaic efficiency and light penetration among these products enables multiple options for architectural design.
- Solar photovoltaic glass can be easily integrated into buildings and rooftop systems, thereby creating renewable energy through the economical use of solar energy and creative architectural design.
- Moreover, due to the rise of industrial activity in India, industry power demand will increase. As a result, rooftop solar installations would provide a robust option for enterprises to become self-reliant, which is expected to increase the rooftop solar market in India. For instance, in the fourth quarter (Q4) of 2022, India's rooftop solar installations increased by almost 51% quarter-over-quarter, adding 483 MW compared to 320 MW. This represents a year-on-year growth of 20%. The industrial sector accounted for approximately 42% of all installations during the year. Therefore, increasing rooftop solar installations is expected to create an upside demand for the solar photovoltaic glass market.
- The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion). This is expected to complete between 2019 and 2023, creating scope for the application of solar photovoltaic glass in the non-residential sector.
- Non-residential sector leads in the utilization of solar photovoltaic cells, with China, the United Kingdom, the United States, India, Japan, and Malaysia playing a major role in the solar photovoltaic glass market.
- Due to all such factors, the market for solar photovoltaic glass is expected to have steady growth during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for solar photovoltaic glass market. In developing countries, such as China, India, and Japan, the crisis in the supply of electricity has resulted in increasing the scope for the self-production of electricity using solar photovoltaic glass in the region.
- The largest producers of solar photovoltaic glasses are located in the Asia-Pacific region. Some of the leading companies in the production of solar photovoltaic glasses are Jinko Solar, Mitsubishi Electric Corporation, Onyx Solar Group LLC, JA Solar Co. Ltd, and Infini Co. Ltd.
- According to the International Renewable Energy Agency (IRENA), solar photovoltaic energy capacity in India reached over 62.8 gigawatts in 2022, a 21.5% increase over 2021. As a result, an increase in the capacity of solar photovoltaic energy is expected to boost the solar photovoltaic glass market in the country.
- The power generated from solar photovoltaic cells reduces carbon footprints and greenhouse gas emissions and also ensures energy cost savings.
- Moreover, Japan is trying to expand its installed solar capacity due to efforts to reduce the share of nuclear in their energy mix and aims to expand installed solar capacity to nearly 108 GW by 2030. However, due to the high solar penetration rate in the residential sector, the ground-mounted segment is expected to grow at the fastest pace, creating a demand for larger, central inverters for large utility-scale projects.
- China is the world's largest solar PV glass manufacturer. In July 2022, China's Ministry of Industry and Information Technology revealed that the country's solar glass capacity reached 64,000 metric tons (MT) per day across 348 production lines from 38 companies at the end of June. Currently, 313 production lines with a combined capacity of 59,000 MT are operational.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for the solar photovoltaic glass market during the forecast period.
Solar Photovoltaic (PV) Glass Industry Overview
The solar photovoltaic glass market is consolidated in nature. The major players in this market (not in a particular order) include Xinyi Solar Holdings Limited, Flat Glass GroupCo. Ltd., AGC Inc., Nippon Sheet Glass Co. Ltd., Saint-Gobain, and Irico Group New Energy Company Limited among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from the Non-residential Sector
4.1.2 Increasing Number of Subsidy Schemes from Government
4.1.3 Other Drivers
4.2 Restraints
4.2.1 High Capital Costs for Installation and Maintenance
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Thin Film Silicon Glass
5.1.2 Cadmium Telluride Thin Film Glass
5.1.3 Crystalline Solar Glass
5.1.4 Amorphous Silicon Solar Glass
5.1.5 Other Types
5.2 Application
5.2.1 Residential
5.2.2 Non-residential
5.2.2.1 Commercial
5.2.2.2 Industrial/Institutional
5.2.2.3 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Canadian Solar
6.4.2 INFINI Co. Ltd
6.4.3 JA SOLAR Technology Co.,Ltd.
6.4.4 Jinko Solar
6.4.5 KANEKA CORPORATION
6.4.6 KYOCERA Corporation
6.4.7 Mitsubishi Electric Corporation
6.4.8 Onyx Solar Group LLC.
6.4.9 SunPower Corporation
6.4.10 Trina Solar
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Producing Green Electricity
7.2 New Models Of Solar Cells Made of Thin Film Technology that use Narrow Coatings of Cadmium Telluride in Solar Cells, which have Higher Efficiency and Lower Cost
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