Solar Photovoltaic Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Solar Photovoltaic Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The solar photovoltaic glass market is expected to record a CAGR of over 4% during the forecast period. 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.

Key Highlights

• The non-residential sector dominated the solar photovoltaic glass market and is expected to grow during the forecast period, owing to the increasing demand for generation of green electricity.
• 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.

Key Market TrendsIncreasing 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 the solar photovoltaic cells reduces the 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.
• 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), over the coming five years creating scope for the application of solar photovoltaic glass in the nonresidential sector.
• Non-residential sector leads in the utilization of solar photovoltaic cell with China, the United Kingdom, the United States, India, Japan, and Malaysia playing a major role in the solar photovoltaic glass market.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for solar photovoltaic glass. In developing countries, such as China, India, and Japan, the crisis for the supply of electricity has resulted in increasing the scope for self-production of electricity using solar photovoltaic glass in the region.
• The largest producers of solar photovoltaic glasses are located in 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, INFINI Co. Ltd.
• India’s solar installed capacity reached 28.18 GW by March 2019, overtaking the target of reaching 20 GW by 2020, functionally proving a drastic growth in the use of solar photovoltaic glass.
• The power generated from the solar photovoltaic cells reduces the carbon footprints and greenhouse gas emissions, and also ensures energy cost savings.
• After Fukushima Daiichi nuclear disaster, Japan has approached solar power with vigor, setting up targets for producing 28 GW and 53 GW for 2020 and 2030, respectively. This move has increased the demand for solar photovoltaic glass in the coming years.
• Japan has also created floating “solar islands” with thousands of water-resistant solar panels. These next-generation solar farms have several advantages, including their ability to be more efficiently cooled by water.
• China’s drastic increase in solar power stems from the nation’s desperate need for electricity and its severe air pollution crisis.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for solar photovoltaic glass market during the forecast period.

Competitive Landscape

The solar photovoltaic glass market is fragmented with players accounting for a marginal share of the market. The major companies include Jinko Solar, Mitsubishi Electric Corporation, Onyx Solar Group LLC, JA SOLAR Co. Ltd, and INFINI Co. Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Canadian Solar
INFINI Co. Ltd
JA SOLAR Co. Ltd
Jinko Solar
Kaneka Corporation
KYOCERA Corporation
Mitsubishi Electric Corporation
Onyx Solar Group LLC
SunPower Corporation
Trina Solar

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