Photovoltaic Glass Market Size, Market Resilience in Times of Disruption 2024-2032

Photovoltaic Glass Market Valuation – 2024-2031

Increasing global emphasis on sustainable energy sources is propelling the adoption of photovoltaic glass. Innovations in PV glass technology, such as increased efficiency and durability is driving the market size surpass USD 11.81 Billion valued in 2024 to reach a valuation of around USD 106.52 Billion by 2031.

In addition to this, growing awareness of environmental issues and the need to reduce carbon footprints encourage the shift towards solar energy is enabling the market grow at a CAGR of 34.91% from 2024 to 2031.

Photovoltaic Glass Market: Definition/ Overview

Photovoltaic (PV) glass is a specialized type of glass integrated with solar cells that convert sunlight into electricity. It combines the properties of traditional architectural glass with the energy-generating capabilities of photovoltaic cells, enabling it to serve both as a building material and a source of renewable energy.

PV glass is widely used in building-integrated photovoltaics (BIPV), where it is incorporated into building facades, skylights, windows, and roofs. It provides dual functionality by allowing light to pass through while simultaneously generating electricity. This integration not only contributes to the aesthetic and functional aspects of modern architecture but also enhances energy efficiency by reducing reliance on external power sources.

Also, Innovations such as transparent PV glass and improved manufacturing processes are likely to expand its use in various sectors, making it a key component in the transition to greener infrastructure and energy independence.

How will Rising Global Emphasis on Sustainable Energy Sources Increase Adoption of Photovoltaic Glass?

The increasing global emphasis on sustainable energy sources is a primary driver for the photovoltaic glass market. As countries strive to meet their renewable energy targets and reduce carbon emissions, the adoption of photovoltaic glass becomes crucial. This glass not only generates electricity but also seamlessly integrates into buildings, making it an attractive option for both residential and commercial properties. According to the International Energy Agency (IEA), global solar PV capacity additions were expected to reach 440 GW in 2023, a 52% increase from 2022.

Many governments worldwide have implemented policies to promote solar energy adoption, including photovoltaic glass. For instance, In the European Union, the European Green Deal aims to make Europe climate-neutral by 2050. As part of this, there’s a target to increase the share of renewable energy to at least 32% by 2030.

The increasing trend of incorporating photovoltaic glass into building materials, such as building-integrated photovoltaics (BIPV), is another significant market driver. This integration allows buildings to generate their own electricity while maintaining aesthetic and functional standards. The ability to create energy-efficient, self-sustaining buildings is driving the adoption of photovoltaic glass, as it aligns with the goals of sustainable urban development and energy independence.

Will Relatively Long Payback Period for Photovoltaic Glass Investments Restrain the Photovoltaic Glass Market Growth?

The relatively long payback period for photovoltaic glass investments can be a deterrent for potential adopters. The time it takes for the energy savings to offset the initial installation costs can be several years, making it less attractive for individuals and businesses looking for quicker returns on investment. This can slow down market growth, especially in regions where short-term financial considerations are prioritized.

The high initial investment in photovoltaic glass installation, despite its potential for reduced energy costs and environmental impact, can deter property owners, especially in developing regions. According to the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), as of 2023, the levelized cost of electricity (LCOE) for commercial photovoltaic systems was around $0.09 per kWh, while residential systems were about $0.13 per kWh. Photovoltaic glass systems typically had higher costs due to customization and integration requirements.

A lack of awareness and understanding about the benefits and applications of photovoltaic glass can also restrain market growth. Many potential users are not fully informed about the long-term advantages and environmental benefits of integrating photovoltaic glass into their buildings. This gap in knowledge, coupled with misconceptions about its efficiency and cost, can lead to hesitation and slower adoption rates. Effective education and marketing strategies are essential to overcome this restraint and drive market expansion.

Category-Wise Acumens

Will Rise in Adoption of Anti-Reflective Coated Glass Drive Photovoltaic Glass Market?

Anti-reflective coated glass is gaining dominance in the photovoltaic glass market due to its ability to significantly enhance the efficiency and performance of solar panels. The anti-reflective coating minimizes the reflection of sunlight, allowing more light to be absorbed by the photovoltaic cells. This increased light absorption leads to higher energy conversion rates, making anti-reflective coated glass a preferred choice for solar energy applications. For instance, in 2023, Saint-Gobain (France) announced the expansion of their AR coated glass production facility in Germany, aiming to increase capacity by 50% by the end of 2024.

Also, continuous innovations in anti-reflective coating technology have contributed to its market dominance. Advanced manufacturing techniques have led to the development of durable, high-performance coatings that can withstand various environmental conditions. These technological improvements ensure that the anti-reflective coated glass maintains its efficiency over a longer lifespan, providing a reliable and cost-effective solution for solar energy generation.

Anti-reflective coated glass, despite its higher initial cost, offers superior performance and energy yield, resulting in better long-term returns on investment, reducing installation and maintenance costs in residential and commercial photovoltaic systems. A study published by the European Solar Manufacturing Council in early 2024 found that despite a 5-10% increase in initial costs, AR coated glass provided a return on investment within 2-3 years due to increased energy production..

Which Factors Enhance the Use of Photovoltaic Glass in Utility-Scale Solar Projects?

Utility-scale solar projects, characterized by their large-scale energy production capabilities, dominate the photovoltaic glass market due to the high energy output requirements of grid-connected power plants. These projects demand efficient and reliable photovoltaic solutions to meet the substantial electricity needs of urban centers and industrial operations. Photovoltaic glass, integrated into vast arrays of solar panels, provides a robust solution to generate significant amounts of renewable energy. According to the U.S. Energy Information Administration (EIA) reported in early 2024 that utility-scale solar capacity in the United States grew by 25% in 2023 compared to the previous year.

The sheer scale of utility-scale solar installations allows for significant cost advantages, making photovoltaic glass an economically viable option. Large-scale procurement and deployment reduce per-unit costs, leveraging economies of scale. This cost-efficiency is particularly crucial for large projects, where budget considerations play a vital role in decision-making. The ability to install vast quantities of photovoltaic glass at a lower cost per unit drives its adoption in utility-scale applications. The National Renewable Energy Laboratory (NREL) published a study in late 2023 showing that the cost of utility-scale solar projects had decreased by 12% year-over-year, largely due to improvements in photovoltaic glass technology and economies of scale.

Gain Access into Photovoltaic Glass Market Report Methodology

Country/Region-wise Acumens

Will Robust Solar Energy Enhance Adoption of Photovoltaic Glass in Asia Pacific?

The Asia Pacific region is leading the photovoltaic glass market due to its robust solar energy initiatives and significant investments in renewable energy infrastructure. Countries like China, Japan, and India are at the forefront, implementing large-scale solar projects to meet their growing energy demands and reduce carbon emissions. The substantial government support, in the form of subsidies and favorable policies, further accelerates the adoption of photovoltaic glass in the region. According to the International Energy Agency (IEA) Renewables 2023 report, the Asia Pacific region accounted for approximately 70% of global photovoltaic glass production and 60% of global installations.

The region’s strong manufacturing base plays a crucial role in its dominance. Asia Pacific is home to many of the world’s leading photovoltaic glass manufacturers, benefiting from economies of scale and advanced production technologies. This concentration of production capabilities not only meets the regional demand but also caters to international markets, reinforcing Asia Pacific’s position as a global hub for photovoltaic glass manufacturing. China’s National Energy Administration reported in late 2023 that the country’s photovoltaic glass production capacity reached 70,000 tons per day, representing over 80% of global capacity.

Asia Pacific’s rapid urbanization and industrialization are driving a demand for sustainable energy solutions, particularly photovoltaic glass, driven by environmental awareness and the region’s ambitious renewable energy targets. The Asian Development Bank reported in early 2024 that investments in solar energy projects across the Asia Pacific region totaled USD 120 Billion in 2023, a 15% increase from 2022.

Will Supportive Government Policies in North America Mature Photovoltaic Glass Market?

The North American photovoltaic glass market has been experiencing rapid growth in recent years, driven by increasing adoption of solar energy and supportive government policies. According to the U.S. Energy Information Administration, solar capacity additions in the United States grew by 30% in 2023 compared to the previous year, with a significant portion utilizing advanced photovoltaic glass technologies. This growth has been particularly strong in states like California, Texas, and Florida, where large-scale solar projects have become increasingly common.

The region’s robust regulatory framework and supportive policies significantly contribute to market expansion. Incentives such as tax credits, rebates, and renewable portfolio standards encourage the adoption of solar energy solutions. These policies not only reduce financial barriers for consumers and businesses but also promote the development of new solar projects, boosting the demand for photovoltaic glass.

Mexico, too, has contributed to the region’s growth, with the Mexican Solar Energy Association noting a 20% year-over-year increase in solar capacity in 2023. The country’s abundant solar resources and improving regulatory framework have made it an attractive market for photovoltaic glass manufacturers and solar project developers alike.

Competitive Landscape

The photovoltaic glass market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the photovoltaic glass market include:

• AGC, Inc.
• NSG Group
• Xinyi Solar Holdings Ltd.
• Flat Glass Group Co., Ltd.
• Guardian Industries
• Saint-Gobain
• Trina Solar Ltd.
• Hanwha Q CELLS Co., Ltd.
• First Solar, Inc.
• JA Solar Technology Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• Canadian Solar, Inc.
• Sisecam Flat Glass
• Euroglas GmbH
• SunPower Corporation
• Solaria Corporation
• Onyx Solar Group LLC
• Almaden Europe S.r.l.
• Emmvee Toughened Glass Pvt. Ltd.
• Asahi India Glass Limited

Latest Developments

• In June 2024, Solaria Corporation announced a breakthrough in their photovoltaic glass technology, introducing a new generation of ultra-efficient solar panels with integrated energy storage capabilities.
• In April 2024, AGC Inc. unveiled a new series of anti-reflective coated photovoltaic glass panels, designed to enhance solar panel efficiency by reducing light reflection and maximizing energy absorption.
• In July 2024, NSG Group introduced a novel photovoltaic glass technology that enhances solar panel efficiency by optimizing light transmission and durability, targeting increased adoption in residential and commercial applications.

Report Scope

Photovoltaic Glass Market, By Category

Type:

• Anti-Reflective Coated
• Tempered
• TCO (Transparent Conductive Oxide) Coated.

Application:

• Residential
• Commercial
• Utility-Scale

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research:

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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