Solar photovoltaic (PV) glass plays an important role in the solar energy production, as it protects the solar panels from mechanical damages while simultaneously allowing maximum sunlight to pass through. The rising demand for renewable energy sources along with government incentives and subsidies for solar PV installations has propelled the demand for solar PV glass. The global Solar Photovoltaic Glass Market is estimated to be valued at US$ 15.38 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing emphasis on renewable energy resources due to rising environmental concerns has accelerated the adoption of solar energy across both residential and commercial sectors. Solar photovoltaic power provides a sustainable solution to meet the increasing power demand in a clean manner. Stringent regulations regarding carbon emission reduction and favorable policies supporting solar energy production have further propelled the demand for high-efficiency solar photovoltaic modules made from anti-reflective coated glass. Moreover, continual technological advancement in solar cell efficiency has enhanced the absorption of sunlight, thereby augmenting the sales of solar PV glass.
Segment Analysis
The global solar photovoltaic glass market size is dominated by the thin-film segment, which accounts for over 60% of the market share. Thin-film photovoltaic technology is advantageous over traditional silicon-based panels as it is less resource-intensive and more flexible. The production cost of thin-film panels is lower compared to crystalline silicon panels, making it an attractive option for mass adoption of solar energy.
Key Takeaways
The global solar photovoltaic glass market is expected to witness high growth over the forecast period.
Regional analysis: Europe currently dominates the global solar photovoltaic glass market. Countries such as Germany, Italy, and France are major markets in Europe and have set ambitious solar energy targets. Furthermore, supportive policies such as investment subsidies, tax exemptions and net metering have propelled the solar PV installations in the region. Asia Pacific is projected to be the fastest growing regional market, mainly attributed to the rapidly increasing solar installations in China and India. Abundant solar resources and government initiatives to reduce fossil fuel dependence are stimulating the growth of solar photovoltaic glass market in Asia Pacific.
Key players operating in the solar photovoltaic glass market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. Dow is a leading manufacturer of solar encapsulants and backsheets. Sherwin-Williams Company offers protective and marine coating solutions for photovoltaic modules. PPG Industries provides anti-reflective coatings for solar modules. Axalta Coating Systems offers specialty coating products for photovoltaic applications.
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