Solar PV Glass Market Overview
The global Solar PV Glass Market is anticipated to surpass a valuation of USD 19 billion, attaining a CAGR of 34% during the forecast period (2018-2023), Market Research Future (MRFR) claims in a detailed report. Solar photovoltaic glass technology is considered a highly engineered construction glass, which incorporates transparent semiconductor-based solar or photovoltaic cells, and can be used for multiple purposes.
Solar PV glass is a recent development in the solar energy market and is making big waves in the renewable energy sector. At the current rapid growth of adoption, it is highly conceivable that solar PV glass may replace traditionally used materials over the course of the coming years. Renewable energy solutions have been gaining traction across the globe due to its many benefits and reduced reliance on non-renewable energy making it the more sustainable option.
The key driver for the global solar PV glass market is the increasing government support to renewable energy initiatives that aim to incorporate renewable energy production on a wide scale in various applications. This is likely to be a major driver for the solar PV glass market over the forecast period, as significant government support is needed for advanced research into solar PV glass. The progressive reduction in the prices of solar PV glass hand in hand with the development of the technological framework of the sector is also likely to be a major driver for the solar PV glass market over the forecast period. The growing contribution of the residential sector in the solar PV market is likely to make the latter especially important for the solar PV glass market, as residential consumers are more sensitive to the prices of technological innovations like solar PV glass than industrial or commercial users.
Solar PV Glass Market Segmental Analysis
The solar PV glass market is segmented on the basis of type, module, and application.
By type, the solar PV glass market is segmented into transparent conductive oxide, anti-reflective (AR) coated, tempered, and others.
By module, the solar PV glass market is segmented into amorphous silicon modules, crystalline silicon modules, thin-film modules, and others.
By application, the market comprises residential, utility, and non-residential.
Competitive Dashboard
The key players dominating the solar PV glass market include Xinyi Solar Holding Ltd., First Solar Inc., Yingli Green Energy Holding Company Ltd., Nippon Sheet Glass Co. Ltd., ReneSola Ltd., Sun Power Corporation, Saint-Gobain S.A, Guardian Industries, and Hanwha Q CELLS Co.
Regional Frontiers
Geographically, the solar PV glass market spans across Europe, Asia Pacific, North America, and the Rest of the World (RoW).
Considering the global scenario, Europe will dominate the global solar PV glass market, owing to the soaring amount of awareness among consumers associated with the importance of initiatives like solar PV glass. The considerable shift towards renewable energy, coupled with the government supporting the adoption of renewable energy generation mechanisms, is encouraging the market growth in the region.
The Asia Pacific is likely to gain prominence in terms of revenue. The existence of countries like Japan, China, South Korea, and India is highly influencing the market growth. The surging demand for solar photovoltaic glass is predicted to encourage growth.
North America is likely to witness significant growth, with the U.S. actively investing in solar energy plants in order to obtain a future with sustainable energy. As per the International Energy Agency, the government of the U.S. has passed an extension of tax credits for renewable energy plants like solar PV glass stations and concentrating solar power. Moreover, the government has imposed supportive environment policies for the operation and installation of renewable energy plants & power stations.
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