by Solar photovoltaic (PV) glass is a key component used in solar photovoltaic panels for generating electricity from solar energy. Solar PV glass helps protect the solar PV cells from external damage and environmental factors like humidity and UV rays, while allowing sunlight to pass through for conversion into electricity. Growing demand for clean and renewable energy along with supportive government policies and incentives for solar power installations across residential, commercial, and utility-scale projects has led to significant growth of the global solar PV glass market. 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: One of the major trends driving growth in the solar PV glass market is the increasing adoption of bifacial solar modules. Bifacial solar modules utilize light on both the front and back sides of the PV glass panel to generate electricity. This helps improve overall efficiency and power output by around 10-15% compared to traditional monofacial panels. Growing demand for high efficiency solar panels from utility-scale projects is boosting the sales of bifacial PV glass. Manufacturers are also developing anti-reflection and low-iron solar PV glass variants to maximize light transmission into the solar cells.
Porter’s Analysis
Threat of new entrants: Low barrier for new manufacturers to enter the market. However, large capital is required for setting up manufacturing plants.
Bargaining power of buyers: Large buyers such as module and panel manufacturers have moderate bargaining power due to availability of various suppliers.
Bargaining power of suppliers: Few key suppliers dominate the market. Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Thin film PV module is a potential substitute but crystalline silicon PV glass still dominates the market.
Competitive rivalry: Intense competition among key players to expand market share. Players focus on new product launches, partnerships and mergers & acquisitions for growth.
Key Takeaways
The global Solar Photovoltaic Glass market size is expected to witness high growth.
Regional analysis: Europe and North America are other major markets for solar photovoltaic glass due to high solar installation and strict norms pertaining to use of renewable energy. Germany, the UK, Italy, the US and Canada have witnessed significant growth in recent years.
Key players: 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 and Nippon Sheet Glass are major suppliers of tempered glass for PV modules globally. AkzoNobel provides specialized photovoltaic module coatings.
