April 17, 2024
Solar Photovoltaic Glass Market

Solar Photovoltaic Glass Market Driving Trends Through Renewable Energy Adoption

The solar photovoltaic glass market has witnessed significant growth over the past decade owing to the growing demand for renewable energy sources and advantages offered by solar photovoltaic glass such as resistance to external elements, long service life and stability. Solar photovoltaic glass, also known as solar panels, is a type of toughened glass fitted with photovoltaic thin-film cells or photovoltaic coating which converts solar radiation into electric power. Key functions of solar photovoltaic glass include protection of solar cells from environmental damages while maintaining high transparency, resistance to external factors such as temperature variation, humidity and UV radiations.

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 2030.

Key Takeaways

Key players operating in the solar photovoltaic glass are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. Key players are focusing on developing advanced coating solutions to improve solar cell efficiency and protect solar modules from harsh weather conditions.

The market is witnessing high demand owing to increasing focus on renewable sources of energy globally and favorable policies by governments to encourage solar energy adoption. Countries in Asia Pacific and Europe are the major markets.

Growing emphasis on lowering carbon footprint and rising installation of both rooftop and large scale solar power projects are some of the key factors driving the global expansion of the solar photovoltaic glass market. China, India, UK, Germany, US, Japan are among the major countries witnessing high growth.

Market key trends

One of the key trends gaining traction in the Global Solar Photovoltaic Glass Market Size is the increasing application of anti-reflective coatings on glass surfaces. Anti-reflective coatings help minimize light reflection and increase solar cell efficiency. Companies are extensively investing in developing long lasting anti-reflective coatings that can retain their properties over 25 years without any degradation. This is expected to drive the demand for higher efficiency solar photovoltaic modules using anti-reflective glass.

Porter’s Analysis

Threat of new entrants: New companies need to make massive investments which acts as a barrier.

Bargaining power of buyers: Buyers have low bargaining power due to the specialized nature of products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes.

Threat of new substitutes: Potential threat from emerging technologies like thin-film solar panels.

Competitive rivalry: Fierce competition between existing big players.

North America accounts for the largest market value share in the global solar photovoltaic glass market, followed by Europe and Asia Pacific. The USA, Germany, China, Japan are some of the major countries concentrated in terms of value.

The Asia Pacific region excluding Japan is expected to grow at the fastest CAGR during the forecast period. Increasing investments towards renewable energy coupled with supportive government policies and initiatives are driving the market growth in emerging economies like India and Southeast Asian countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it