According to a report, " Solar PV Glass Market Analysis By Application (Residential, Non-Residential, Utility), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2018 - 2025 ”, published by Grand View Research, Inc., The global solar PV glass market is expected to be valued at USD 33.7 billion by 2025, according to a report by Grand View Research, Inc. Growing social and political consensus aimed at adopting clean energy sources is expected to drive the market in the coming years.
Solar PV glass is being increasingly used in various applications such as residential, non-residential and utility sectors. Tempered glass, in particular, is being employed in roofing applications as well as in the manufacturing of glass windows. In developing countries, regional governments are taking various initiatives to install solar panels not only on newly constructed buildings but also on old building structures. Government initiatives to achieve a sustainable future with clean energy are anticipated to positively drive the market over the forecast period.
Residential application segment is witnessing growth due to the rising penetration from untapped markets such as Asia Pacific as well as Central & South America. First-mover advantage and relatively low acquisition cost in untapped regions remain key driving factors in this application segment. However, the cost and length of customer acquisition is a primary concern and is projected to restrain the growth of the application segment over the next eight years.
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North America is expected to witness the highest growth rate over the forecast period. The U.S. government is actively investing in solar energy plants to achieve a future with sustainable energy. According to the International Energy Agency (IEA), the U.S. government has passed multi-year extension of tax credits for renewable energy plants such as concentrating solar power (CSP) and solar PV glass stations. The government has laid down supportive environment policies at the state level for the installation and operation of these renewable energy plants & power stations.
Further key findings from the report suggest:
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The global solar PV glass market was valued at USD 3.23 billion in 2016 and is expected to reach USD 33.72 billion by 2025 at a CAGR of 30.9% from 2017 to 2025
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The utility segment is anticipated to ascend at a CAGR of 31.1% from 2017 to 2025. The large market share of utility segment can be attributed to various advantages offered including contribution to sustainability, enhancement of branding and public relations efforts, and reduction of the carbon footprint of facilities.
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In 2015, Europe generated the maximum revenue accounting for over 50% of the total market share. The region is mainly benefitted from minimum prices on account of the European Union subsidies given to suppliers from China. Major solar PV installations are witnessed across Italy, Spain, and Belgium.
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In terms of volume, Asia Pacific is expected to ascend at a CAGR of 26.7% from 2017 to 2025. Over 45% of the solar PV glass manufacturers are based in China and Japan, which is excepted to provide an advantage to market growth in this region over the forecast period. Lower prices and favorable climatic conditions are anticipated to benefit the overall regional market growth in the coming years.
Application Insights
In terms of revenue, utility was the largest application segment in 2016 and accounted for 49.3% of the total market share. Increasing demand for efficient and cost-competitive energy resources is expected to drive the product demand in utility segment over the next eight years.
Solar PV glass has become increasingly popular in the small-scale as well as large-scale power generation applications in utility segment. The main factors contributing to the large product demand in the utility sector include the ease of use and installation and the reduction in its prices. It is used in a variety of applications in the utility segment such as PV panels on building facades, utilization for powering specific equipment, cogeneration of power systems, solar energy for home at roof tops, and small & large power generation plants. Such trends have benefitted the demand for solar PV glass in utility application.
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Rapid urbanization, increasing disposable income, and rising awareness regarding clean energy usage are anticipated to drive the residential solar PV capacity installation, thereby benefitting the demand for glass in the application. Governments are conducting awareness programs to encourage citizens to install rooftop solar systems. Subsidies are also being granted for such projects. Such trends are expected to benefit the overall segment growth from 2017 to 2025.
Solar PV installations are now designed in a way to ensure that they can withstand harsh environment, thus offsetting the upgrading and maintenance costs. There has been a rise in the adoption of installations by government institutes, non-profit organizations, and commercial entities to achieve sustainability goals. Such factors are expected to benefit the market demand in non-residential applications.
Grand View Research has segmented the global solar PV glass market on the basis of application and region:
Application Outlook (Volume, Million Square Meter; Revenue, USD Million; 2014 - 2025)
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Residential
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Non-residential
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Utility
Regional Outlook ((Volume, Million Square Meter; Revenue, USD Million; 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Asia Pacific
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China
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India
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Pakistan
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Japan
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Central & South America
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Middle East & Africa
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