According to a new report, published by KBV research, The Global Solar Photovoltaic Glass Market size is expected to reach $84.8 billion by 2031, rising at a market growth of 27.9% CAGR during the forecast period.
Solar PV glass, an essential component of solar panels, serves multiple critical functions. Additionally, it improves the effectiveness of the solar cells by increasing the amount of light that is transmitted and decreasing the amount of light that is reflected. This protects the cells from external variables such as dust, moisture, and mechanical damage. The advancement of solar PV glass technology has been instrumental in improving solar panels' overall performance and durability, making solar energy more viable and competitive with traditional energy sources.
The Utility-scale segment led the Global Solar Photovoltaic Glass Market, by End-use in 2023; thereby, achieving a market value of $43 Billion by 2031. Utility-scale solar projects, often called solar farms or solar parks, involve deploying large arrays of solar panels to generate substantial electricity. The power grid is typically connected to these installations, which are capable of supplying electricity to a diverse variety of consumers, such as residential areas, businesses, and industrial facilities, with a capacity ranging from tens to hundreds of megawatts (MW).
The Tempered Glass segment is growing at a CAGR of 27.4 % during the forecast period. Tempered glass, which is often referred to as toughened glass, is a form of safety glass that is exposed to a thermal treatment method in order to increase its strength and durability. Tempered glass's superior strength and safety features have made it the preferred choice for utility-scale solar farms, residential rooftop installations, and commercial solar projects.
Full Report: https://www.kbvresearch.com/solar-photovoltaic-glass-market/
The Asia Pacific region dominated the Global Solar Photovoltaic Glass Market, by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $43 Billion by 2031. The North America region is anticipated to grow at a CAGR of 26.9% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 27.3% during (2024 - 2031).
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