“Global Solar Photovoltaic Glass Market to reach a market value of USD 84.8 Billion by 2031 growing at a CAGR of 27.9%”
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.
Europe’s strong commitment to renewable energy and stringent environmental regulations have driven the adoption of solar PV technology across the continent. Countries such as Germany, Spain, Italy, and France have been pioneers in the solar energy sector, with robust policy frameworks and substantial investments in solar infrastructure. Consequently, the European Region would acquire nearly 20% of the total market share by 2031.
In recent years, there has been a significant global push towards adopting renewable energy sources to combat the ever-increasing threat of climate change. On a global basis, there has been a significant increase in the installation of solar photovoltaic (PV) systems as a response to the growing need for renewable energy. Hence, the rising demand for renewable energy is propelling the growth of the market.
Additionally, to accelerate the adoption of solar energy, many governments have implemented a variety of incentives and policies designed to make solar installations more financially attractive for individuals, businesses, and utilities. These measures include subsidies, tax credits, feed-in tariffs, renewable portfolio standards, and net metering. Thus, government incentives and policies play a crucial role in promoting the adoption of solar PV systems, driving the market's growth.
However, although solar panels have decreased significantly over the years, driven by technological advancements and increased production scale, the overall expense of setting up a solar PV system remains relatively high. The challenge is further compounded in areas with limited access to financing options. In many developing countries, financial institutions are either not equipped to offer loans for solar installations, or the interest rates are too high, making the loans unattractive. Hence, the high initial costs associated with solar PV systems are significant barriers to market growth.
Based on type, the market is characterized into anti-reflective coated glass, tempered glass, TCO glass, and others. The anti-reflective coated glass segment procured 26% revenue share in the market in 2023. Anti-reflective (AR) coated glass is designed to minimize the reflection of sunlight off the surface of the glass, thereby increasing the amount of light that penetrates through the photovoltaic cells.
On the basis of end-use, the market is classified into residential, commercial, and utility-scale. The residential segment recorded 24% revenue share in the market in 2023. The growing awareness of solar energy's environmental and economic benefits has driven the adoption of residential solar systems. Advanced solar technology has made solar panels more efficient and affordable, making them accessible to a broader range of homeowners.
Free Valuable Insights: Global Solar Photovoltaic Glass Market size to reach USD 84.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 50% revenue share in the market in 2023. Several critical factors, such as rapid industrialization, urbanization, and robust governmental support for renewable energy initiatives, have contributed to this dominance. China, India, Japan, and South Korea have been at the vanguard of the solar energy adoption revolution, which has resulted in a substantial demand for solar PV glass.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 12.3 Billion |
| Market size forecast in 2031 | USD 84.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 27.9% from 2024 to 2031 |
| Number of Pages | 186 |
| Number of Tables | 270 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | End-use, Type, Region |
| Country scope |
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| Companies Included | Trina Solar Co., Ltd., JA SOLAR Technology Co., Ltd., SHARP Corporation, Guardian Industries Corporation (Koch Industries), AGC, Inc., Nippon Sheet Glass Co., Ltd., Brite Solar Inc., Saint-Gobain Group, Shenzhen Topray Solar Co., Ltd. and Onyx Solar Group LLC |
By Geography
By Geography
This Market size is expected to reach $84.8 billion by 2031.
Rising demand for renewable energy are driving the Market in coming years, however, High initial costs associated with the installation of solar PV systems restraints the growth of the Market.
Trina Solar Co., Ltd., JA SOLAR Technology Co., Ltd., SHARP Corporation, Guardian Industries Corporation (Koch Industries), AGC, Inc., Nippon Sheet Glass Co., Ltd., Brite Solar Inc., Saint-Gobain Group, Shenzhen Topray Solar Co., Ltd. and Onyx Solar Group LLC
The expected CAGR of this Market is 27.9% from 2024 to 2031.
The Utility-scale segment led the Market, by End-use in 2023; thereby, achieving a market value of $43 Billion by 2031.
The Asia Pacific region dominated the 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.
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