Photovoltaic Glass Market
Global Market Study on Photovoltaic Glass: Slump in Solar Panel Prices Triggering Demand
Photo-voltaic Glass Market Segmented By Poly-Crystalline, Mono-Crystalline, Thin Film Composition for Commercial, Residential, Industrial
Photovoltaic glass is used in solar modules that produce solar energy. The cost of solar power panels is dropping at a staggering rate worldwide, as a result of the narrowing gap between solar energy generation costs and other related costs, coupled with a number of governmental subsidies granted to photovoltaic companies and organizations in countries such as the Peoples Republic of China and the United Kingdom.
It is anticipated that the price for deploying solar power technology will decrease by 4% annually in the coming years, forcing countries to adopt solar power as a viable means of supplying energy. The installed cost of solar panels includes solar modules and photovoltaic glass, power electronics, mounting hardware, and installation.
Decline in installation costs is largely caused by a decline in the cost of crystalline silicon, thin film CdS/CdTe, and thin film a-Si that converts solar energy into electricity. As the upfront cost is a major barrier for customer acquisition, further decrease in prices is one of the most important drivers for the expansion of the global photovoltaic glass market size.
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- Asahi Glass Co., Ltd.
- Nippon Sheet Glass Co., Ltd
- Hanergy Holding Group Limited
- First Solar
- Flat Glass Group Co., Ltd.
- GUANGDONG GOLDEN GLASS TECHNOLIGIES LTD.
- Yingli Solar
- TAIWAN GLASS IND. CORP.
- Xinyi Energy Holdings Limited
- Borosil Glass Works Ltd.
- Jinko Solar
- Trina Solar
- Canadian Solar
Photovoltaic Glass Market Trends
Development of off-grid electricity systems presents huge growth opportunities for manufacturers in the photovoltaic glass market space. With over a billion of the world’s population having no access to electricity, off-grid technology is being looked upon as the most viable solution to resolving electricity issues in deep pockets across key developing countries in the world.
This includes provision of basic lighting and heating services to some of the remote corners of the world where grid connections are not feasible. Solar energy is a major source of renewable energy to deploy off-grid electricity systems, and countries such as China and a few others in the South East Asia Pacific region have leveraged the potential of small-scale solar technology applications to provide electricity to citizens in remote rural areas.
Integration of solar energy systems with power grids has metamorphosed from the simplified traditional unidirectional generator model transmitting and distributing power to consumers, to a more complex model with distributed generator systems in an electricity grid. Also, irregular phase alteration in renewable energy causes issues in grid balancing, requiring adequate storage of renewable energy from a technical standpoint.
Waste generated from photovoltaic glass is posing challenges to the environment, and these need to be addressed in an effective manner. This will necessitate the setting up of photovoltaic panels with a capacity of more than 4,500 GW by 2050.
Needless to say, revenue opportunity for manufacturers in the photovoltaic glass market is immense. Currently, Europe is the leader in photovoltaic waste management. Managing photovoltaic waste is essential, especially considering scenarios where old photovoltaic panels can be recycled to manufacture new panels.
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Regional Outlook of Photovoltaic Glass Market
Europe and Mainland China are key regional markets for photovoltaic glass, with Europe dominating the global photovoltaic glass market share in terms of revenue. Mainland China is likely to exhibit the highest growth rate during the forecast period, as is reflected by a 7.4X growth in terms of energy consumption during the forecast period.
The Mainland China photovoltaic glass market is projected to represent significant incremental opportunity over the coming years, while the North America photovoltaic glass market is estimated to expand at a significant CAGR in terms of value – energy consumption over the forecast period.
The markets in Latin America and MEA are still in the nascent stages, and are expected to witness significantly low growth during the forecast period.
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COVID-19 Impact on Photovoltaic Glass Market
The spread of COVID-19 across the world has resulted in lockdowns and import-export restrictions across the world. Invariably, this has affected the progress of the global photovoltaic glass market too. Solar PV installations are projected to incur significant decline in 2020, owing to supply disruptions, shelter-in-place lockdowns, and tightening of project financing. As such, the photovoltaic glass market will experience lower-than-normal growth in the near term.
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As per analysts at PMR, the global photovoltaic glass is projected to increase a whopping tenfold over the next ten years. Demand for poly-crystalline composition will be the highest in the future, and market players can look to this for increased revenue and profits, so as to stay ahead in this competitive landscape.
Key Segments of Photovoltaic Glass Market
PMR’s study on the photovoltaic glass market is divided into three significant segments - composition, end-use industry, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Photovoltaic Glass Market Report
- Which region is anticipated to hold a prominent photovoltaic glass market share over the forecast period?
- What will be the key driving factors propelling the demand for photovoltaic glass during the forecast period?
- How will current trends will impact the photovoltaic glass market?
- Who are the significant market participants in the photovoltaic glass market?
- What are the crucial strategies of prominent players in the photovoltaic glass market to upscale their positions in this landscape?