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.
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.
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.
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.
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.
Photovoltaic Glass Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the global photovoltaic glass market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the photovoltaic glass market structure. This market research report presents exclusive facts and figures about how the photovoltaic glass market will grow over the forecast period (2020 to 2030).
Key indicators of market growth, such as value chain analysis, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the photovoltaic glass market over the forecast period.
The study is relevant for stakeholders in the photovoltaic glass market, as well as manufacturers, distributors, suppliers, and investors, as it can help them to understand the applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the photovoltaic glass market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the photovoltaic glass market. The study also offers actionable insights based on the future trends in the photovoltaic glass market. Furthermore, regional players and new entrants in the photovoltaic glass market can also use the information presented in this report to make business decisions and gain momentum in the market space.
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
Photovoltaic Glass Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the photovoltaic glass market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the photovoltaic glass market study, which comprises facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the photovoltaic glass market more accurate and reliable.