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Photovoltaic Glass Market by Composition (Poly-Crystalline, Mono-Crystalline and Thin Film)
Global consumption of the Photovoltaic Glass Market stood at around US$ 20,246.4 Million in 2023 and is stated to increase at a CAGR of 27.9% to reach a valuation of US$ 237,166.5 Million by 2033.
Solar 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 government subsidies granted to solar companies and organizations in countries such as the China and the United Kingdom.
Market Value (2022A)
US$ 15,766.7 Million
Market Estimation (2023E)
US$ 20,246.4 Million
Market Forecast (2033F)
US$ 237,166.5 Million
Value CAGR (2023 to 2033)
Collective Value Share: Top 3 Countries (2023)
21 to 25%
Solar technologies utilize the sun’s energy, instead of primary resources, to generate environment-friendly, low-cost clean electricity. Solar technologies include photovoltaic (PV) and concentrated solar power (CSP). In certain solar materials, absorbed sunlight can be directly converted to electricity by the photovoltaic effect. Poly-crystalline, mono-crystalline and thin film are the types of photovoltaic glass.
It is assembled to form a photovoltaic module and it is exposed to sunlight in order to convert it to electricity. Raw materials required to manufacture these photovoltaic modules include polysilicon, silicon carbides, laminate materials, batteries, frames, electronic components, and other chemical agents.
Solar panels are employed in various ways, such as building integrated, carports, shelters, façade, football stadiums, or any stadium or ground mounted.
The sales of Solar Glass have gained momentum in the recent past due to the rising popularity of the green buildings concept with solar installations increasing around the world The government from various regions is eliminating barriers to new investment in solar glass has increased after the pandemic. This in turn is anticipated to develop some new growth opportunities for the global market. The market grew with a CAGR of 26.5% during the historic period of 2018 to 2022.
The market is expected to grow significantly as a result of increasing demand from the commercial and residential sectors. Similarly, the rapidly increasing demand for monocrystalline modules is expanding the scope for solar glass and favouring the market growth from 2023 to 2033. The market is anticipated to grow with a CAGR of 27.9% during the forecast period.
As new solar panel technologies drive the evolution of the developing solar energy environment, the industry anticipates an influx of prospective technology sectors to make their debut in the renewables market soon. Through the creation of ground-breaking inventions like Solar PV and Energy Storage, Solar Industrial Process Heat (SIPH), solar shingles, and floating solar panels, some inventors have made considerable strides toward eliminating the fundamental requirement for space.
Solar PV and Energy Storage -The installation of solar energy systems and their connectivity to the grid have revolutionized the global power sector. A complicated model with distributed generators and consumers at every point in an electrical grid has replaced the previous simple system of one-directional flow from huge conventional generators through transmission and distribution lines to consumers. Storage of renewable energy is necessary from a technological standpoint because unpredictable phase changes in renewable energy cause grid balancing issues.
Solar Industrial Process Heat (SIPH)- The potential for using solar energy for industrial purposes in the commercial sector has not yet been fully realized on a global scale, even if the use of solar technology for domestic heating is in the advanced stage in several countries. One-third of the primary energy produced is used by the industry, and of that, 40% is used for processing heat at temperatures below 400 °C.
Parabolic trough/dish technology is ideally suited to providing solar industrial process heat based on the required temperature range (SIPH). The usage of SIPH is advantageous for the textile, food, oil and chemical, pulp and paper, and automotive sectors. Creating legislative frameworks that support the technology and facilitating its incorporation into industrial processes might raise awareness of SIPH.
Thus, the innovation and development of the latest technologies will be expected to drive market growth during the forecast period.
The present trend of comparatively low crude oil prices is expected to have a profound effect on the solar energy market and on the PV glass market. The effect is double-edged -- for instance, crude oil and gas exporting countries, such as Mexico, have seen a decline in government receipts from oil and gas exports, which, in turn, has led to the reduced import of renewable energy infrastructure for the oil importers
The adoption of solar energy for electricity generation may slow down as the conventional methods of power generation using coal, crude oil, and natural gas will become more cost-effective to operate.
With the increasing adoption of solar energy (especially in Europe and Australia) and its growing penetration in electricity grids, integrating solar-powered electricity is expected to be a leading factor in the coming years. As solar systems rely on sunlight, which is not available constantly, conventional power is required as a backup supply to fulfill the electricity demand in absence of solar energy. Therefore, an alternative is required to integrate conventional electric grids with solar systems.
Along with this in some countries of the world, installations of solar farms require government approval to keep solar energy competitive with conventional sources of energy. In the future, government investments in the solar industry might scale back and thus, the industry must secure a finance mechanism for continuous growth, which could be a challenge in developing countries where government legislation can inadvertently block new financing models. For instance, in India, crowdfunding is outlawed, but it is quite popular in mature regions such as North America. Thus, usual challenges to private organizations such as corruption, bureaucracy, and public sector control can restrict the growth of the market in these regions.
Why Does the U.K. Account for a significant share of the market?
Demand for Solar Glass is expected to remain prominent in the U.K. and is expected to hold around 37.8% of the regional market. Over the past ten years, the number of PV patent filings, among which are solar glass, has risen by roughly 200% across Europe.
Europe has taken the initiative to manage photovoltaic waste and has established certain regulations for the same. Waste management of PV is important as it could become an important part of the photovoltaic value chain if recycled panels could be used to produce new panels.
Thus, in Europe, the United Kingdom is dominating regions in the market, owing to the increasing efforts from a number of government organizations. For instance, the European Photovoltaic Industry Association (EPIA) aims to enhance business opportunities as well as shape the regulatory environment.
What Makes China a Hub for Photovoltaic Glass Demand?
China is expected to dominate the Asia Pacific as well as the global market for Photovoltaic Glass. In 2022, China accounted for over 11.7% share of the global market.
According to China's Ministry of Industry and Information Technology, the country's solar glass capacity reached 64,000 metric tons (MT) per day across 348 production lines from 38 companies at the end of June 2022.
Chinese market brands such as CNBM, Xinyi Solar, Caihong Group, Flat Group, and CSG Holdings seem to be the companies leading the race to take solar glass into mass production and commercialization. As a result, according to the Ministry of Industry and Information Technology, the Chinese government is aiming to relax the constraints on current investments in new PV glass manufacturing capacity.
Which Composition Module Generates Most of its Revenue?
On the basis of composition, the monocrystalline segment accounted for a 21.5% market share in 2022. The conventional and most sophisticated forms of solar PV modules are monocrystalline ones. These panels are referred to as "monocrystalline due to the silicon's single-crystal structure and are effective PV modules among the three most popular varieties of solar panels.
Their productivity levels range from 15% to 20%. As compared to polycrystalline PV modules, monocrystalline PV modules work more efficiently, tolerate heat better, last longer, and have a longer lifespan.
Thus, owing to the advantages of monocrystalline composition over polycrystalline this segment is exhibit the dominating growth rate during the forecast period.
Which End-use Segment boosts the sales of Market?
Commercial sectors are set to witness robust growth during the forecast period and have a 56.7% value share in 2022. An important contributor to excessive CO2 emissions is the overuse of energy for cooling in residential and business buildings.
Solar control glass functions as green glass, therefore it may be utilized to build sustainable structures to improve sustainability. Solar glass' fundamental values are sustainability, energy efficiency, and carbon footprint reduction, therefore using it in building construction is an environmentally responsible choice.
The industry consumes one-third of all primary energy produced, and of that, 40% is for process heat at temperatures less than 400°C. Based on the temperature requirements, parabolic trough/dish technology is best placed to provide solar industrial process heat (SIPH). Textile, food, oil and chemical, pulp and paper, and automotive industries all stand to gain from the use of SIPH. Awareness of SIPH can fuel the market to a great extent.
The global market is consolidated, with the top 5 players in the market estimated to collectively hold about 65%-70% of the global market share. Key manufacturers are engaged in adopting renewable sources of electricity, For Instance,
2023 to 2033
Historical Data Available for
2018 to 2022
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
The global market has reported a valuation of US$ 15,766.7 Million in 2022.
The global market is estimated to reach a valuation of US$ 20,246.4 Million in 2023.
The global market is estimated to reach a valuation of US$ 237,166.5 million in 2033.
The global market has exhibited a value CAGR of 26.5% over the last four Years
The global market has projected a value of CAGR of 27.9% from 2023 to 2033.
The Mono-crystalline segment is estimated to be a key source, and the segment is estimated to consume about 21.5% of the global market