Maximize Market research has published a market intelligence and industry analysis report on “Solar Photovoltaic Glass Market“. Solar Photovoltaic Glass Market was valued at US$ 14565.47 Million in 2021, and it is expected to reach US$ 124214.43 Million by 2029, growing at a CAGR of 30.72% during the forecast period.
The solar photovoltaic glass market in APAC was the largest globally in 2021, and it is expected that it will continue to grow at the quickest rate throughout the forecast period. Developing countries, like India, China, Japan, Indonesia, South Korea, and Malaysia, are facing rapid growth in urbanization and population. These developing countries have a large number of variable power grids and fundamental infrastructure systems. This factor is expected to compel industry participants to invest in these countries, thereby boosting the growth of PV glass installations and distribution grids.
In terms of volume, North America is expected to progress at the CAGR of 29.19% over the forecast period. The growing inclination toward renewable energy coupled with increasing installations of solar energy plants is expected to boost the North American market over the forecast period. In the America region, Measures towards energy security along with stringent government regulations to deploy sustainable energy will drive the industry growth.
Use of solar PV cells in constructions helps in production of renewable energy. With the increase in the construction of buildings and almost zero harmful energy emissions it is most expected that glass-based solar power concentrators having high energy conversion efficiency are predicted to be installed in next-gen windows during the 2022-2029. Manufacturers are focusing on developing new products having higher efficacy and superior thermal insulation.
Solar Photovoltaic Glass Market Dynamics
The transition to renewable energy is currently taking place, which is opening up several opportunities for various industrial verticals. The renewables industry is one of the main gainers from this. Specifically, the solar industry has been experiencing growth, which is boosting demand for major industry components like photovoltaic (PV) glass. Governments will continue to play a major role in determining the market for solar glass and other related segments, even if the non-residential sector continues to account for the majority of the demand driving the global photovoltaic glass market.
Currently, while the number of subsidizing schemes is ascending in favor of adoption of solar technologies and related products, huge capital costs involved in installation, as well as maintenance of PV glass panels still remains a substantial impediment to widespread adoption.
Off-grid electricity systems offers producers in the solar PV glass market sector enormous growth prospects. Off-grid technology is viewed as the most practical way to fixing power concerns in deep pockets across important developing countries in the globe, where more than a billion people live without access to electricity. This contains offering fundamental heating and lighting services to some of the most isolated regions of the world where grid connections are impractical. Off-grid electricity systems are commonly powered by solar energy, and countries like China and a few others in the South East Asia Pacific region have taken use of the potential of small-scale solar technology applications to bring electricity to residents in isolated rural locations.
