Surge in demand for residential applications and supportive government policies for using photovoltaic technology drive the growth of the global solar photovoltaic glass market.
Wilmington, Delaware, May 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Solar Photovoltaic Glass Market by Type (Anti-reflective Coated Glass, Tempered Glass, TCO Glass, and Others), and End-use Industry (Residential, Commercial, and Utility-scale ): Global Opportunity Analysis and Industry Forecast, 2024-2033 ". According to the report, the "Solar Photovoltaic Glass Market" was valued at $17.1 billion in 2023, and is estimated to reach $243.7 billion by 2033, growing at a CAGR of 30.5% from 2024 to 2033.
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Prime determinants of growth
Surge in demand for residential applications and supportive government policies for using photovoltaic technology drive the growth of the global solar photovoltaic glass market. However, high initial costs hinder market growth. Moreover, the rise in demand for renewable energy creates new opportunities in industry.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $17.1 billion |
| Market Size in 2033 | $243.7 billion |
| CAGR | 30.5% |
| No. of Pages in Report | 250 |
| Segments covered | Type , End-use Industry , Region |
| Drivers | Supportive government regulations Surge in demand for solar systems across residential, commercial, and utility sectors |
| Opportunities | Technological innovation |
| Restraints | High costs associated with the installation, storage, and procurement of solar devices |
The tempered glass segment to
maintain
its leadership status during the forecast period
By type, the tempered glass segment held more than two-fifths of the total share of the global solar photovoltaic glass market in 2023 and is expected to maintain its leadership status during the forecast period. This is due to this type being stronger and safer than any other type of glass. However, the anti-reflective coated glass segment is estimated to portray the fastest CAGR of 30.8% from 2024 to 2033, owing to its ability to improve light transmittance and offer better overall efficiency in comparison to other modules.
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The utility scale segment to maintain its dominant position in terms of revenue by 2033
By end-use industry, the utility scale segment contributed to the highest market share in the global solar photovoltaic glass market in 2023, holding more than half of the total share, and is expected to maintain its position in terms of revenue by 2033. Moreover, this segment is estimated to witness the highest CAGR of 30.8% from 2024 to 2033, owing to its benefits of providing fixed-priced electricity during peak demand periods. The research also analyzes segments including residential and commercial.
Asia-Pacific to continue its lion's share by 2033
Based on region, Asia-Pacific contributed to the highest share, accounting for more than half of the global solar photovoltaic glass market in 2023 and is estimated to continue its lion's share during the forecast period. Also, Asia-Pacific is estimated to witness the highest CAGR of 30.8% from 2024 to 2033, owing to regulations supporting photovoltaic panel installation and rise in solar panel installations.
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Leading Market Players: -
- Onyx Solar Group LLC
- Shenzhen Topray Solar Co., Ltd.
- Borosil Glass Works Limited
- Trina Solar
- Ja Solar Holdings Co. Ltd.
- Sharp Corporation
- Brite Solar
- Wuxi Suntech Power Co., Ltd.
- Gruppo STG
- Polysolar
The report provides a detailed analysis of these key players in the global solar photovoltaic glass market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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