Solar PV Glass Market Analysis By Application (Residential, Non-Residential, Utility), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2018 - 2025

Report Overview

The global solar PV glass market size was valued at USD 3.23 billion in 2016. The growing emphasis on the adoption of clean energy sources is likely to be the key driver for the market growth in the coming years.

Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help curb the over-dependence on fossil fuels & coal, reduce greenhouse gas emissions & subsequently the air pollution, and diversify power supply. There has been a rising political and social consensus toward adopting clean energy generation methods, thus driving the global market.

The global solar PV glass market is characterized by several key trends that are expected to play an important role in the coming years. Declining solar PV glass prices are presumed to bolster the global market growth over the forecast period. However, cost-intensive R&D initiatives to develop new as well as superior varieties of PV glass are anticipated to raise the prices, thereby hindering market growth in the coming years.

The U.S. market was valued at USD 0.69 billion in 2016. The U.S. government is actively investing in solar energy plants in order to achieve a future with sustainable energy. According to the International Energy Agency (IEA), the U.S. government has a passed multi-year extension of tax credits for renewable energy plants such as concentrating solar power (CSP) and PV glass stations. The government has laid down supportive environmental policies at the state level for the installation and operation of these renewable energy plants and power stations. Such trends have benefitted the market.

Increased funding to explore the potential of solar PV across developing countries suggests that solar energy is anticipated to be the future of energy generation in the coming years. In May 2017, The International Solar Alliance announced the funding of USD 300 billion to promote the usage of sustainable energy in the coming years. Similarly, Softbank has announced a funding of USD 100 billion to support installations across India. The ongoing trend to promote green energy coupled with stringent norms to reduce greenhouse gas emissions is likely to be the key catalyst for market growth over the next eight years.

The rising importance of limiting greenhouse gas emission is likely to be the key catalyst for market growth. Manufacturers are taking initiatives to improve their product portfolio and develop superior products to cater to the growing and changing demands of consumers. China has been the hub for manufacturing this type of glass. In 2016, Europe witnessed the maximum number of installations, while Asia Pacific is projected to witness considerable growth from 2017 to 2025, owing to the rapidly growing construction industry in emerging economies such as China and India. R&D initiatives to develop superior PV glass offer ample opportunities to the existing as well as new industry participants.

Application Insights

In terms of revenue, utility was the largest application segment in 2016 and accounted for 49.3% of the total market share. Increasing demand for efficient and cost-competitive energy resources is expected to drive the product demand in utility segment over the next eight years.

Solar PV glass has become increasingly popular in the small-scale as well as large-scale power generation applications in utility segment. The main factors contributing to the large product demand in the utility sector include the ease of use and installation and the reduction in its prices. It is used in a variety of applications in the utility segment such as PV panels on building facades, utilization for powering specific equipment, cogeneration of power systems, solar energy for home at roof tops, and small & large power generation plants. Such trends have benefitted the demand for solar PV glass in utility application.

Rapid urbanization, increasing disposable income, and rising awareness regarding clean energy usage are anticipated to drive the residential solar PV capacity installation, thereby benefitting the demand for glass in the application. Governments are conducting awareness programs to encourage citizens to install rooftop solar systems. Subsidies are also being granted for such projects. Such trends are expected to benefit the overall segment growth from 2017 to 2025.

Solar PV installations are now designed in a way to ensure that they can withstand harsh environment, thus offsetting the upgrading and maintenance costs. There has been a rise in the adoption of installations by government institutes, non-profit organizations, and commercial entities to achieve sustainability goals. Such factors are expected to benefit the market demand in non-residential applications.

Regional Insights

In terms of volume, North America is anticipated to progress at the highest CAGR of 27.1% over the next eight years. North America has witnessed an increase in the installation of solar systems by a staggering 17% in 2016 as compared to 2015 One such example of a power station is Mojave Project, which was completed in the year 2014 and is based in Barstow, California. The increasing inclination toward renewable energy coupled with rising installations of solar energy plants is anticipated to boost the market over the forecast period.

Asia Pacific is expected to emerge as the largest market by the end of forecast period. Developing countries, such as China, South Korea, Japan, Indonesia, Malaysia, Pakistan, and India, are experiencing rapid growth in urbanization and population. These developing countries have a large number of unreliable 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.

The European market is also expected to witness significant growth over the next eight years. The region is characterized by a high number of solar energy systems, which are utilized for space heating, water heating, district heating & cooling, and power generation. According to IEA, approximately 215,000 solar & battery powered vehicles were sold in the year 2015 in the region. The highly developed infrastructure along with the diligent efforts of the regional government to promote and employ renewable energy technologies is expected to positively drive the market over the next eight years.

Key Companies & Market Share Insights

The global market is highly competitive owing to the presence of well-established players. Major companies operating in the global market include Saint-Gobain, Yingli Green Energy Holding Company Ltd., Nippon Sheet Glass Co., Ltd., Trina Solar Ltd., Guardian Industries, and Asahi Glass Co., Ltd.

Manufacturers use different sourcing strategies across the entire value chain. Manufacturers can adopt cost-cutting strategies and manufacture their raw materials as well as source raw materials from different manufacturers. The manufactured PV glass products are thus distributed via different channels. Some system integrators also distribute the final products in addition to the presence of dedicated distribution companies in the market.

Recent Development

• In July 2023, Saint-Gobain announced to invest USD 235 million to expand its CertainTeed gypsum manufacturing facility in the U.S. The expansion aims to double the production capacity and widen its presence in the fast-growing markets.

• In February 2023, Trina Solar Co., Ltd. launched Vertex S+ 445W, n-type dual-glass product for rooftops. The product gives maximum power output and is operational over decades.

• In January 2022, TrinaTracker launched Vanguard 1P, a single-row tracker. The product has high-tech design and intelligent tracking that delivers up to 15% more energy yield with lower installation costs.   

• In August 2022, NSG Group announced to invest in expansion of product line of solar glass in Malaysia. The investment aimed to meet the growing global demand for solar panels.

Solar PV Glass Market Report Scope

Segments covered in the report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global solar PV glass market report on the basis of application and region:

• Application Outlook (Volume, Million Square Meter; Revenue, USD Million, 2014 - 2025)

  • Residential

  • Non-residential

  • Utility

• Regional Outlook (Volume, Million Square Meter; Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Pakistan

    • Japan

  • Central & South America

  • Middle East & Africa