The global solar PV glass market is expected to be valued at USD 33.7 billion by 2025, according to a report by Grand View Research, Inc. Growing social and political consensus aimed at adopting clean energy sources is expected to drive the market in the coming years.
Solar PV glass is being increasingly used in various applications such as residential, non-residential and utility sectors. Tempered glass, in particular, is being employed in roofing applications as well as in the manufacturing of glass windows. In developing countries, regional governments are taking various initiatives to install solar panels not only on newly constructed buildings but also on old building structures. Government initiatives to achieve a sustainable future with clean energy are anticipated to positively drive the market over the forecast period.
Residential application segment is witnessing growth due to the rising penetration from untapped markets such as Asia Pacific as well as Central & South America. First-mover advantage and relatively low acquisition cost in untapped regions remain key driving factors in this application segment. However, the cost and length of customer acquisition is a primary concern and is projected to restrain the growth of the application segment over the next eight years.
North America is expected to witness the highest growth rate over the forecast period. The U.S. government is actively investing in solar energy plants to achieve a future with sustainable energy. According to the International Energy Agency (IEA), the U.S. government has passed multi-year extension of tax credits for renewable energy plants such as concentrating solar power (CSP) and solar PV glass stations. The government has laid down supportive environment policies at the state level for the installation and operation of these renewable energy plants & power stations.
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Further key findings from the report suggest:
The global solar PV glass market was valued at USD 3.23 billion in 2016 and is expected to reach USD 33.72 billion by 2025 at a CAGR of 30.9% from 2017 to 2025
The utility segment is anticipated to ascend at a CAGR of 31.1% from 2017 to 2025. The large market share of utility segment can be attributed to various advantages offered including contribution to sustainability, enhancement of branding and public relations efforts, and reduction of the carbon footprint of facilities.
In 2015, Europe generated the maximum revenue accounting for over 50% of the total market share. The region is mainly benefitted from minimum prices on account of the European Union subsidies given to suppliers from China. Major solar PV installations are witnessed across Italy, Spain, and Belgium.
In terms of volume, Asia Pacific is expected to ascend at a CAGR of 26.7% from 2017 to 2025. Over 45% of the solar PV glass manufacturers are based in China and Japan, which is excepted to provide an advantage to market growth in this region over the forecast period. Lower prices and favorable climatic conditions are anticipated to benefit the overall regional market growth in the coming years.
Grand View Research has segmented the global solar PV glass market on the basis of application and region:
Application Outlook (Volume, Million Square Meter; Revenue, USD Million; 2014 - 2025)
Regional Outlook ((Volume, Million Square Meter; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa
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