A new market study published by Global Industry Analysts Inc., (GIA) has released its report titled “Solar Photovoltaic Glass – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Amid the COVID-19 crisis, the global market for solar PV glass estimated at US$7.6 billion, is projected to reach a revised size of US$35.7 Billion by 2026, growing at a CAGR of 28.8% over the analysis period.
Utility, one of the segments analyzed in the report, is projected to record a 31.4% CAGR and reach US$24.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Residential segment is readjusted to a revised 27.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $8.8 Billion by 2026
The Solar Photovoltaic Glass market in the U.S. is estimated at US$2.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.8 Billion by the year 2026 trailing a CAGR of 36.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.5% and 26.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 24.7% CAGR.
Non-Residential Segment to Reach US$3.7 Billion by the year 2026
In the global Non-Residential segment, USA, Canada, Japan, China and Europe will drive the 20.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$864.1 Million will reach a projected size of US$3.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
