The global solar photovoltaic glass market is designed to grow at 31% CAGR from 2023 to 2029. It is expected to reach above USD 84.14 Billion by 2029 from USD 49.6 Billion in 2022, says a new report by Exactitude Consultancy.
Surging demand for solar photovoltaic glass in household applications, supportive policies and initiatives taken by governments, and stringent regulations about the adoption of clean energy are the key driving factors for the solar photovoltaic glass market. The high costs involved in the installation and increasing prices of raw materials may limit the growth of the market. However, expanding awareness about the benefits of renewable sources, increasing awareness to limit carbon emission levels is expected to lead the growth of the solar photovoltaic glass market in a couple of years.
Recent Developments:
- January 2023 – NSG Group announced that the energy-saving electrochromic (dynamic light control) window “View Smart Glass” has been installed for the first time in Japan at the new “Kudan Kaikan Terrace” (Chiyoda-ku, Tokyo). This new office building will open on October 1, 2022.
- March 2023 – New functions have been added to Saint-Gobain Sekurit’s AmpliSky opacifying sunroof. The most recent advancement is the use of ambient lighting, which is tailored to each manufacturer. Co-development is taking place.
- March 2023 – Saint-Gobain Weber’s 3D printing Business Unit has developed a new digital tool for swiftly and effectively constructing bespoke stairs that fulfill client requirements using 3D concrete printing, in an innovative manner that saves CO2 and materials.
The APAC region has 37% share of solar photovoltaic glass market in the world in 2022, and it is anticipated that it would expand at the fastest rate during the forecast period.
Cities and populations are expanding quickly in developing nations like India, China, Japan, Indonesia, South Korea, and Malaysia. There are several variable electricity grids and basic infrastructural systems in these emerging nations.
The installed solar PV capacity in the Asia Pacific region may triple to 1,500 GW by 2029 as a result of countries in this region being compelled by their carbon-neutral ambitions to invest heavily in renewable energy sources. Owing to land constraints and distributed Solar’s increasing competitiveness versus growing prices, analysts predict that by 2029, distributed solar will make up 52% of all new installations in the top 10 Asia-Pacific economies. New solar and wind policies for projects without subsidies were disclosed by China. The policy was implemented in an effort to take advantage of the sharp decline in building prices, as well as to clear up payment backlog problems and gridlock projects. Government policies that support increasing solar PV system installed capacity and supplying the grid with renewable energy.
Emerging nations’ inadequate infrastructure is restraining the solar photovoltaic glass market growth.
Infrastructure issues pose a significant challenge for emerging countries. The tools, equipment, and methods utilised to carry out a plan, programme, or strategy are referred to as infrastructure. The need for infrastructure development is increasing, yet rising economies have fewer resources. Lack of electrical infrastructure is a critical concern in developing Asian and African countries because it necessitates significant investment. Many people in rural areas still do not have access to electricity. Furthermore, electricity supplies in some areas are irregular, and blackouts are occurred for a variety of reasons, including a lack of supply.
In developing countries, rural settlements are either disconnected from or positioned far from national grids. As a result, alternative power generation technologies such as diesel generators are frequently used. Even though the initial cost of solar power is higher than that of diesel generators, it is more cost-effective in the long term.
The development of Off-Grid Electricity Systems is an opportunity for the solar photovoltaic market to grow.
Photovoltaic glass manufacturers have a lot of room for growth thanks to the development of off-grid power systems. More than a billion people worldwide lack access to electricity, making off-grid technology the most viable solution in significant emerging nations with large financial resources. One example is providing basic heating and lighting services to some of the world’s most remote areas where grid connections are impracticable. Solar energy is frequently used to power off-grid electrical systems, and countries such as China and a few others in the South East Asia Pacific region have benefited from the ability of small-scale solar technology applications to provide electricity to citizens in remote rural areas.
The development of Green Building Constructions is increasing the solar photovoltaic market value.
The global market for solar PV glasses is growing due to the advancement of green building construction techniques, which increasingly incorporate solar PV glasses as a component of sustainable building. Photovoltaics play an important role in the green building market, which is expanding rapidly. Global trends indicate that all businesses are getting closer to switching from fossil fuels to renewable energy. Green buildings are becoming more popular as there is a growing demand for carbon-neutral offices, residences, and commercial buildings that can produce and rely on renewable energy sources.
