Photovoltaic Glass Market will witness a CAGR of 26.1% between 2020 and 2030
The global photovoltaic glass market is driven by the ever-increasing demand for photovoltaic glass in utility, non-residential, and residential sectors. Production of glass windows and roofing are seeing employment of tempered glass. The developing countries are also subject to several initiatives by the governments with regards to installation of solar panels to the buildings newly constructed and also the old building structures. As per the IEA (International Energy Agency), the government of the US has passed a multi-year extension regarding tax credits for solar photovoltaic glass stations and CSP (concentrating solar power).
PMR states that the global photovoltaic glass market will witness a CAGR of 26.1% between 2020 and 2030.
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Key takeaways from the Photovoltaic Glass Market
- The “utility” sector holds the largest market share. It could be credited to benefits offered, inclusive of contributing to sustainability, improvement in public relations and branding, and lessening of carbon footprint.
- Europe holds the major share (more than 50%). This could be reasoned with major PV installations all across Belgium, Spain, and Italy. Also, EU gives subsidies to China-based suppliers.
- The Asia-Pacific is expected to grow at the fastest rate between 2020 and 2030 due to more than 45% of photovoltaic glass producers shifting their headquarters to Japan and China on the account of lower overheads.
- By application, residential sector holds the largest market share due to growing benevolence in the unexplored regions like Latin & Central America.
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How is the photovoltaic glass market structured?
The key players in the photovoltaic glass market include Ja Solar Holdings Co. Ltd., Wuxi Suntech Power Co., Ltd., Trina Solar, Borosil Glass Works Limited, Shenzhen Topray Solar Co., Ltd., Onyx Solar Group LLC, Sharp Corporation, Polysolar, Gruppo STG, and Brite Solar. They are trying out various modes of expansion to strengthen their foothold. For example – Trina Solar is planning to have a huge manufacturing base all over India.
By type, the market spans TCO glass, tempered glass, anti-reflective coated glass, and others.
Impact of Covid-19 on Photovoltaic Glass Market
The outbreak of Covid-19 has halted the photovoltaic glass market as partial/total lockdowns inflicted all over has resulted in suspension of production of photovoltaic glass since Mar 2020. The declination is expected to continue till mid-2021 (till Covid-19 vaccine is probably in place). The “new” normal will come with new guidelines regarding safety and social distancing.
“The global photovoltaic glass market is all set to address the environmental concerns. However, this exceptional achievement will have to cross the Covid-19 barrier to move further. Post-Covid-19 era is expected to start generating revenue”.
Photovoltaic Glass Market: Conclusion
The global photovoltaic glass market is expected to go great guns in the forecast period, but with the glitch of Covid-19 to get away with. Thereafter, traction is likely.
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