Demand for sustainable and eco-friendly alternatives to drive market growth
Fort Collins, Colorado, Feb. 09, 2024 (GLOBE NEWSWIRE) — The Solar PV Glass Market size is valued at USD 7.3 Billion in 2022 and is anticipated to reach USD 40.4 Billion by 2032 at a CAGR of 18.7%.
Solar photovoltaic glass is used in solar modules that use sun rays to produce energy. The increasing demand for solar PV glass is prompted by the commitment of various countries around the globe to achieve net-zero emissions by 2050, which requires systematic adoption of renewable energy.
The growing trend of the green economy and increasing efforts for clean energy transition are major factors promoting market growth. Solar photovoltaics can be deployed for various applications ranging from small-scale residential usage to utility-scale power generation installations. The decreasing cost of installing a solar system and the rising awareness regarding clean energy sources are leading to a surge in demand for solar PV glass. According to the Solar Energy Industries Association, the cost to install solar systems has decreased by 40% compared to the previous few years. For residential systems, the cost for installation was around USD 5.4 per watt, which decreased to USD 3.3 per watt in 2022. Similarly, for the utility sector, the cost was around USD 2.5, which was reduced to USD 1 per watt.
Government initiatives such as the solar investment tax credit promote the adoption of solar power, thereby contributing to market growth. According to the U.S. Department of Energy, a Federal tax credit, which reduces the income tax amount paid by the taxpayer, is credited towards the installation of solar PC household systems. The U.S. Congress 2022 passed legislation according to which solar PV systems installed between 2022 and 2032 would be eligible for 30% of the installation as a tax credit.
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The global solar PV glass market has been segmented into type, module, application, and region. Based on application, the solar PV glass market has been segmented as residential, non-residential, and utility. The utility sector accounted for the greater market share owing to extensive demand for power generation. According to the International Energy Agency (IEA), in 2022, power generation from solar PV increased by 26% compared to 2021, which amounted to 270 TWh.
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Solar PV Glass Market Report Highlights:
- The global solar PV glass market growth is anticipated to have a CAGR of 18.7% by 2032.
- Technological advancements in renewable energy sources are leading to various innovations in the components, such as solar panels, that help harness nature’s resources more efficiently.
- Asia Pacific will likely account for a significant market share in the forthcoming years. This can be attributed to this region’s high investment in solar PV manufacturing. According to the International Energy Agency (IEA), China is expected to invest around USD 90 billion in solar PV manufacturing through 2027. Besides, the Indian economy is also expected to witness an investment amounting to USD 12.8 billion.
- Some prominent players in the solar PV glass market report include First Solar Inc., Xinyi Solar Holding Ltd., Nippon Sheet Glass Co. Ltd, Yingli Green Energy Holding Company Ltd., Borosil Renewables Ltd., Sun Power Corporation, ReneSola Ltd., Hanwha Q CELLS Co., Saint-Gobain S.A., and Guardian Industries.
Industry Trends and Insights:
– In 2023, Chennai-based solar PV solutions provider company, WattPower, unveiled its state-of-the-art facility to meet the soaring energy demands in Tamil Nadu and South India.
– The trend of floating solar farms has been on a rising edge. Energy startups have been investing in floating solar panels due to land scarcity.
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Solar PV Glass Market Segmentation:
By Type: Anti-reflective coated, transparent conductive oxide coated and tempered.
By Module: Crystalline silicon PV, thin film PV, perovskite.
By Application: Residential, non-residential, and utility.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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