Solar Photovoltaic (PV) Glass Market Size
| Study Period | 2019 -2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 18.42 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Solar Photovoltaic (PV) Glass Market Analysis
The Solar Photovoltaic Glass Market size is estimated at 27.11 Million tons in 2024, and is expected to reach 63.13 Million tons by 2029, growing at a CAGR of 18.42% during the forecast period (2024-2029).
The COVID-19 outbreak brought several short-term and long-term consequences in various industries like manufacturing and construction, which affected the solar photovoltaic glass market. The industry was widely impacted due to supply chain disruptions and a halt in the production of chemical manufacturing companies. However, the post-pandemic increase in construction activities in the residential and non-residential sectors is expected to boost the market for solar photovoltaic glass.
- Over the short term, the increasing demand for renewable energy is expected to stimulate the market demand.
- The rising adoption of alternate clean power sources is expected to hinder the growth of the market studied.
- Technological advancements in solar PV manufacturing offer various opportunities for the growth of the solar photovoltaic glass market.
- The Asia-Pacific region is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.
Solar Photovoltaic (PV) Glass Market Trends
Increasing Demand from the Non-residential Sector
- Solar photovoltaic glass is installed in commercial buildings for the building’s electricity use. The installation process helps reduce the use of electric light during the day in buildings by allowing natural light through photovoltaic glass.
- Commercial buildings like retail stores, office spaces, and hospitals give higher preference to photovoltaic glass to reduce environmental pollution and save energy through rooftop solar panels, thus making it an alternative source for electricity generation.
- The power generated from solar photovoltaic cells reduces the carbon footprint and greenhouse gas emissions and ensures energy cost savings. Variance in photovoltaic efficiency and light penetration among these products enables multiple options for architectural design.
- As per the report of the IRENA, the percentage of newly installed solar PV capacity was the highest in China (44%), followed by the United States (8%), India (8%), and Brazil (4%).
- In the United States, corporate solar users doubled their solar capacity over the last two years. According to the US Environmental Protection Agency (EPA), some major retail stores like Staples, Starbucks, Sprint, Ahold USA, and Best Buy increased the installation of solar photovoltaic panels in their retail stores and buildings.
- In July 2022, a major New Jersey shopping mall installed a 3.49 MW solar project. The photo voltaic system spans over , spanning over 225,500 square feet of the mall’s rooftop and contains about 9,000 solar panels. The project is estimated to produce over 4 million kWh of clean, renewable energy for the shopping center. In November 2022, Amazon announced the completion of the largest on-site solar energy installation in Europe, with more than 13,300 solar panels with a renewable energy capacity of 5.26 MW, at its facility in Hermanas (Seville), southwest Spain.
- The Indian office buildings market is gradually recovering from the pandemic, as companies in the IT and BFSI sectors, the knowledge industry, and others invite employees to work from the office. Thus, solar photovoltaic glass installations in office buildings are anticipated to increase.
- Furthermore, the Goa Energy Development Agency (GEDA) re-floated bids for 600 kW solar rooftop power plants at district hospitals in north and south Goa. The installation of solar panels is likely to drive the market studied.
- Thus, the market for solar photovoltaic glass is expected to witness steady growth during the forecast period.
The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the solar photovoltaic glass market. In developing countries like China, India, and Japan, the crisis in electricity supply has resulted in increasing the scope for self-producing electricity using solar photovoltaic glass.
- The largest producers of solar photovoltaic glasses are in the Asia-Pacific region. Some of the leading companies in the production of solar photovoltaic glasses are Jinko Solar, Mitsubishi Electric Corporation, Onyx Solar Group LLC, JA Solar Co. Ltd, and Infini Co. Ltd.
- China is the world’s largest solar photovoltaic glass manufacturer. In July 2022, China's Ministry of Industry and Information Technology revealed that the country's solar glass capacity reached 64,000 metric tons (MT) per day across 348 production lines from 38 companies at the end of June, out of which 313 production lines with a combined capacity of 59,000 MT are operational.
- The government of India announced several policies and initiatives to promote the transition toward renewable energy. For instance, the Production Linked Incentive Scheme (PLI) for the National Programme on High-Efficiency Solar PV Modules for achieving manufacturing capacity of Giga Watt (GW) scale in High-Efficiency Solar PV modules with an outlay of INR 240,000 million (USD 2,892.11 million) was introduced to boost domestic manufacturing and solidify India's position as a solar powerhouse.
- Japan is also trying to expand its installed solar capacity to reduce the share of nuclear energy in its energy mix. It aims to expand installed solar capacity to nearly 108 GW by 2030. However, due to the high solar penetration rate in the residential sector, the ground-mounted segment is expected to grow the fastest, creating a demand for larger, central inverters for large utility-scale projects.
- South Korea plans to install 30.8 GW of solar energy capacity by 2030. According to the latest figures from the International Renewable Energy Agency (IRENA), it had reached 20.9 GW of cumulative installed PV capacity at the end of 2022.
- The Indonesian government published a draft of its Comprehensive Investment and Policy Plan (CIPP) to set out Indonesia's decarbonization initiatives for 2050, which include reaching net zero and expanding the country's installed solar capacity to 264.6 GW by the middle of the century.
- The aforementioned factors, coupled with government support, are expected to contribute to the increasing demand for the solar photovoltaic glass market in the Asia-Pacific region during the forecast period.
Solar Photovoltaic (PV) Glass Industry Overview
The solar photovoltaic glass market is consolidated in nature. The major players in this market include Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd, AGC Inc., Nippon Sheet Glass Co., Ltd, and Saint-Gobain, among others (not in a particular order).
Solar Photovoltaic (PV) Glass Market Leaders
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Xinyi Solar Holdings Limited
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Flat Glass Group Co., Ltd.
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AGC Inc.
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Nippon Sheet Glass Co., Ltd.
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Saint-Gobain
*Disclaimer: Major Players sorted in no particular order
Solar Photovoltaic (PV) Glass Market News
- In October 2023, Borosil Renewables Limited acquired an 86% stake in the two European solar glass manufacturers, Interfloat Corporation and Glasmanufaktur Brandenburg (GMB). The acquisition has boosted the company’s solar glass manufacturing capacity in Europe to 750 TPD from 450 TPD.
- In July 2023, AGC Flat Glass Ibérica, in collaboration with Helexia España, announced commissioning a 4,600 kilowatts photovoltaic plant for self-consumption on an industrial site at the Port of Sagunto (Valencia). The plant covers 48,400 square meters of the rooftop and has 8,800 photovoltaic modules. With an annual production of 7 gigawatt-hours, this project will help avoid the emission of more than 800 tons of CO2 equivalent per year.
Solar Photovoltaic (PV) Glass Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Renewable Energy
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4.2 Restraints
- 4.2.1 Rising Adoption of Alternate Clean Power Sources
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 By Type
- 5.1.1 AR Coated Glass
- 5.1.2 Tempered Glass
- 5.1.3 TCO Coated Glass
- 5.1.4 Other Types
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5.2 By Technology
- 5.2.1 Crystalline Silicon
- 5.2.2 Cadmium Telluride Thin Film
- 5.2.3 Amorphous Silicon Solar
- 5.2.4 Copper Indium Gallium Diselenide (cigs)
- 5.2.5 Other Technologies
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5.3 By Application
- 5.3.1 Residential
- 5.3.2 Non-residential
- 5.3.2.1 Commercial
- 5.3.2.2 Industrial/institutional
- 5.3.2.3 Other Applications
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 France
- 5.4.3.4 Italy
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Morocco
- 5.4.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AGC Inc.
- 6.4.2 Borosil Limited
- 6.4.3 CSG Holding Co. Ltd
- 6.4.4 Flat Glass Group Co. Ltd
- 6.4.5 Guardian Industries Holdings
- 6.4.6 Hainan Development Holdings Nanhai Co. Ltd
- 6.4.7 Irico Group New Energy Company Limited
- 6.4.8 Jinjing (Group) Co. Ltd
- 6.4.9 Kaneka Energy Management Solutions
- 6.4.10 Nippon Sheet Glass Co. Ltd
- 6.4.11 Onyx Solar Group LLC
- 6.4.12 Saint-Gobain
- 6.4.13 Sisecam
- 6.4.14 Taiwan Glass Ind. Corp.
- 6.4.15 Xinyi Solar Holdings Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Technological Advancements in Solar Pv Manufacturing
Solar Photovoltaic (PV) Glass Industry Segmentation
Solar photovoltaic glass is a technology that enables the conversion of light into electricity. The glass is incorporated with transparent semiconductor-based photovoltaic cells, also known as solar cells. These cells are sandwiched between two sheets of glass, which enables them to capture these solar rays and convert them into electricity. The market is segmented based on type, technology, application, and geography. By type, the market is segmented into AR coated glass, tempered glass, TCO coated glass, and other types. By technology, the market is segmented into crystalline silicon, cadmium telluride thin film, amorphous silicon, copper indium gallium diselenide (CIGS), and other technologies. By application, the market is segmented into Residential and non-residential. The report offers market size and forecasts for 16 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons).
| By Type | AR Coated Glass | |
| Tempered Glass | ||
| TCO Coated Glass | ||
| Other Types | ||
| By Technology | Crystalline Silicon | |
| Cadmium Telluride Thin Film | ||
| Amorphous Silicon Solar | ||
| Copper Indium Gallium Diselenide (cigs) | ||
| Other Technologies | ||
| By Application | Residential | |
| Non-residential | Commercial | |
| Industrial/institutional | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| South Africa | ||
| Morocco | ||
| Rest of Middle East and Africa |
Solar Photovoltaic (PV) Glass Market Research FAQs
How big is the Solar Photovoltaic Glass Market?
The Solar Photovoltaic Glass Market size is expected to reach 27.11 million tons in 2024 and grow at a CAGR of 18.42% to reach 63.13 million tons by 2029.
What is the current Solar Photovoltaic Glass Market size?
In 2024, the Solar Photovoltaic Glass Market size is expected to reach 27.11 million tons.
Who are the key players in Solar Photovoltaic Glass Market?
Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd., AGC Inc., Nippon Sheet Glass Co., Ltd. and Saint-Gobain are the major companies operating in the Solar Photovoltaic Glass Market.
Which is the fastest growing region in Solar Photovoltaic Glass Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Solar Photovoltaic Glass Market?
In 2024, the Asia Pacific accounts for the largest market share in Solar Photovoltaic Glass Market.
What years does this Solar Photovoltaic Glass Market cover, and what was the market size in 2023?
In 2023, the Solar Photovoltaic Glass Market size was estimated at 22.12 million tons. The report covers the Solar Photovoltaic Glass Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Solar Photovoltaic Glass Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Photovoltaic Glass Industry Report
Statistics for the 2024 Solar Photovoltaic Glass market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Photovoltaic Glass analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
