Photovoltaic Glass Market

Photovoltaic Glass Market Outlook (2024 to 2034)

The global photovoltaic glass market size is estimated at US$ 21.24 billion in 2024 and is predicted to reach US$ 237.16 billion by 2034-end, expanding at a notable CAGR of 26.8% between 2024 and 2034.

Photovoltaic glass stands for a specialized glass utilized in generating solar or photovoltaic power. In photovoltaic glass applications, solar cells are positioned between two glass panes, commonly featuring either crystalline silicon or thin-film technology. In the case of crystalline silicon solar cells, ultra-clear figured glass serves as the cover for solar photovoltaic cells, while for thin-film solar cells, super-clear float glass is employed.

Photovoltaic cells are formed by comparing a positively charged (P-type) layer of silicon against a negatively charged (N-type) layer, creating a diode. This diode is then interconnected in a circuit via metal conductors over and beneath the silicon layers. Solar photovoltaic glass integrates transparent semiconductor-based PV cells, converting sunlight into electricity. These cells, settled between two glass panels, come in crystalline silicon or thin-film variations. Crystalline silicon solar cells utilize ultra-clear figured glass for covering, whereas thin-film solar cells rely on super-clear float glass.

Key Market Growth Factors

• Key drivers propelling photovoltaic glass market growth include amplified demand from the non-residential sector and a surge in government-backed subsidy programs.
• The escalating need to generate green electricity, aiming to combat air pollution, presents diverse opportunities for market growth.
• The East Asia and South Asia regions hold high photovoltaic glass market shares, with significant use observed in China, Japan, and India.

Report Attributes	Details
Photovoltaic Glass Market Size (2024E)	US$ 21.24 Billion
Forecasted Market Value (2034F)	US$ 237.16 Billion
Global Market Growth Rate (2024 to 2034)	26.8% CAGR
North America Market Share (2034F)	25.8%
East Asia Market Growth Rate (2024 to 2034)	28.4% CAGR
Thin Films Segment Market Share (2024E)	26.1%
Industrial Segment Market Share (2024E)	46%
Key Companies Profiled	Yuhua and Trakya Xinyi Solar Anci Hi-Tech Saint-Gobain Interfloat NSG Group AGC Topray Solar AVIC Sanxin

Which Factors are Leading to Rapid Adoption of Photovoltaic Glass?

“High Demand for PV Glass Due to Rising Awareness of Renewable Energy Solution Benefits”

Solar PV glass is gaining traction, gradually replacing conventional building materials across various areas like windows, roofs, skylights, and facades. Moreover, there exists significant demand for solar photovoltaic glass in emerging economies, particularly within the industrial and commercial sectors, fueling market expansion.

Rising awareness regarding the advantages of renewable energy solutions, combined with the ongoing imperative to mitigate environmental degradation, is predicted to contribute to the augmented growth of the market. Additionally, regulatory measures aimed at reducing greenhouse gas emissions are projected to attract photovoltaic glass market trends.

The surge in the demand for green building technology in both residential and commercial construction, alongside the adoption of sustainable energy for constructing building envelopes, are other factors anticipated to drive market growth.

“Critical Need for Meeting Green Building Standards and Reducing Energy Consumption”

Enhancing building envelopes to reduce energy consumption stands as a critical requirement in meeting green building standards, a pressing challenge within the construction sector. Facades play a pivotal role in managing a building's HVAC needs, ultimately facilitating reduced electricity usage.

A significant portion of existing tall buildings suffers from aging and below-average performance. Retrofitting facades significantly improves building functionality, consequently expanding the market for such enhancements. Retrofitting facades is likely more cost-effective and eco-friendly than demolishing and reconstructing them.

Advancements in solar photovoltaic glass are propelled by the global surge in industrialization, improved economic conditions, and the escalating development of infrastructure.

• According to Oxford Economics, between 2016 and 2040, an estimated investment of US$ 94 trillion is necessary for global infrastructure, a 19% increase compared to present trends. This infrastructure expansion, coupled with industrial growth, is driving the demand for photovoltaic glass.

What are the Key Challenges Confronting Photovoltaic Glass Manufacturers?

“Substantial Initial Costs Linked to PV Setups and Grid Congestion Challenges”

Key limitations impeding the expansion of the market encompass evolving environmental factors and elevated technological expenses in developing countries. Moreover, escalating grid congestion issues, production limitations, and intricate subsidy structures in China and India are projected to impede demand for PV glass through 2034.

While PV technology stands as a cost-efficient and suitable choice for numerous applications, the substantial initial expenses linked to PV setups and ideal installation and maintenance practices could restrict the widespread adoption of PV systems. Consequently, this limitation is predicted to adversely impact the demand for solar PV glass throughout the forecasted duration.

“Risk of Inadequate Connections or Structural Weaknesses Within Solar Cells”

Hotspots signify segments on solar panels that become excessively stressed and accumulate moisture. These areas usually emerge due to inadequate connections or structural weaknesses within the solar cells. Poor solder joints in the panel's electrical collection area can lead to reduced resistance, creating these hotspots. This issue may eventually cause a short circuit, reducing the efficiency and lifespan of the PV panel.

Country-wise Insights

Markets such as China and India are experiencing swift urbanization and population expansion. These countries grapple with extensive variable power grids and essential infrastructure systems.

What are the Factors Driving Photovoltaic Glass Demand across China?

“Supportive Government Policies Promoting Adoption of Solar Power”

Attribute	China
Market Value (2024E)	US$ 3.87 Billion
Growth Rate (2024 to 2034)	28% CAGR
Projected Value (2034F)	US$ 45.79 Billion

China stands as a global leader in photovoltaic glass manufacturing, with a substantial market presence in the space of solar panels and associated components. The country's commitment to renewable energy initiatives, supported by government policies and investments, has propelled market growth. Companies in China often offer cutting-edge technology, competitive pricing, and large-scale production capacities, positioning the country as a key player in the coated glass industry.

New solar and wind policies for projects without subsidies were disclosed by China. The policy was implemented to take advantage of the sharp decline in building prices as well as to clear up payment backlog problems and gridlock projects. Government policies are in place to encourage the installation of solar PV systems and the generation of renewable energy to be supplied to the grid.

Why is the United States Photovoltaic Glass Market Flourishing?

“Commitment to Clean Energy Sources Prompting Advancements in Photovoltaic Technology”

Attribute	United States
Market Value (2024E)	US$ 3.74 Billion
Growth Rate (2024 to 2034)	28.3% CAGR
Projected Value (2034F)	US$ 45.39 Billion

The photovoltaic glass market in the United States represents a background defined by innovation and renewable energy pursuits. As a significant player in the global solar industry, the United States showcases a robust ecosystem of research, development, and manufacturing.

Government incentives, coupled with a growing emphasis on sustainable energy, continue to bolster the expansion of this market. The country's commitment to clean energy sources has propelled advancements in photovoltaic technology, fostering a competitive market that drives progress and adoption of solar solutions across various sectors.

Category-wise Insights

Demand for residential photovoltaic glass is experiencing significant growth as there is a growing focus on sustainable energy solutions. Thin films assist in generating consistent power, even in challenging weather conditions with low sunlight exposure.

Why Does Thin Film Photovoltaic Glass Account for a Prominent Market Share?

“Thin-Film PV Glass Proving Effective in High-Temperature and Overcast Environments”

Attribute	Thin Films
Segment Value (2024E)	US$ 5.63 Billion
Growth Rate (2024 to 2034)	26.1% CAGR
Projected Value (2034F)	US$ 73.28 Billion

Thin-film photovoltaic glass solutions have emerged as an efficient means of generating power at a remarkably low cost per watt. Their versatility makes them ideal for diverse applications, including large-scale solar farms and building integrated photovoltaics (BIPV) installations.

One of the significant advantages of thin-film photovoltaic glass is its ability to consistently generate power across various conditions. Particularly, it excels in environments where traditional solar panels might face limitations. These thin-film solutions prove highly effective even in scenarios with high temperatures or during cloudy, overcast days, ensuring a continuous power supply. This adaptability and consistent power output make thin-film photovoltaic glass a compelling choice for various solar energy applications.

Why is Photovoltaic Glass Extensively Used in the Residential Sector?

“Photovoltaic Glass Use Leading to Decreased Energy Expenses in Residential Settings"

Attribute	Residential
Segment Value (2024E)	US$ 4.8 Billion
Growth Rate (2024 to 2034)	25.8% CAGR
Projected Value (2034F)	US$ 54.31 Billion

As homeowners seek eco-friendly and cost-effective alternatives, photovoltaic glass has gained traction for residential applications. Incorporating photovoltaic glass with self-cleaning properties into building structures provides several advantages, such as decreased energy expenses, reduced environmental impact, and enhanced real estate worth.

The residential segment's expansion is also fueled by technological advancements, making solar glass more aesthetically pleasing and adaptable to various architectural designs. Homeowners are increasingly inclined towards BIPV and rooftop solar installations, where photovoltaic glass plays a pivotal role. Government incentives and policies supporting renewable energy adoption further bolster demand for photovoltaic glass by encouraging homeowners to invest in solar solutions for their residences.

Competitive Landscape

Photovoltaic glass manufacturers implement varied sourcing approaches throughout the entire production process. They opt for cost-saving methods by manufacturing their raw materials or procuring them from multiple suppliers. The resulting photovoltaic glass products are then disseminated through diverse channels. Alongside dedicated distribution firms, system integrators may also play a role in distributing the final products to the market.

• In January 2023, NSG Group revealed the installation of the energy-efficient electrochromic window, "View Smart Glass," in Japan at the "Kudan Kaikan Terrace," a new office building set to open on October 1, 2022, in Chiyoda-ku, Tokyo.
• In March 2023, Saint-Gobain Sekurit introduced additional features to its AmpliSky opacifying sunroof, incorporating customized ambient lighting for individual manufacturers. The collaborative effort for these advancements is ongoing.

Segmentation of Photovoltaic Glass Market Research

• By Composition :

  • Polycrystalline
  • Monocrystalline
  • Thin Films

• By End Use :

  • Commercial
  • Industrial
  • Residential

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa