Solar PV Glass Market Trends & Research Insights by 2033
Solar PV Glass Market projected to grow at a CAGR of 30.5% from 2024 to 2033.
WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the solar PV glass market size was valued at $17.1 billion in 2023, and is estimated to reach $243.7 billion by 2033, growing at a CAGR of 30.5% from 2024 to 2033.
Solar photovoltaic (PV) glass, also known as solar glass or PV glass, is a specialized type of glass that integrates photovoltaic cells to convert sunlight into electricity. This innovative building material serves dual purposes by acting as a functional building material and a renewable energy generator.
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Flexible and lightweight solar PV glass are used in portable solar chargers for smartphones, tablets, and other electronic devices. Solar PV glass is to be integrated into wearable technology, such as smartwatches, fitness trackers, and clothing, to provide on-the-go power generation.
Asia-Pacific garnered a major share in 2023 in terms of revenue.
The key players involved in the global solar photovoltaic glass industry are Onyx Solar Group LLC, Shenzhen Topray Solar Co., Ltd., Borosil Glass Works Limited, Trina Solar, Ja Solar Holdings Co. Ltd, Sharp Corporation, Brite Solar, Wuxi Suntech Power Co., Ltd., Gruppo STG and Polysolar.
Supportive government regulations, incentives, policies, and initiatives are essential drivers for the growth of the solar photovoltaic glass market.
Many governments are setting renewable energy targets to reduce carbon emissions and combat climate change. These targets often include specific goals for solar energy deployment, providing a long-term market signal for investment in solar PV technologies.
Governments are also implementing feed-in tariffs, which offer financial incentives to solar PV glass producers and users by guaranteeing a premium rate for the electricity generated from renewable sources, encouraging investments in solar energy projects.
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Bifacial solar PV glass is capable of generating electricity from both sides, capturing sunlight reflected off surfaces such as rooftops or the ground, thereby increasing energy production.
Bifacial solar PV glass offers improved efficiency and performance, especially in environments with high albedo (reflectivity), making it a more attractive option for various applications.
Innovations in solar photovoltaic glass are expanding the solar PV glass industry growth opportunities by providing more effective and efficient solutions.
Researchers and manufacturers are developing solar cells that are more transparent and can be customized in terms of color, allowing for greater design flexibility and aesthetic appeal.
Transparent solar cells can be integrated into windows, skylights, and building facades, turning them into power-generating surfaces without obstructing the view or natural light.
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According to the Solar Energy Industries Association (SEIA), the government has implemented laws such as net metering and community solar to promote the use of photovoltaic technology to generate electricity. In countries such as the U.S., Spain, and France, consumers can utilize photovoltaic energy for their own electricity needs and sell the remaining solar power that they do not use.
However, International Electrotechnical Commission (IEC) Standards, such as IEC 61215 for crystalline silicon terrestrial photovoltaic (PV) modules and IEC 61730 for PV module safety qualification, are commonly referenced to ensure the safety and reliability of solar PV glass.
Underwriters Laboratories (UL) Standards, including UL 1703 for flat-plate photovoltaic modules and panels, are widely recognized and used to evaluate the safety and performance of solar PV glass in the U.S. and other regions.
Solar PV glass is used in solar roads and highways to generate electricity from sunlight and provide illuminated road markings or signage.
Solar PV glass canopies or shelters are expected to be installed at bus stops, train stations, and other public transportation hubs to provide shade and power lighting or information displays.
By type, the anti-reflective coated glass segment is projected to be the fastest growing segment in terms of revenue during the forecast period.
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Based on solar photovoltaic glass market analysis, depending on end-use industry, the utility scale segment contributed to the highest market share in the global solar photovoltaic glass market in 2023.
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