The global solar PV glass market is expected to reach USD 3.38 billion by 2024, according to a new report by Grand View Research, Inc. Increasing solar PV installations across the globe is expected to remain a key driving factor for global solar PV glass market over the forecast period.
Favorable regulatory norms across the globe are expected to promote usage of solar PV panels. These regulations are expected to have a direct impact on the solar PV glass market. According to the Kyoto Protocol Act, several countries is obliged to reduce carbon emissions. This protocol is anticipated to create ample opportunities for the green energy development and further create new avenues for market participants.
Increased solar PV installation capacities across countries such as Mexico, India, Pakistan, Italy, Spain, the UK, and South East Asia is also expected to have a positive impact on the overall market.
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Further key findings from the study suggest:
- The global solar PV glass market demand was 139.9 million square meters in 2015 and is expected to reach 856.3 million square meters by 2024, growing at a CAGR of 22.6% from 2016 to 2024
- Utility emerged as the leading application segment and accounted for over 50% of total market volume in 2015. The segment is also expected to witness the highest growth of 23.9% over the forecast period. The huge market share of utility segment can be attributed to the various advantages offered, such as a contribution to sustainability, enhancement of branding and public relations effort, and reduction of the carbon footprint of facilities.
- Europe was the leading regional market with demand share 51.4% in 2015. The region mainly benefitted from the favorable regulations prevailing particularly in Italy, Spain and Belgium.
- Asia Pacific is expected to witness the highest growth of 22.7% over the forecast period. More than 45% of the manufacturers for solar PV glass are situated in China and Japan, which is expected to remain a key advantage for the regional market over the forecast period. Lower prices and favorable climatic conditions are also expected to benefit the regional market.
- The global solar PV glass market is fragmented in nature with major players trying to gain a strong foothold in the market. The key industry participants comprise of Asahi Glass Co. Ltd., Saint-Gobain S.A., Trina Solar Ltd., Xinyi Solar Holding Ltd., Nippon Sheet Glass Co. Ltd., and Guardian Industries.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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