The globe is treading toward the path of sustainable energy pertaining to the depletion of fossil fuel sources, which will stimulate solar PV glass market. Of late, the pollution levels across the globe are on a rapid incline, owing to surging usage of fossil fuels that release hazardous gases after the combustion process. The governments of various nations have been implementing stringent norms to reduce the usage of fossil fuels and control the pollution levels, which will favorably influence solar PV glass industry size. Besides, the government is promoting the usage of renewable energy sources by providing considerable financial support in terms of subsidies. According to Global Market Insights, Inc., “Worldwide Solar PV glass market will generate a revenue collection of more than USD 3 billion by 2024.”
Most of the countries have been investing heavily in technological developments for harnessing solar energy to develop solar powered panels and other appliances. China is one of the leading countries that has taken an initiative toward manufacturing cost-effective and efficient solar panels. As per statistics, China solar PV glass market covered more than 50% of the regional share in 2016 and will collect notable revenue over the years ahead. China holds the top position in the export, consumption, and production of photovoltaic system. In addition, the Chinese government has decided to implement photovoltaic technology over the years ahead to increase the dependency on renewable energy sources, which will impel solar PV glass market.
U.S. Solar PV Glass Market Size, By End Use, 2016 & 2024 (USD Million)
The float technology is extensively used in thin film photovoltaic modules, pertaining to the key properties such as high flatness, low reflectance, and high light transmittance. Float-based solar PV glass industry will collect considerable revenue over the coming timeframe, owing to the surging adoption of this technology subject to its noteworthy features such as uniform thickness, cost effectiveness, and ease of manufacturing process. This technology is particularly used in architectural applications.
Thin-film CIS covered more than 9% of solar PV glass market in 2016 and will generate significant revenue over the coming seven years. To improve the efficiency of the solar powered systems, market players are reducing the panel dimension, which will subsequently fuel the segment growth. The noteworthy players in solar PV glass market are Nippon Energy, Xinyi Glass, Guardian Industries, Borosil, Euro Multivision India, Saint Gobain, Guangdong Golden, Sunarc Technology, Flat Glass Group Co., Ltd., and Hecker Glastechnik GmbH & Co. KG.
To expand the business space, market players are adopting easy and cost-effective ways to manufacture the product. Annealed solar PV glass market will exhibit considerable growth over the coming years, owing to the easy availability, cost competitiveness, and simple manufacturing process. In 2016, annealed product segment covered more than 300-million-meter square area.
In Latin America, Chile solar PV glass market is slated to record an annual growth rate of more than 10% over the period of 2016 to 2024. This country is investing heavily in the development and installation of photovoltaic systems. For instance, recently, Enel Green Power Chile Ltd invested about USD 270 million to install a project of capacity 160 MW.
CIGS and crystalline photovoltaic modules uses pattern technology extensively owing to the non-smooth surface. Pattern technology segment of solar PV glass market will register a CAGR of more than 6% over the coming years. Implementation of this technology offers better aesthetic, easy lamination, non-blinding effect, and desired transparency modules.
U.S. solar PV glass industry occupied more than 90 million square meters in terms of area and is predicted to grow significantly, accounting for an increased number of installations over the years ahead. The growth can be attributed to the escalating deployment of strict governmental norms to adopt sustainable energy. In addition, the Department of Energy Research and Innovation has taken initiations to enhance traditional laboratories under the Act of H.R.589, which will stimulate solar PV glass industry share notably. The increasing requirement of PV solar systems across the residential sector will fuel the demand for tempered solar PV glass market, slated to record an annual growth rate of more than 7% over the period of 2017 to 2024. Besides, tempered products have notable thermal stress resistance capability and superior mechanical strength, which will fuel the market growth.
The notable giants in solar PV glass market are looking forward to increasing the annual manufacturing capacity to garner profits. Strategies such as product differentiation and novel product development will create lucrative avenues for the market players. Top competitors are also focusing on strategic joint ventures and partnerships to expand their global presence.