Solar PV Glass Market Growth | Demand Analysis & Opportunity Outlook 2030

The global solar PV glass market is estimated to grow at a high CAGR of ~30% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing adoption of solar energy, and advancement in technology. Solar photovoltaic glass is made up of small photovoltaic cells, which are also used in solar panels. These PV cells or solar cells use solar energy to create electricity. The initiative to go green by various government and non-government organizations is estimated to act as the primary growth driver for the market. According to the International Energy Agency (IEA), solar power generation crossed 720 TWh in 2019, registering a growth of 22%. The growing adoption of solar PV glasses over solar panels in residential as well as commercial building is estimated to boost the market growth. These glasses are used to cover outer walls, roofs, and façade areas to maximize the production of electricity from solar energy. Furthermore, rising government initiatives to promote the use of solar energy is estimated to drive the market growth.  

The market is segmented by end-user into residential, commercial, utility-scale, and others, out of which, the commercial segment is anticipated to hold the largest share in the global solar PV glass market over the forecast period on account of growing installation of solar PV glass in commercial buildings, backed by the growing environmental awareness amongst people. A majority of private and corporate companies are adopting solar PV glasses, which is estimated to boost the segment growth. 

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth.

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This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

On the basis of geographical analysis, the global solar PV glass market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing adoption of solar energy in the region, and presence of numerous sky-scrappers in developed parts of Japan, China, Singapore, India, Korea, and others.

The market in the North America region is estimated to witness significant CAGR over the forecast period owing to the technological advancement, growing public awareness, and growing government investment in renewable energy sources. Moreover, increasing adoption of advanced technology is anticipated to boost the regional market growth. According to the data by IEA, in the United States 13.2 GW of solar PV were installed in 2019, which was 25% higher than 2018.