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Solar PV Glass Market size was valued at USD 20.17 billion in 2023 and is likely to reach USD 541.52 billion by the end of 2036, expanding at around 28.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar PV glass is assessed at USD 24.82 billion.
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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
28.8% |
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Base Year Market Size (2023) |
USD 20.17 billion |
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Forecast Year Market Size (2036) |
USD 541.52 billion |
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Regional Scope |
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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 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.
Our in-depth analysis of the global market includes the following segments:
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End-User |
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On the basis of geographical analysis, the 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 industry is predicted to hold largest revenue share by 2036, propelled by 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.
January 14, 2021: Trina Solar Co. Ltd., announced the launch of Trina Tracker Vanguard 600+ Series which aims to increase solar panel efficiency by 2%-8%.
Author Credits: Dhruv Bhatia
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