MarketsandMarket forecasts the solar photovoltaic (PV) glass market to grow from USD 4.38 Billion in 2017 to USD 18.48 Billion by 2022, at a CAGR of 33.4% from 2017 to 2022. Surging demand for solar energy in emerging economies and preference for solar energy in the residential applications are the key factors contributing to the growth of the solar PV glass market across the globe notes the research firm.
Among applications, the utility segment led the solar PV glass market in 2016. This segment is also projected to grow at the highest CAGR during the forecast period of 2017 to 2022. MarketsandMarket notes that growth of this segment of the market can be attributed to increasing installation of utility-scale solar power plants across the globe that have been generating reliable and clean energy with stable fuel prices for over two decades. Although the utility-scale solar energy represents a small percentage of the global power generation at present, the installations of solar power plants are growing rapidly across the globe for both, utility as well as distributed power generation applications. Increasing installations of utility-scale solar power plants and rising government investments for harnessing solar energy are expected to drive the growth of the utility application segment of the Asia-Pacific solar PV glass market between 2017 and 2022.
On the basis of the type, the solar PV glass market has been categorized into AR coated, tempered, TCO coated, and others. The AR coated type segment led the solar PV glass market in 2016. According to the firm’s report this segment of the market will grow at the highest CAGR during the forecast period. The tempered type segment of the solar PV glass market is projected to grow at the second-highest CAGR during the forecast period of 2017 to 2022.
The report notes that the Asia-Pacific region will likely be the largest market for solar PV glass in 2017. The growth of the Asia-Pacific solar PV glass market can be attributed to the rising demand for solar energy in the region and increasing initiatives undertaken by governments of various countries to reduce emissions of greenhouse gases. In addition, the introduction of renewable sources of energy for electricity generation is also expected to contribute to the growth of the Asia-Pacific solar PV glass market between 2017 and 2022. China, India, Japan, and South Korea are the major countries contributing to the growth of the Asia-Pacific solar PV glass market.
The factors inhibiting the growth of the solar PV glass market are the high costs involved in the installation, storage, and purchase of power conversion devices, increasing prices of raw materials, and stringent implementation of various regulations on carbon dioxide emissions said the research firm. According to MarketsandMarkets key players operating in the solar PV glass market include AGC Solar (Japan), Nippon Sheet Glass Co., Ltd. (Japan), Taiwan Glass Ind. Corp. (Taiwan), Xinyi Solar Holdings Ltd. (China), Sisecam Flat Glass (Turkey), Guardian Glass (Thailand), Saint-Gobain Solar (France), Borosil Glass Works Ltd. (India), Henan Huamei Cinda Industrial Co., Ltd. (China), Guangfeng Solar Glass (Hong Kong) Co., Ltd. (China), Flat Glass Co., Ltd. (China), Interfloat Corporation (Germany), Guangdong Golden Glass Technologies (China), Hecker Glastechnik GmbH & Co. KG (Germany), F solar GmbH (Germany), Emmvee Toughened Glass Private Limited (India), and Euroglas (Germany). These
market players have adopted the strate-gies of new product launches, mergers & acquisitions, and expansions to meet the growing demand for solar PV glass across the globe and to increase their market shares said the report.