Global solar PV market is expected to reach USD 3.38 billion by 2024: Grand View Research

Global solar PVGrand View Research anticipates the global solar PV glass market to reach $3.38 billion by 2024. According to the research firm increasing solar PV installations will remain a key driving factor for global solar PV glass market over the forecast period.

The favorable regulatory norms across the globe are expected to promote the usage of solar PV panels and directly impact on the solar PV glass market.

As per the Kyoto Protocol an international agreement linked to the United Nations Framework Convention on Climate Change, several countries are obliged to reduce carbon emissions. This protocol is foreseen to create huge opportunities for the green energy development and further create new possibilities for market members.

Increased solar PV installation capacities across countries like  India, Mexico,  Pakistan, Italy, Spain, UK, and South East Asia is expected to add positive impact on the overall market.

Key findings from the report 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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