Photovoltaic Glass Market is estimated to surge ahead at a CAGR of 27.9% to reach US$ 237.1 Billion by the end of 2033, Persistence Market Research
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New York, March 15, 2023 (GLOBE NEWSWIRE) -- The *Photovoltaic Glass Market* stood at around US$ 20.2 Billion in 2023 and is stated to increase at a *CAGR of 27.9%* to reach a valuation of *US$ 237.1 Billion* by 2033. Photovoltaic glass, also known as solar glass or PV glass, is a type of glass that is designed to generate electricity from sunlight. Photovoltaic glass contains photovoltaic cells, which are thin, semiconductor-based materials that can convert sunlight directly into electrical energy.The photovoltaic cells in PV glass are sandwiched between two layers of glass, which protect the cells from damage and help to maximize the amount of sunlight that can be converted into electricity. The glass is often treated with anti-reflective coatings to increase light transmission and improve efficiency.
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PV glass can be used in a variety of applications, including building facades, windows, skylights, and roofs. It is commonly used in the construction of green buildings and sustainable architecture, where it can help to reduce energy consumption and carbon emissions.
*Photovoltaic Glass Market Recent Developments:*
· *In February 2022,* a company called Onyx Solar announced the installation of its photovoltaic glass at the Cepsa Tower in Madrid, Spain. The glass is expected to generate up to 70,000 kWh of electricity per year, reducing the building's energy consumption and carbon footprint.
· *In September 2021,* a company called Xinyi Solar Holdings announced plans to invest in a new photovoltaic glass factory in Malaysia. The factory is expected to produce 1.8 million square meters of PV glass per year, helping to meet the growing demand for sustainable building materials in the region.
· *In July 2021,* a company called AGC Glass Europe announced the launch of its new photovoltaic glass product, SunEwat. The glass is designed to be integrated into building facades and windows, providing both energy generation and thermal insulation benefits.
*Competitive Landscape:*
Photovoltaic glass market is highly competitive, with companies competing on the basis of product quality, innovation, and pricing. Companies are also investing in research and development to improve the efficiency and performance of photovoltaic glass products and expand their potential applications.
*Top Market Players: Asahi Glass Co., Ltd., Hanergy Holding Group Limited, First Solar, Saint-Gobain, Flat Glass Group Co., Ltd., GUANGDONG GOLDEN GLASS TECHNOLIGIES LTD., Yingli Solar, TAIWAN GLASS IND. CORP., Xinyi Energy Holdings Limited, Borosil Glass Works Ltd., Jinko Solar, Trina Solar, Canadian Solar*
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*Photovoltaic Glass Market Dynamics:*
*Increasing demand for renewable energy:* The growing awareness of climate change and the need to reduce greenhouse gas emissions is driving the demand for renewable energy sources such as solar power. Photovoltaic glass is a key component of solar power systems, and as the demand for renewable energy continues to grow, so too is the demand for photovoltaic glass.
*Growing interest in sustainable building materials:* The construction industry is increasingly focused on sustainability and energy efficiency, and photovoltaic glass is a key material in green building design. As more building owners and developers seek to reduce energy consumption and carbon emissions, the demand for photovoltaic glass is expected to increase.
*Advancements in technology:* The development of new technologies, such as thin-film photovoltaic cells and integrated energy storage systems, is improving the efficiency and performance of photovoltaic glass. These advancements are making PV glass more competitive with traditional building materials and expanding its potential applications.
*Government incentives and policies:* Many governments around the world offer incentives and policies to promote the use of renewable energy sources, including solar power. These incentives can include tax credits, subsidies, and feed-in tariffs, which can make the use of photovoltaic glass more financially viable for building owners and developers.
*Cost and availability of materials:* The cost and availability of the materials used to manufacture photovoltaic glass can affect the market's growth. The cost of PV glass is generally higher than that of traditional building materials, and the availability of some materials, such as rare earth metals, can be limited. However, improvements in manufacturing processes and materials sourcing can help to address these challenges.
*Market Segmentation:*
Among all end-use industries, utility scale continues to hold a sizable market share for solar photovoltaic glass and is predicted to develop at the highest CAGR over the next years. Utility-scale solar arrays offer fixed-priced electricity at a lower cost than fossil fuel-based electricity, which is most expensive during periods of peak demand. It has promoted the development of renewable energy, hence lowering carbon pollution in the atmosphere. Market expansion is anticipated as a result of the surge in demand for solar panels for utility-scale applications.
· *By Composition -* Poly-Crystalline, Mono-Crystalline, Thin Film
· *By End-Use -* Commercial, Residential, Industrial
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*Regional Insights:*
North America now controls the global market for solar photovoltaic glass due to the region's increased use of the material in aeronautical applications. Asia-Pacific is predicted to have lucrative growth because of increased spending on R&D for defence and aerospace applications in the region's developing nations.
Europe has taken the lead and set some legislation to control solar waste. PV waste management is essential because recovered panels may have a big impact on the solar value chain if they can be used to create new panels.
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