Solar Photovoltaic Glass Market Estimated to Witness High Growth Owing to Increasing Focus on Renewable Energy Sources
Solar photovoltaic glass is specially treated glass extensively used in solar panels to generate electricity from sunlight. It reduces the reflection and increases the transmission of light into the solar panel. Solar photovoltaic glass is increasingly being used in residential and commercial buildings as it provides electricity while maintaining the architectural aesthetics of the building. The rising installation of solar power systems in both on-grid and off-grid applications to reduce dependence on fossil fuels is boosting the demand for solar photovoltaic glass.
The global Solar Photovoltaic Glass Market is estimated to be valued at US$ 15.38 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key driver for the growth of the solar photovoltaic glass market is the increasing focus on renewable energy sources globally to reduce carbon emissions. The growing investment by both public and private sector in large scale solar projects is augmenting the demand for solar photovoltaic glass as it protects and stabilizes the inside circuitry of solar panels. Moreover, the technological advancement in photovoltaic glass manufacturing coupled with strong government support through subsidies and incentives to accelerate solar power adoption rate is contributing to the expanding solar photovoltaic glass market. However, the high costs associated with setting up solar panel installations compared to traditional energy sources may hamper the market growth during the forecast period.
SWOT Analysis
Strength: Solar photovoltaic glass has three main strengths. It is a renewable source of energy, helping reduce carbon emissions. It is also becoming more efficient and cost effective compared to traditional energy sources. Manufacturers have also improved the designs of solar photovoltaic glass making it more durable and capable of generating electricity in low light conditions.
Weakness: Two main weaknesses are its high initial installation cost and dependence on weather conditions. Solar farms and installations require massive upfront investments. Cloudy or rainy days reduce the amount of energy generated from solar photovoltaic glass.
Opportunity: A major opportunity is the growing demand for renewable energy sources. Many countries have set targets to increase the share of solar and wind power in their overall energy mix to meet climate change goals. There is also opportunity to develop more efficient coating and glass technologies to further reduce costs.
Threats: Competition from other renewable technologies like wind turbines poses a threat. Dependency on raw material prices is also a challenge as fluctuations affect total costs. Trade barriers and subsidies for competing technologies can impact growth.
Key Takeaways
The global solar photovoltaic glass market size is expected to witness high growth.
Regional analysis: Asia Pacific region currently dominates the market and is expected to continue its dominance owing to high investments in solar projects by China and India. Countries like India have set ambitious solar capacity addition targets to meet rising energy demands in a sustainable way.
Key players operating in the Solar Photovoltaic Glass Market are Dow, Sherwin-Williams Company, PPG Industries Inc, Axalta Coating Systems Ltd , Akzo Nobel NV, ICA SpA, Covestro AG. These players are focusing on developing advanced coatings and thin-film technologies to improve efficiencies. Partnerships across the value chain are also helping ramp up production capacities.
Get more insights on this topic: https://www.newsanalyticspro.com/solar-photovoltaic-glass-market-size-and-outlook/
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