AT 7% CAGR, Solar PV Glass Market to surpass US$3 billion by 2024
Date: 2019-01-25   Author: Ronak Bora  Category: #industry

AT 7% CAGR, Solar PV Glass Market to surpass US$3 billion by 2024

Solar PV Glass Market is gaining remarkable momentum with escalating investments toward boosting energy efficient technology and conserving the energy mix. Favorable government initiatives and projects toward the usage of clean energy sources to reduce carbon footprints have brought about huge growth prospects for solar PV glass industry over the coming seven years. In 2016, global Solar PV glass market was worth over USD 2 billion and the overall consumption is projected to cross 700 million square meters by 2024, according to a report by Global Market Insights, Inc.

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Global Solar PV Glass Market is anticipated to surpass USD 3 billion by 2024. Increasing capital support from private and public financial organizations including Asian Development Bank (ADB) and World Bank to explore the untapped photovoltaic potential across developing economies will enhance the Solar Photovoltaic Glass Market. In 2017, the European Investment Bank (EIB) conceded a long term financial support of over USD 230 million to the State Bank of India (SBI) to successfully implement the national solar mission in the country.

Stringent government policies to curb the carbon emissions coupled with increasing installation of sustainable energy sources will boost the Solar PV Glass Market. In 2015, the government of UK introduced a target to substitute the fossil fuel fired power stations across the country with clean energy systems by 2025. The initiative will significantly support its national objective to achieve the long-term emission reduction target of 80% by 2050 with reference to 1990 levels.

Solar Photovoltaic Glass Market in Netherlands was valued over USD 18 million in 2016. Stringent government norms to reduce Green House Gas emissions coupled with the government initiatives to rooftop installations will stimulate the industry landscape. In 2016, the government of Netherland prolonged their solar tax scheme in compliance to European Union climate action plan. 

Technical and financial supports including subsidies, rebates, and asset leveraging, provided by the government bodies will further stimulate the Solar PV Glass Market. In 2016, the government of France granted a feed-in-tariff premium for various building-integrated photovoltaics installations (BIPV). The average reward was valued between USD 0.15/kWh to USD 0.28/kWh based on the working capacity of the systems.

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Crystalline silicon module in Solar PV Glass Market is anticipated to be over 5 million-metric tons by 2024 owing to increasing R&D investments and high operational efficiencies. In 2017, Korea Advanced Institute of Science and Technology in association with Sungkyunkwan University introduced a semi-transparent solar cell for solar windows for automobile and architectural applications. The perovskite integrated cell technology provides smart heat management for indoor activities and produces electricity.

Key industry player in Solar PV Glass Market includes Nippon, Sunarc Technology, Onyx, Saint Gobain, Jin Jing Group, Guardian Industries, Guangdong Golden, Vidur Glass, Xinyi, Borosil, Euro Multivision India, Flat Group, Hecker Glastechnik, and Interfloat Corporation.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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