LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global solar cover glass market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global solar cover glass market will grow at a CAGR of close to 31% during the forecast period. The rise in solar PV installations is a major factor driving the market’s growth. Factors such as population growth and technological advances in the field of electrical and electronic appliances have increased the demand for energy. The rise in demand for industrial electric motor systems, growth in the electric appliances market, and increase in the use of HVAC systems owing to variation in temperature will increase the demand for electricity globally.
Governments of many countries have started investing in various energy projects due to the rise in demand for energy. Several countries have started increasing their investment in renewable energy owing to the growing concerns about climate change and global warming. During the forecast period, reduced carbon footprints of solar and wind energy compared with coal will drive the renewable energy market.
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In this report, Technavio highlights the rise in deployment of microgrids as one of the key emerging trends in the global solar cover glass market:
Rise in the deployment of microgrids
Microgrids are energy systems that are combined with several sources of energy such as wind, solar, geothermal, and fossil fuels, thus negating the disadvantage of conventional grids. These grids are constructed with the aim to provide power to an entire local community, university, or a military base.
“Microgrids aid in overcoming the intermittency issue of solar power as they are equipped with storage systems for backups. They are usually used as substitutes for larger energy grids in case of emergency situations such as natural calamities. During the forecast period, the rise in the number of microgrid projects is expected to increase the demand for solar PV systems and subsequently the demand for solar glass,” says a senior analyst at Technavio.
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Global solar cover glass market segmentation
This market research report segments the global solar cover glass market into the following applications (utility, commercial, and residential) and key regions (the Americas, APAC, and EMEA).
The utility segment held the largest market share in 2017, accounting for nearly 47% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is commercial, which will account for nearly 28% of the total market share by 2022.
APAC was the leading region for the global solar cover glass market in 2017, accounting for a market share of nearly 72%. By 2022, APAC is expected to continue dominating the market and register the highest growth.
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