DUBLIN--(BUSINESS WIRE)--The "Solar PV Glass Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Solar PV Glass Market was valued at US$7.175 billion in 2019.
In this report, the market is broken-down by type, application, and geography. Segmentation on the basis of type is done as tempered and plate. By application, the global solar PV glass market is segmented into residential, commercial, and utility.
Growing focus on renewable energy sources due to rising global warming and climate change is the major driver of the solar PV glass market. Increasing installed capacity of solar energy is significantly driving the demand for solar PV glass. According to IEA (International Energy Agency), renewable power capacity is set to expand by 50% between 2019 and 2024, with a major share of solar, with China accounting for 40% of global renewable capacity expansion over the forecast period i.e. 2019 to 2024.
According to the IRENA (International Renewable Energy Agency) statistics, the world's total solar PV installed capacity surged from 40,275 MW in 2010 to 480,619 MW in 2018. The rising price of electricity across different regions with growing urbanization and the increasing number of manufacturing facilities is also augmenting the demand for low-cost renewable solar energy which, in turn, is boosting the solar PV glass market growth.
This market growth of PV glass is further attributed to the provision of subsidies by governments in various countries coupled with the rapid reduction in prices of solar panels worldwide. Favorable government initiatives, policies, and programs to increase the adoption of solar energy is further contributing to the solar PV glass market growth. For example, in India, the Central Government and the State Nodal Agencies (SNA) are offering subsidy schemes for the installation of solar PV glass across different sectors. The Central government provides a 30 percent subsidy for the installation of solar PV glass by institutional, residential, and social sectors.
However, the elimination of subsidy on solar panel installation is hampering the global PV glass market growth. The global solar PV glass market has drastically hit by a massive scaling-back of subsidies by the Chinese government as the country is both the major producer and consumer of solar PV. The country's solar installations slowed down in 2018 as the government took measures to reduce a subsidy payment backlog of more than US$14 billion.
Growing demand across the residential sector
The demand for solar PV panels is growing across the residential sector on account of the policy of net metering. Under this policy, net metering provides credit to the owner of solar PV systems for selling of exceeding of system's output. This helps in billing customers for their net energy used meaning in saving electricity cost and even generating some revenue by selling excess output. The net metering is in some places voluntarily or a regulatory decision depending on the government.
Rising electricity rates is encouraging people to install solar rooftop which generates electricity cost-effectively to which declining solar panel prices have also added to the financial incentives. The commercial sector will grow owing to the growing focus on CSR by companies to reduce carbon footprints. Moreover, many governments have made it mandatory for the commercial sector to generate some percentage of energy via renewable energy sources, thus positively impacting market growth.
APAC is the largest regional market for solar PV glass
Regionally, the global solar PV glass market is classified into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. APAC accounted for the major market share in 2019 owing to the presence of China as the major producer of solar panels globally. In 2018 China's National Energy Administration published an action plan for improving competitiveness in software and equipment that supports PV intelligent manufacturing and to promote exportation. China is aiming to improve its level of intelligent manufacturing in PV basic material, solar cell, and its components and this will further increase the solar PV glass market.
Furthermore, government initiatives and policies in countries like India and Vietnam to boost the adoption of solar energy further contributes to market growth. For example, under the National Solar Mission, the Indian government aims to boost solar energy for power generation with a long term goal of adding 20,000 MW of grid-connected solar power by 2022, creating measures like Solar specific RPOs under National Tariff Policy, and plan of implementing solar parks in various cities across the country. The net metering scheme was introduced in Sabah and Peninsular Malaysia with an aim to achieve 500MW by 2020. According to the Clean Energy Australia Report 2019, more than 2.3 GW of new renewable capacity in Australia emerged with 38 projects completed in 2018.
North America will experience a substantial CAGR during the forecast period. The rising solar panel manufacturing in the U.S. as a result of the imposition of a 30 percent tariff by the U.S. government on imported solar panels and cells in 2018 is fueling the solar PV glass market growth in this region. U.S.-based solar panel manufacturers such as Solaria, Heliene, Seraphim, SolarTech Universal, and SolarWorld Americas are increasing their production in order to cater to the rising local demand for solar panels, thus positively surging the demand for solar PV glass in the country.
For example, in October 2019, thin-film solar panel manufacturer First Solar started the production at its new PV module manufacturing facility in Lake Township (Ohio). Furthermore, the government initiatives for supporting and funding the small business in the solar market is seen as a beneficial factor for the solar PV glass market growth during the forecast period. The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STR) are the respective programs that provide funding opportunities to US based small businesses in order to have a potential future for commercialization (Source: U.S. Department of Energy).
Market Players and Competitive Intelligence
The competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry participants profiled as part of this section are Borosil Renewables Limited, Targray Technology International, Onyx Solar Group LLC, AGC Glass Europe, ViaSolis, and Polysolar among others.
For more information about this report visit https://www.researchandmarkets.com/r/tjawnl