Global solar PV market worth $21.1 billion in 2027
According to latest market report, the solar photovoltaic（pv) glass market size is expected to grow from USD 6.2 billion in 2022 to USD 21.1 billion in 2027, with a compound annual growth rate of 27.9%. The main factors driving the development of the solar photovoltaic glass industry include Growing demand for renewable energy and favorable government support for the establishment of solar farms.
During the forecast period, Asia Pacific is expected to have the largest market size in the global solar photovoltaic glass industry.
AR coated solar photovoltaic glass holds the largest share in the global solar photovoltaic glass market during the forecast period.
The solar photovoltaic glass industry is divided into AR coated solar photovoltaic glass, tempered solar photovoltaic glass, TCO coated solar photovoltaic glass, etc. AR coated glass will hold a dominant share in the market in 2021, and the strength in this segment is attributed to the high efficiency of these glasses in solar energy conversion. Furthermore, they can also be easily placed in sensitive environments such as airports. On the other hand, TCO coated solar photovoltaic glass has better energy transmission, which is expected to grow at the highest CAGR during the forecast period.
The application areas of the solar photovoltaic glass industry are divided into residential, non-residential and utility. The utilities segment is expected to grow at the fastest CAGR during the forecast period, and its growth is attributable to the favorable support from governments across the globe for the establishment of solar farms. Governments are offering subsidies and tax rebates to companies that build solar farms and connect energy to the grid.
Asia Pacific will be the leading solar photovoltaic glass market during the forecast period. Its dominance can be attributed to the concentration of solar PV module manufacturers in the region, especially in China. According to the International Energy Agency, the Asia-Pacific region has a 90% share of solar module manufacturing, and China alone accounts for 74% of the global manufacturing capacity. These glass are mainly used in solar modules, so the glass demand in this region is the highest. A strong industrial base, favorable government policies for solar power generation, and low labor costs are factors that make the solar photovoltaic glass industry strong and attract major players to invest in the region.
