Authored By: Sarah
11 Jul 2024

 Solar Cover Glass Market Size to grow by USD 4274.62 million between 2024-2028

According to a research report “ Solar Cover Glass Market” by Application (Utility, Commercial, Residential) Type (Crystalline, Thin-film) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4274.62 million, at a CAGR of about 10.24% during the forecast period. The global energy market is experiencing significant growth due to population expansion and technological advancements in the electrical and electronic sectors. According to the International Energy Agency (IEA), global energy demand is projected to increase by approximately 30% by 2040. This growth can be attributed to the increasing demand for industrial electric motor systems, the expanding electronic appliances market, and the rising use of HVAC systems due to temperature fluctuations. In response to these trends, governments worldwide are investing in energy projects to meet the escalating demand for electricity. Furthermore, growing concerns regarding climate change and global warming have led several nations to prioritize renewable energy as a sustainable solution.

Browse market data tables, figures, and in-depth TOC on “Solar Cover Glass Market” by Application (Utility, Commercial, Residential) Type (Crystalline, Thin-film) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Application, the Utility segment is projected to dominate the market size in 2024

The residential solar cover glass market is poised for significant expansion in the upcoming years, driven by escalating energy demands and escalating electricity costs. With growing concerns over environmental pollution from fossil fuel consumption, the adoption of solar energy solutions is on the rise in the residential sector. The Asia Pacific and the Americas regions are projected to lead the market growth due to the increasing number of residential solar installations and the need for electricity in rural areas. Moreover, the declining costs of solar power generation are expected to further fuel market demand.

By Type, Crystalline  segment is expected to hold the largest market size for the year 2024

In the solar power utility sector, the use of high-quality solar cover glass, such as tempered and plate glass, is essential for enhancing the durability and performance of solar panels. Given the substantial installation of solar panels at utility-scale power plants, the associated maintenance costs can be substantial. To mitigate these expenses, solar power utility developers prioritize the selection of superior solar cover glass. Frequent repair and maintenance needs in large-scale settings further underscore the significance of this investment. With the expanding footprint of utility-scale solar energy capabilities worldwide, the demand for top-tier solar cover glass is experiencing significant growth.

APAC is forecasted to hold the largest market size by region in 2024

The Asia-Pacific (APAC) region is currently the largest and fastest-growing market for solar cover glass, with key contributors being China, India, South Korea, and Japan. The solar cover glass market in APAC is projected to expand significantly during the forecast period. Factors such as increasing environmental consciousness, new regulations, expanding energy demand, and decreasing solar cell costs are fueling the growth of solar systems and, consequently, the demand for solar cover glass in APAC. The solar systems market in APAC has experienced substantial growth in recent years. According to the International Energy Agency (IEA), China has maintained its position as a global front-runner in solar power generation, surpassing the US in annual solar capacity installations.

The Solar Cover Glass Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AGC Inc.
  • Borosil Ltd.
  • Central Glass Co. Ltd.
  • Compagnie de Saint Gobain
  • Corning Inc.
  • CSG Holding Co. Ltd.
  • Flat Glass Group Co. Ltd.
  • Glas Trosch Holding AG
  • Interfloat Corp.
  • IRICO Group New Energy Co. Ltd.
  • Koch Industries Inc.
  • Nippon Sheet Glass Co. Ltd.
  • Onyx Solar Group LLC
  • SCHOTT AG
  • Shenzhen Topray Solar Co. Ltd.
  • Taiwan Glass Ind. Corp.
  • Targray Technology International Inc.
  • TURKIYE SISE VE CAM FABRIKALARI A.S.
  • Xinyi Solar Holdings Ltd.
.

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Research Analysis Overview

The Solar Cover Glass Market is experiencing significant growth due to the increasing focus on environmental concerns and the need for energy efficiency in buildings. Solar cover glass, also known as solar photovoltaic glass, is a type of glass used in building facades and roofs that integrates solar cells to generate electricity. This innovation reduces greenhouse gas emissions and carbon footprints, making it an essential component of sustainable construction practices. The market for solar cover glass includes various types of glass substrates such as figured glass, float glass, and thin film. Solar cells are embedded in these glass substrates, along with encapsulants and coatings. The permitting processes, tax credits, subsidies, and government incentives for renewable energy sources and green building certifications are driving the demand for solar cover glass in the building sector. Rapid urbanization and the need for energy security and climate change mitigation are also significant factors contributing to the growth of the solar cover glass market. Cities are increasingly adopting solar technology as part of their sustainable construction practices to reduce their carbon footprint and improve energy efficiency. The market for solar cover glass is expected to continue growing as the world transitions to renewable energy sources.

Market Research Overview

The Solar Cover Glass Market is witnessing significant growth in various sectors, including rehabilitation projects and building and construction. This market encompasses various types of glass surfaces, such as figured glass, float glass, and thin film, used in photovoltaic (PV) applications. The use of adhesives and cement in the manufacturing process ensures the durability and strength of these glass plates. In the PV sector, high transparency solar glass is essential for maximizing energy output and minimizing reflection losses. However, potential risks such as short circuits, hot spots, and structural flaws necessitate the use of low resistance materials and proper encapsulation. The disposable incomes of consumers and supportive government policies are driving the demand for solar PV installations in both the utilities sector and architectural design. Environmental concerns, including greenhouse gas emissions and carbon footprints, are also fueling the adoption of solar technology in cities and sustainable construction practices. Weather conditions, moisture, and safety risks are crucial factors affecting the longevity and efficiency of solar panels. AR coated glass segments and patterned glass offer solutions to mitigate reflection losses and enhance energy output. Advancements in solar technology, such as solar cells and encapsulants, and supportive government incentives, including permitting processes, tax credits, and subsidies, are expected to further boost the growth of the solar cover glass market. The market is also witnessing rapid urbanization and the increasing popularity of rooftop systems, making it an attractive investment opportunity for businesses and consumers alike.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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