Tempered Solar PV Glass Market Size (2023 - 2030)

The Tempered Solar PV Glass Market was estimated to be worth $6 billion in 2022, and it is projected to reach $46.3 billion by the end of 2030, with a CAGR of 29.1% during the forecast period (2023 - 2030).

The primary drivers projected to advance the Tempered solar PV glass market are the increasing user demand for the products as well as increasing interest in renewable energy resources and their subsequent products.

Industry Overview:

Solar cells are the cells that are used to convert solar energy to electricity. The solar panels that can be observed on rooftops of homes, commercial enterprises, and solar farms are composed of several of these cells. These cells are very delicate and sensitive and thus need strong protective equipment. These are therefore covered by the tempered solar PV glass. PV stands for photovoltaic and refers to the joining point of 2 or more solar cells. Because the cells are sensitive the smallest exposure to natural elements like water, dirt, or more can damage them. Therefore this glass undertakes the very significant task of protecting expensive equipment.

COVID-19 Impact on the Tempered Solar PV Glass Market:

The COVID-19 pandemic was responsible for causing a lot of damage to various communities in almost all different sectors. The virus that caused the pandemic was extremely dangerous and very contagious. Therefore isolation and containment measures were required to be put into place so as to prevent further damage. This led to governments installing lockdowns across the countries through national and international borders. This halted the production of all non-essential items and shut down factories. Because of this a major supply chain issue was observed across many industries and the solar glass market was one of them. Due to the lack of raw materials and absence of workers, production shut down and the market observed a major decline. Due to this, the growth was stagnant for a long time but recovery is on the horizon. Post-pandemic people are seeing the need to use renewable energy sources and thus the market for Tempered Solar PV Glass market has also observed growth and will continue to do so in the future.

Market Drivers:

Increasing user demand for Tempered Solar PV Glass is poised to drive the market growth for the same:

The cost of most day-to-day necessities has increased which has been a big issue for people across the globe. Electricity is also one such factor. With the use of smart devices and the integration of other products into daily life, the consumption of electricity has been very large. Solar panels ensure that the cost of electricity overall is maintained. Therefore user demand for the same has been increasing. The major cost for solar panels is the initial purchase and installation. It requires minimum after-costs and maintenance. Therefore the one-time investment appears to be a lucrative deal for a lot of people and that can be observed in the growth of the market.

Increasing interest in renewable energy resources and their subsequent products is anticipated to drive market expansion:

The phenomenon of global warming has caused uproar amongst people of all communities and has worried a lot of people. A major solution to this is adopting renewable energy sources and ensuring that they are used as widely as possible. This rise in interest has been a major factor in the growth of the market. Renewable energy saw a rise across all sectors in terms of electric vehicles, wind-generated power, and solar energy generation farms. The number of solar farms installed has increased by a large margin. Private residences as well as commercial buildings are adopting solar panels and becoming self-sufficient in their energy usage and production. Therefore the market has seen a great rise owing to enthusiasm regarding all renewable energy resources and their subsequent products.

Market Insights and Developments

• In April 2021, the Indian manufacturer Gold Plus announced the construction of its new solar glass manufacturing plant by the end of 2023 which is estimated to have a capacity of 300 tones. They are expected to manufacture glasses of varying thicknesses from 2 to 6 mm.
• In February 2022, Borosil Renewables announced its plans to quadruple its solar glass production capacity to more than 4 times its previous capacity and rise it to 2100 tons per day by the year 2024.

Market Restraints:

The Tempered Solar PV Glass Market's growth is being hampered by the high expenses of the product as well as the raw materials: 

The Tempered Solar PV Glass is made from different materials depending on the modules. The key raw materials are soda ash and silicon which have been priced high after the pandemic. Because the raw materials are being more expensive the overall cost of the production of the solar panel has also increased a lot. After production, the solar panel needs to be transported to the desired location which is also expensive as immense care needs to be taken to not damage the glass. Installation needs to be done by technicians and professionals as it requires a lot of knowledge concerning the panels themselves and their inner functioning. All of these factors combined raise the overall cost of installation and the product but the benefits outweigh the disadvantages that come with it.

TEMPERED SOLAR PV GLASS MARKET REPORT COVERAGE:

Tempered Solar PV Glass Market - By Module

• Crystalline Silicon PV Modules

• Perovskite Modules

• Thin Film PV Modules

Crystalline Silicon PV Modules hold the largest market share in terms of the modules sector. These modules are used widely across all sectors but especially the utility sector as they are the most efficient amongst the given. Silicon is a preferable material and further aids in the progress of these modules. Perovskite modules are the up-and-coming technology and they are estimated to grow the fastest in the forecast period.

Tempered Solar PV Glass Market - By Installation Technology

• Float Technology

• Pattern Technology

Float technology refers to the type of solar glass that is installed on a water body. Hence the use of the word “float”. Pattern technology holds the largest market share because it is used across multiple sectors and is the most popular. It refers to the glass having a specific pattern on it that ensures that the light is redirected such that maximum use of it can be made. This makes solar panels extremely efficient.

Tempered Solar PV Glass Market - By End-User

• Residential

• Commercial

• Utility

The utility segment from the end user section has held the largest market share in the past and continues to do so. This has been boosted by government funding provided to encourage the use of renewable energy resources. Several governments across the globe provide subsidies for the purchase of solar panels or glass and other products. The commercial sector is predicted to show the fastest growth owing to the spike in commercial buildings like offices, shopping malls, etc. using solar PV glass.

Tempered Solar PV Glass Market- By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

Asia-Pacific is the largest market share holder for tempered solar PV glass owing to a number of factors that include the installation of solar panels over major commercial and leisure projects, high-value government subsidies in the purchase of renewable energy products, and more. North America has shown the fastest growth in terms of market share and is estimated to do so in the forecast period of 2022-2030 as well. In this case, the market is used for applications in the aerospace industry as well as commercial and utility sectors.

Major Key Players in the Market

1. Nippon Sheet Glass Co., Ltd.

2. Taiwan Glass Industry Corporation

3. Xinyi Solar Holdings Limited

4. Sisecam

5. Guardian Glass

6. Saint-Gobain

7. Borosil Limited

8. China-Henan Huamei Chemical Co., Ltd.

9. Interfloat Corporation

10. AGC Glass Europe