Solar Photovoltaic Glass Market worth $21.1 billion by 2027| Key players Xinyi Solar Holdings Ltd., Flat Glass Group Co., Ltd, AGC Solar, Nippon Sheet Glass Co., Ltd., Taiwan Glass Ind. Corp.

According to recent market research the "Solar Photovoltaic Glass Market by Type (AR-Coated, Tempered, TCO-Coated), Application, End User (Crystalline Silicon PV Module, Thin Film Module, Perovskite Module), Installation Technology & Region - Global Forecast to 2027", Solar photovoltaic glass market size is projected to reach USD 21.1 billion by 2027 from USD 6.2 billion in 2022 growing at a CAGR of 27.9%.

The solar PV glass industry has been segmented based on type into AR-coated solar PV glass, tempered solar PV glass, TCO-coated solar PV glass, and others. The AR-coated segment accounted for the dominant share of the market in 2021. The dominance of this segment is attributed to the high efficiency of these glasses in conversion of solar energy. Also, they can be easily placed in sensitive surroundings such as airports. On the other hand, TCO-coated solar PV glass have better transmission of energy, which is expected to lead this segment to grow with the highest CAGR during the forecast period.

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The solar photovoltaic glass industry has been segmented based on application into residential, non-residential, and utility. The utility segment is projected to grow with the fastest CAGR during the forecast period. The growth in this segment is attributed to the conducive support of governments across the globe to set up of solar energy farms. Governments are providing subsidies and tax rebates to companies setting up solar farms for feeding energy into the grid. For instance, in China, the budget for renewable energy rebates was increased to USD 840 million for 2021, of which about 55% was allocated to the solar power industry. A similar trend is observed across the globe, even in underdeveloped countries, to reduce their fossil fuel import burden.

The market has been segmented based on the end-user into crystalline silicon PV module, thin-film modules, and perovskite modules. The crystalline silicon PV modules segment accounted for the largest share of the market in 2021 and is expected to witness significant growth during the forecast period. This increase is attributed to good efficiency, easy availability of semiconductor raw material, and competitive cost of the module in large volumes. On the other hand, perovskite module is a relatively new technology that is gaining popularity owing to its higher efficiency and low space requirements.

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Asia Pacific is projected to be the leading solar PV glass market during the forecast period. The dominance of the regional market can be attributed to the concentration of solar PV module manufacturers in the region, especially in China. According to International Energy Agency, Asia Pacific hold 90% share in the manufacture of solar modules, with China alone accounting for 74% of the global manufacturing capacity. These glasses are primarily used in solar modules, thus leading the glass demand in the region to be the highest. The presence of a robust industrial base, favorable government policies for solar energy generation, and low labor costs are factors strengthening the solar PV glass industry and attracting major players to invest in the region.

Xinyi Solar Holdings Ltd. (China), IRICO Group New Energy Co., Ltd. (China), Flat Glass Group Co., Ltd (China), Qingdao Jinxin Glass Co., Ltd. (China), Dongguan CSG Solar Glass Co., Ltd. (China), AGC Solar (Japan), Nippon Sheet Glass Co., Ltd. (Japan), Taiwan Glass Ind. Corp. (Taiwan), Saint-Gobain (France), Borosil Renewables Ltd. (India), and Guardian Glass (US), among others, are the key players operating in the solar PV glass market.

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Nippon Sheet Glass Co., Ltd. operates in 28 countries and has sales in 130 countries around the globe. The company manufactures various range of solar glass products which includes float glass and TCO glass. Nippon Sheet Glass Co., Ltd. operates in four major businesses such as architectural, automotive, technical glass and others. In August 2022, Nippon Sheet Glass Co., Ltd. has made an announcement to increase its production capacity of TCO glass by investing in its Malaysia plant.

Sisecam Flat Glass is one of the leading manufacturers of solar PV glass in turkey. The company has operations in America, Europe, Middle East & Africa, and Asia region. The company manufactures tempered PV glass for PV modules and solar thermal collector. In August 2021, Sisecam Flat Glass has launched new product Sisecam Tentesol in Indian market which is a reflective solar control glass.

Borosil Renewables Ltd. is the first company in India to manufacture solar glass. The company manufacture high performance solar glass for various applications. In April 2022, Borosil Renewables Ltd acquired 100 % capital share of two solar glass manufacturing companies which are Interfloat Corporation and Glasmanufaktur Brandenburg (GMB).

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