Tempered Solar PV Glass Market Analysis (2024 - 2030)

The Tempered Solar PV Glass Market, valued at $7.75 billion in 2023, is forecasted to attain a worth of $46.3 billion by the conclusion of 2030, showcasing a notable Compound Annual Growth Rate (CAGR) of 29.1% throughout the projection period spanning from 2024 to 2030.

Industry Overview

The pivotal factors anticipated to propel the Tempered Solar PV Glass Market forward include burgeoning consumer demand and heightened interest in renewable energy sources and their associated products.

Solar cells, pivotal in converting solar energy into electricity, comprise solar panels prevalent on residential rooftops, commercial establishments, and solar farms. Due to their delicate nature, necessitating robust protection, these cells are shielded by tempered solar PV glass. The acronym PV denotes photovoltaic, representing the juncture of two or more solar cells. Given their sensitivity, even minimal exposure to natural elements such as water or dirt can inflict damage, underscoring the crucial role of this glass in safeguarding valuable equipment.

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

The COVID-19 pandemic precipitated widespread disruptions across various sectors, necessitating stringent containment measures to mitigate its spread. Government-imposed lockdowns ensued, halting production activities deemed non-essential, including factory operations. This impeded the supply chain, inducing a significant downturn in the solar glass market. However, post-pandemic, a resurgence is imminent as the imperative for renewable energy adoption gains traction, fostering renewed growth prospects for the Tempered Solar PV Glass Market.

Market Drivers:

The escalating demand for Tempered Solar PV Glass is poised to fuel market expansion:

Rising living costs, including electricity expenses, have spurred interest in cost-effective alternatives. Solar panels offer a sustainable solution, ensuring long-term energy cost stability. Despite the initial investment and installation costs, the minimal maintenance expenses render them financially appealing, driving heightened consumer demand and subsequently, market growth.

Growing enthusiasm for renewable energy sources and associated products is anticipated to drive market proliferation:

The urgency to address climate change has catalyzed widespread adoption of renewable energy solutions. This surge in interest has precipitated a surge in solar farm installations and residential/commercial solar panel deployments, underscoring the market's growth trajectory.

Market Developments:

• In April 2021, Gold Plus, an Indian manufacturer, announced plans for a new solar glass manufacturing facility slated for completion by end-2024, with a projected capacity of 300 tons, offering glasses of varying thicknesses ranging from 2 to 6 mm.
• In February 2022, Borosil Renewables disclosed intentions to quadruple its solar glass production capacity by 2024, elevating it to 2100 tons per day, indicative of significant industry expansion.

Market Challenges:

The growth of the Tempered Solar PV Glass Market is impeded by escalating product and raw material costs:

Key raw materials, such as soda ash and silicon, have witnessed price hikes post-pandemic, escalating production expenses. Additionally, transportation and installation costs further contribute to the overall expenditure, albeit the long-term benefits outweighing these challenges.

Tempered Solar PV Glass Market - By Module

• Crystalline Silicon PV Modules
• Perovskite Modules

The largest market share in terms of the modules sector is held by Crystalline Silicon PV Modules. These modules find extensive use across various sectors, especially the utility sector, owing to their superior efficiency among the available options. Silicon serves as the preferred material, further contributing to the advancement of these modules. On the other hand, Perovskite modules represent an emerging technology and are projected to experience the most rapid growth during the forecast period.

Tempered Solar PV Glass Market - By Installation Technology

• Float Technology
• Pattern Technology

"Float technology" pertains to the type of solar glass that is installed on bodies of water, hence the term "float." Meanwhile, Pattern Technology dominates the largest market share, favored across multiple sectors due to its widespread popularity. This technology involves glass with a distinct pattern designed to redirect light, maximizing its utilization and thereby enhancing the efficiency of solar panels.

Tempered Solar PV Glass Market - By End-User

• Residential
• Commercial
• Utility

Historically, the utility segment within the end-user category has held the largest market share, a trend that persists. This growth has been bolstered by governmental financial support aimed at promoting the adoption of renewable energy sources. Governments worldwide offer subsidies for the acquisition of solar panels, glass, and related products. Forecasts indicate that the commercial sector is poised for the swiftest growth, attributed to the increasing number of commercial structures such as offices and shopping malls opting for solar PV glass installations.

Tempered Solar PV Glass Market - By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Asia-Pacific emerges as the primary market share holder for tempered solar PV glass, driven by various factors such as widespread installations of solar panels in major commercial and leisure projects, substantial government subsidies for renewable energy product purchases, and more. North America has exhibited the most rapid growth in market share, a trend expected to continue throughout the forecast period from 2022 to 2030. Notably, the aerospace industry, alongside commercial and utility sectors, utilizes the market for various applications.

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