Solar Photovoltaic Glass Market to Reach $37.6 Bn, Globally, by 2026 at 30.3% CAGR: Allied Market Research

PORTLAND, Oregon, Nov. 27, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Photovoltaic Glass Market Analysis by Type (Anti-Reflective Coated Glass, Tempered Glass, TCO Glass, and Others) and End-Use Industry (Residential, Commercial, and Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global solar photovoltaic glass market garnered $4.5 billion in 2018, and is expected to generate $37.6 billion by 2026, registering a CAGR of 30.3% from 2019 to 2026.

Drivers, restraints, and opportunities

Surge in demand for residential applications and supportive government policies for using photovoltaic technology drive the growth of the global solar photovoltaic glass market. However, high initial costs hinder the market growth. On the other hand, rise in demand for renewable energy create new opportunities in the industry.

The tempered glass segment to maintain its leadership status during the forecast period

Based on type, the tempered glass segment held more than two-fifths of the total share of the global solar photovoltaic glass market in 2018, and is expected to maintain its leadership status during the forecast period. This is due to this type being stronger and safer than any other type of glass. However, the anti-reflective coated glass segment is estimated to portray the fastest CAGR of 31.6% from 2019 to 2026, owing to its ability to improve light transmittance and offer better overall efficiency in comparison to other modules.

The utility scale segment to maintain its dominant position in terms of revenue by 2026

Based on end user, the utility scale segment contributed to the highest market share in the global solar photovoltaic glass market in 2018, holding more than half of the total share, and is expected to maintain its dominant position in terms of revenue by 2026. Moreover, this segment is estimated to witness the highest CAGR of 31.4% from 2019 to 2026. This is a lucrative segment, owing to its benefits of providing fixed-priced electricity during peak demand periods. The research also analyzes segments including residential and commercial.

Asia-Pacific to continue its lion's share by 2026, North America to follow

Based on region, Asia-Pacific contributed to the highest share, accounting for more than two-thirds of the global solar photovoltaic glass market in 2018, and is estimated to continue its lion's share during the forecast period. This is due to regulations supporting photovoltaic panel installation and rise in solar panel installations. North America is expected to maintain the second-highest market share during the forecast period. However, LAMEA is expected to portray the largest CAGR of 31.0% from 2019 to 2026, owing to rapid surge in development of renewable power to meet the ever-rising electricity demand.

Leading market players

• Onyx Solar Group LLC

• Shenzhen Topray Solar Co., Ltd.

• Borosil Glass Works Limited

• Trina Solar

• Ja Solar Holdings Co. Ltd.

• Sharp Corporation

• Brite Solar

• Wuxi Suntech Power Co., Ltd.

• Gruppo STG

• Polysolar