Solar Photovoltaic Glass Market is Expected to Reach $37.6 Billion by 2026: Says AMR
Portland, OR, Feb. 24, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global solar photovoltaic glass market was estimated at $4.5 billion in 2018 and is expected to hit $37.6 billion by 2026, registering a CAGR of 30.3% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Increase in demand for residential applications and supportive government policies for using photovoltaic technology fuel the growth of the global solar PV glass market. On the other hand, high initial costs restrain the growth to some extent. Nevertheless, surge in demand for renewable energy is anticipated create multiple opportunities in the coming years.
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Covid-19 scenario-
- The outbreak of the pandemic led to distorted supply chain and sluggish manufacturing activities across the world, thereby impacting the global solar photovoltaic glass market negatively.
- However, several government bodies have now come up with relaxations on the existing restrictions, and the market is expected to recoup its position soon.
The global solar photovoltaic (PV) glass market is analyzed across type, end-use industry, and region. Based on type, the tempered glass segment accounted for more than two-fifths of the total market share in 2018, and is projected to maintain the lion’s share throughout the forecast period. Simultaneously, the anti-reflective coated glass segment is projected to exhibit the fastest CAGR of 31.6% from 2019 to 2026.
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Based on end user, the utility scale segment contributed to more than half of the total market revenue in 2018, and is anticipated to retain its dominance by 2026. This segment would also garner the fastest CAGR OF 31.4% during the forecast period.
Based on region, Asia-Pacific held the highest share in 2018, and is expected to lead the trail by 2026. At the same time, the market across LAMEA would manifest the fastest CAGR of 31.0% from 2019 to 2026. The other two regions studied through the report include North America and Europe.
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The key market players analyzed in the global solar photovoltaic glass market report include Ja Solar Holdings Co. Ltd., Onyx Solar Group LLC, Borosil Glass Works Limited, Trina Solar, Sharp Corporation, Polysolar, Brite Solar, Shenzhen Topray Solar Co., Ltd., Wuxi Suntech Power Co., Ltd., and Gruppo STG. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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