Rockville , Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global photovoltaic glass market,estimated at US$ 21.24 billion for 2024, is projected to expand at a remarkable CAGR of 26.8% from 2024 to 2034. The market has observed robust development due to an upsurge in the use of renewable energy sources and the execution of stringent regulations governing clean energy adoption.
Photovoltaic glass, also known as solar glass, converts light into electrical current. It is composed of transparent semiconductor photovoltaic cells, which are sandwiched between two glass sheets. Photovoltaic glass is employed in components that produce solar energy.
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The PV power created is considered green or clean power since its source is renewable, and it does not create pollution. In addition to energy cost savings, probable benefits from the usage of photovoltaic glass include declining the carbon impression of services, subsidizing sustainability, and subsequently enlightening branding and public relations efforts.
| Report Attribute | Details |
| Value Projection (2034) | US$ 237.16 Billion |
| Growth Rate (2024-2034) | 26.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- The global photovoltaic glass market is set to reach US$ 21.24 billion in 2024.
- Demand for photovoltaic glass is projected to rise at a striking CAGR of 26.8% from 2024 to 2034.
- The market is projected to reach US$ 237.16 billion by 2034-end.
- The market in East Asia is predicted to expand at a CAGR of 28.4% through 2034.
- The industrial segment is forecasted to advance at an astonishing CAGR of 27.5% through the forecast period (2024 to 2034).
- North America is estimated to account for 25.8% share of the global market in 2024.
“The solar industry has experienced substantial expansion, leading to a positive impact on the market outlook for important components like photovoltaic glass. While the global photovoltaic glass market remains primarily propelled by substantial demand from non-residential sectors, our research emphasizes the pivotal role of governments in melding the photovoltaic glass market and related segments,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Yuhua and Trakya
- Xinyi Solar
- Anci Hi-Tech
- Saint-Gobain
- Interfloat
- NSG Group
- AGC
- Topray Solar
- AVIC Sanxin
Introduction of Off-grid Technology for Electricity Shortages
Growth of the photovoltaic glass market primarily stems from the increased utilization of renewable energy sources and the enforcement of stringent government regulations favoring clean energy options. Governments across the globe are actively promoting the use of sustainable energy in construction materials, a factor expected to positively impact the photovoltaic glass market in the projected period. Moreover, solar photovoltaic glass-produced energy reduces greenhouse gas emissions, ensuring cost savings.
Emergence of off-grid electricity systems presents significant growth prospects for manufacturers within the photovoltaic glass market domain. With over a billion people worldwide lacking access to electricity, off-grid technology is seen as a promising solution to address electricity shortages in remote areas across various developing nations. This involves providing essential lighting and heating services to inaccessible regions where conventional network connections are impractical.
- In August 2022, Nippon Sheet Glass Co., Ltd. revealed plans to invest in constructing a new facility in Malaysia, aimed at enhancing the company's capacity for producing TCO-coated solar PV glass.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the photovoltaic glass market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on composition (polycrystalline, monocrystalline, thin films) and end use (commercial, industrial, residential), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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