Favorable Initiatives of Several Governments for The Installation of Solar Photovoltaic Plants Coupled with Lowering Cost of Solar and Energy Storage Devices Is Anticipated to Propel the Growth of The Global Solar Photovoltaic Glass Market at A CAGR of 6.2% During the Assessment Period, 2019-2026

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Global Solar Photovoltaic Glass Market is estimated to reach $4,200.2 million in 2019 with a CAGR of 6.2% from 2019 to 2026.

The Asia Pacific region is expected to be the largest market for solar PV glass. Increasing government initiatives to reduce the emission of greenhouse gases and the increasing demand for solar energy in the region are key factors contributing to market growth. Moreover, suitable climatic conditions and the growing accessibility of solar PV manufacturers in China and India are projected to boost the growth of the market in the Asia-Pacific region during the assessment period.

Favorable Initiatives of Several Governments for The Installation of Solar Photovoltaic Plants Coupled with Lowering Cost of Solar and Energy Storage Devices Is Anticipated to Propel the Growth of The Global Solar Photovoltaic Glass Market at A CAGR of 6.2% During the Assessment Period, 2019-2026

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OVERVIEW

Global solar photovoltaic glass market is estimated to reach $4,200.2 million in 2019 with a CAGR of 6.2% from 2019 to 2026.  Solar photovoltaic (PV) glass comprises solar cells or transparent semiconductor-based photovoltaic cells which allows the translation of sun rays into electricity. The solar PV glass generated electricity is considered as clean electricity as it does to lead to pollution.

Recently, the governments in several countries are encouraging the uptake of renewable energy sources, this factor is anticipated to positively affect market growth. As per the data published by the U.S. News & World Report L.P., in 2017, nearly 10% of the total energy consumption in the U.S. came from renewable energy which included geothermal, solar, wind, biomass, and hydropower. In addition to this, nearly 17% of the U.S.’s electrical consumption originated from renewable sources. Moreover, the growing demand for solar systems in commercial, residential, and utility scales propels the growth of the market. Additionally, the energy formed by solar photovoltaic glass reduces greenhouse gas and carbon emissions and guarantees energy cost savings thereby supporting the adoption of solar PV glass.  Additionally, the rising in demand for power/electricity and lowering costs related to solar photovoltaic glass installations when compared to conventional energy sources are predicted to offer profitable opportunities for the global market during the forecast period. Furthermore, the mounting prices of fossil fuels and dropping prices of solar and energy storage devices are estimated to positively impact the market growth in the coming years.  On the flip side, factors such as high initial set-up cost, the requirement of power conversion devices, and growing prices of raw materials may hinder the market growth.

The global solar photovoltaic glass market has been segmented into type, application, and end-use. The type segment has been classified into AR coated glass, tempered glass, TCO glass, and others. The application segment has been divided into silicon solar cells and thin-film solar cells. Further, the end-use segment has been bifurcated into commercial, residential, and utility-scale.

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On the basis of region, the global solar photovoltaic glass market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe has been segmented into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been further classified into India, South Korea, China, Japan, and Rest of Asia-Pacific. Moreover, the South American region has been segmented into Argentina, Brazil, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and the Rest of the Middle East.  The Asia Pacific region is expected to be the largest market for solar PV glass. Increasing government initiatives to reduce the emission of greenhouse gases and the increasing demand for solar energy in the region are key factors contributing to market growth. Moreover, suitable climatic conditions and the growing accessibility of solar PV manufacturers in China and India are projected to boost the growth of the market in the Asia-Pacific region during the assessment period.

Prominent companies operating in the solar photovoltaic glass industry are Onyx Solar Group LLC, Trina Solar, Shenzhen Topray Solar Co., Ltd, Borosil Glass Works Limited, Sharp Corporation, Saint-Gobain, Henan Huamei Cinda Industrial Co., Ltd., AGC Glass, Brite Solar,  Nippon Sheet Glass Co., Ltd., Flat Glass Co., Ltd., Hecker Glastechnik GmbH & Co. KG., and Guangdong Golden Glass Technologies. Key strategies undertaken by market players include partnerships, merger & acquisition, investments in manufacturing facilities, and product launch to strengthen its market presence. For instance, in 2019, Saint-Gobain entered into an agreement to acquire Continental Building Products. With this acquisition, Saint-Gobain aimed to increase its asset portfolio and surge its ability to deliver innovative solutions to a wider customer base. The acquisition also focused on increasing the company’s presence in growth regions in the U.S. Similarly, in June 2016, AGC Glass and Solaria Corporation entered into a strategic partnership to deliver AGC Sudare driven-by-Solaria, building integrated photovoltaic (BIPV) solution to the Asian market.

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