Solar PV Glass Market: By Glass Type (3.2 mm, 2 mm), By End-User (Residential, Commercial), and Geography

Solar PV Glass Market size was valued at USD 15,811.9 million in 2023 and is poised to grow at a CAGR of 24.8% from 2024-2030. Solar photovoltaic (PV) glass is a type of glass that converts solar energy into electricity using solar cells. It is installed on the roofs or facades of buildings to generate enough energy to power the entire structure. An increase in the demand for solar PV installation in developed and developing countries coupled with a decrease in PV module prices, and a rise in rooftop solar installation demand, particularly from the residential sector are a few factors burgeoning the solar PV module installation volume. Moreover, technological advancements are revolutionizing the solar PV industry, enhancing efficiency and affordability. Innovations in panel designs, energy storage, and smart grid technologies are making solar power more accessible and reliable. The integration of AI and machine learning is optimizing energy production and reducing costs. In November 2023, perovskite tandem solar cells set a new world record for efficiency, surpassing the previous record set just months earlier.

According to Mercom Capital Group, the top ten utility-scale solar developers accounted for 145 GW of projects between July 2022 and June 2023, with Total Energies leading at 41.3 GW capacity. Despite challenges like supply chain limitations and permitting obstacles, government support initiatives are expected to transform the energy industry. M&A activity is predicted to increase significantly in 2024. Researchers have made progress with multi-junction PV cells, achieving efficiencies of over 45%. Bifacial solar panels, which capture light on both sides, show 30-40% higher efficiency when combined with sun-tracking technology. Agrivoltaics, integrating solar panels with farmland, addresses land-use conflicts and can increase farm yields. However, limitations on PV efficiency, geographic constraints, and lack of awareness hinder adoption. The U.S. Department of Energy notes that a significant portion of sunlight is lost during the conversion process. Manufacturing costs and material availability remain challenges. Emerging trends include advances in silicon photovoltaic technology, which dominates over 90% of the global market. Floating solar farms are addressing land scarcity in densely populated regions, with South Korea constructing the world's largest floating solar power plant on the Saemangeum tidal flats, expected to generate 2.1 gigawatts of electricity.

Solar PV Glass Market Key Developments:

• In October 2021, Adani Green Energy Ltd (AGEL), the world's largest solar power developer, completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal, making SB Energy India a 100% subsidiary of AGEL. The transaction, valued at USD 3.5 billion, marks the largest acquisition in India's renewable energy sector.