Shining Light on the Solar Photovoltaic Glass Market Trends, Innovations, and Growth Opportunities

The estimated size of the solar photovoltaic glass market was USD 8,458.2 million in 2023, and it is projected to experience a compound annual growth rate of 29.1% from 2024 to 2030. This growth trajectory is anticipated to propel the market to reach USD 51,223.5 million by 2030.

The rising acknowledgment of clean sources of power and government steps to encourage the utilization of sustainable power sources are some of the key factors driving the industry's growth. Solar PV glass is combined with a transparent semiconductor, called the photovoltaic cell.

The cells are fitted between 2 sheets of glass and are coupled to each other. It also offers sound and thermal insulation, filtering up to 98% of the damaging UV radiation and absorbing up to 96% of IR radiation.

Solar Photovoltaic Glass Market Size and Share Analysis@ https://www.psmarketresearch.com/market-analysis/solar-photovoltaic-glass-market

The global community is increasingly mounting efforts for a switchover from fossil fuels to cleaner energy sources so as to reduce carbon emissions and aspire to zero net carbon emissions. Renewable energy resources are favored in reference to the lesser degree of ecological impact and the fact that they are ever present is not surprising.

Following the U.S Energy Information Administration (EIA), solar power installation in the residential area has increased almost 34% comparing the numbers from 2020 and 2021. These figures, regarding the EU case, are also impressive: the installed capacity of solar photovoltaic topped 136 GW at the end of 2020, while renewable sources provided as much as 19.7% of the electricity consumed in the EU in 2019.

Governments throughout the globe are taking numerous steps to encourage the use of renewable sources of power. For example, in India’s Union Budget 2022–2023, approximately USD 2.57 billion has been assigned for the Production Linked Incentive (PLI) scheme to encourage the making of PV modules.

Similarly, in the United States, the Bureau of Land Management granted approval for the Arica and Victory Pass solar projects in California. These projects are expected to generate up to 465 MW of electricity and include provisions for up to 400 MW of battery storage.

Likewise, in July 2021, the U.S. Department of Energy (DoE) introduced the Solar Automated Permit Processing (SolarAPP+) tool, an online platform designed to expedite the approval process for residential solar installation permits.

In 2023, the APAC region had the largest share, and it is projected to advance at a CAGR of 33% during the forecast period. many nations in the region, like the Philippines, China, Indonesia, and India, have plans to surge their solar capacities by 2030. China, which has a huge count of PV material makers, alone would account for around 60% of the worldwide installed PV capacity of 1,500 GW by 2030.