Increasing focus on green energy brought about by a rising awareness of the current environmental depletion is shifting the focus of global governments towards renewable sources of energy for the generation of electricity. Solar energy generation is witnessing widespread acceptance across the world and this has created a positive impact on the market for solar technologies such as photovoltaic modules. According to a new research publication by Persistence Market Research, the long-term outlook on the global photovoltaic glass market is expected to remain positive, with the market value projected to increase from US$ 4,905.9 Mn in 2017 to a whopping US$ 41,757.3 Mn by the end of 2026. This is reflective of a CAGR of 27.3% during the forecast period 2018 – 2026.
Opportunity Analysis of the Global Photovoltaic Glass Market Reveals Huge Untapped Opportunities for Manufacturers
The development of off-grid electricity systems presents huge growth opportunities for photovoltaic glass manufacturers. With over a billion of the world’s population having no access to electricity, off-grid technology is being looked upon as the most viable solution to resolving the electricity issues in deep pockets across key developing countries in the world. This includes provision of basic lighting and heating services to some of the remote corners of the world where grid connections are not feasible. Solar energy is a major source of renewable energy to deploy off-grid electricity systems and countries such as China and a few countries in the South East Asia Pacific region have leveraged the potential of small-scale solar technology applications to provide electricity to citizens in remote rural areas.
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Integration of solar energy systems with power grids has metamorphosed from the simplified traditional unidirectional generator model transmitting and distributing power to consumers, to a more complex model with distributed generator systems in an electricity grid. Also, irregular phase alteration in renewable energy causes issues in grid balancing, requiring adequate storage of renewable energy from a technical standpoint.
Waste generated from photovoltaic glass is posing challenges to the environment and these need to be addressed in an effective manner. According to the International Energy Agency, management of photovoltaic panel waste could create an opportunity valued at over US$ 15 Bn by the end of FY 2050. This will necessitate the setting up of photovoltaic panels with a capacity of more than 4,500 GW by 2050. Needless to say, the revenue opportunity for manufacturers of photovoltaic glass is immense. Currently, Europe is the leader in photovoltaic waste management. Managing photovoltaic waste is essential especially considering scenarios where old photovoltaic panels can be recycled to manufacture new panels.
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Organized Sector Dominant in the Global Photovoltaic Glass Market
The global photovoltaic glass market is characterized by the presence of prominent Tier-1 and Tier-2 companies in the organized sector, which holds about 77% of the global market share. Increasing demand from end-use sectors is pushing key players to strategize speedy geographical expansion especially in developing economies. Some of the key market participants currently operating in the global photovoltaic glass market report include Asahi Glass Co., Ltd., Nippon Sheet Glass Co., Ltd, Hanergy Holding Group Limited, First Solar, Saint-Gobain, Flat Glass Group Co., Ltd., GUANGDONG GOLDEN GLASS TECHNOLIGIES LTD., Yingli Solar, TAIWAN GLASS IND. CORP., Xinyi Energy Holdings Limited, Borosil Glass Works Ltd. and Jinko Solar.