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Auguest 09, 2021, New York, USA – PV glass is called Photovoltaic glass and is used in solar machines which produce solar energy. It is the type of technology that converts light energy into electrical energy. The process is such that the glass has transparent semi-conductor cells based on the photovoltaic cells and they are also known as the solar cells. The photovoltaic glass is not perfectly transparent but also allows some light to pass through them.
The focus on renewable energy sources coupled with the high increase in global warming has led to the rise in the Global PV glass market. Climate change is one of the main reasons where PV glass is seeing an increasing surge. Along with that, the installed capacity for solar energy is further driving the demand for the installation of the Solar PV glass market.
According to the International Energy Agency, the demand for renewable power capacity is likely to grow at the rate of 50% from the year 2020 to 2024. This is certainly a growth to watch out for.
Another major reason is the extremely rising prices of electricity across the metro cities and the rapid urbanization is driving the demand for low-cost solar energy, which will, in turn, boost the market for the growth of the Global PV glass.
The Market Trend and Dynamics of the Global PV Glass Market-
The global PV glass market is expected to increase at a rate of $US26.848 billion between the forecast year of 2021-2025. It is also projected to grow at a CAGR of 24.60% during the forecast period.
Secondly, the market growth of this industry is further attributed to the various subsidies which are provided by the governments in those respective countries. Coupled with this there is a rapid reduction of prices of the solar panels which is further raising the demand for the Global PV Glass Market.
Increasing growing demand across the residential sector-
The residential sector is one of the top sectors where there is a growing demand for the installation of the PV glass market. This is also due to the policy of net metering. Rising electricity rates are prompting people to install solar panels which will provide cost-effective electricity bills as opposed to the huge bills otherwise.
Also, the net metering policy provides credit to the owners of the solar PV systems; this can help in billing the customers for their ‘net energy’ saving capacity.
Geographical break up the Global PV glass market-
The global market for this industry is divided into North America, South America, Europe, Middle East, and Africa. The Asia Pacific accounts for the largest share in this market. This was till the year 2019 as China was the major country that contributed globally overall to the PV glass market.
In the Asia Pacific, China is aiming to move ahead in its production of solar panels and the manufacturing of the basic solar PV cells, and their various components which will give rise to the production of the PV glass market.
There have been various government initiatives in India and Vietnam that have bolstered the demand for the PV glass market. Under the scheme of the National Solar Mission, the government of India plans to boost the demand for solar energy for power generation. This has been intending to increase the grid-connected capacity of solar power to 20,000 MW by the year 2022.
Several other measures have been introduced in South Asia, such as the net metering scheme was introduced in Sabah in Malaysia to achieve a capacity of 500 MW by the year 2021. Australia is also the emerging top player as the manufacturer of the PV glass market.
North America will see a substantial case during this forecast period. Many top companies in North America are at the forefront in using solar panels. Some of the top manufacturers are Solaria, Solar Tech Universal, and Solar World Americas. These are some of the top players in America which are vying for the major share of the PV glass market.
Some of the other global Major players include-
Nippon Sheet Glass
The utility segment in the PV solar glass market is showing the highest trend across the globe. Although this represents a comparatively small percentage of market shares, the installation of solar panels is growing rapidly all across the globe and will catapult the need for the utility segment in the solar panel segment.
This is also the major factor for the rise in the Asia –Pacific market coupled with the government subsidies.
The leading target audience for this market is-
The Solar Glass Manufacturers
Various Organizations and Industrial bodies
Only several industry associations
Glass Suppliers, Traders, and Distributors.
According to a leading UN report, the world population will reach its peak in the year 2030. It is estimated to reach a whopping 8.6 billion in 2030. There will be increasing demand for food, clothing, shelter, and other resources. Consequently, there will be an increasing need for renewable sources of energy as it will be the need of the hour.
There will be growing emphasis on using renewable sources of energy which will reduce the overall consumption of electricity, especially in residential and commercial buildings.
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