Elevating Prospects of Renewables Sector Upholds Growth Outlook of PV Glass Market
The world’s clean energy transition is underway, creating a host of opportunities for multiple industrial verticals. One of the major beneficiaries of this is the renewables sector. The boom around solar industry has especially been increasing, which is pushing the market prospects of key industry components like photovoltaic (PV) glass. While the global photovoltaic glass market predominantly continues to be driven by notable demand coming from the non-residential sector, our research particularly highlights the fact that governments will continue to play the most significant role in shaping up the market for photovoltaic glass, and other allied segments.
Currently, although the number of subsidising schemes is ascending in favour of adoption of solar technologies and related products, massive capital costs involved in installation, as well as maintenance of PV glass panels still remains a substantial impediment to widespread adoption.
PV Glass to Gain an Uptick with Broadening Application Potential
As newer solar panel technologies stimulate the transformation of the thriving solar energy landscape, the industry expects an influx of promising technology segments to make their foray into the renewables world soon in the near future. A lot of effort invested in overcoming the basic space requisite has enabled some of the innovators to come up with ground-breaking introductions like solar shingles, and floating solar panels.
PV glass is increasingly being considered as one of the promising technologies on the horizon of solar panel. This breakthrough technology has been garnering attention because of its transparent nature that enables it to promote direct electricity generation from windows, and blinds. It is thus more likely to experience demand coming from both residential, and commercial sectors. Vehicles’ sunroofs, and even smartphone screens are expected to be the potential application segments for photovoltaic glass market players.
The quest for improved efficiency of vehicles, buildings, and mobile devices points to an all-new hub of opportunities for manufacturers of photovoltaic glass. In a nutshell, the future of PV glass lies in as much commercialisation as possible so that the escalating deployment would be seen to be majorly based on its reduced costs, which also means increased affordability. The industry as a whole has been having a moment over the recent past but what also needs to be taken into consideration along with this, is effectively leveraging the parallel evolution of storage technologies to circumvent the instances of grid instability.
Market to Benefit from Government and Non-governmental Initiatives
Solar power has become one of the top agendas of several governments as it presents the world with the safest, cleanest, affordable, sustainable, and incessant energy source. With solar systems witnessing proliferation in utility scale in addition to commercial, and residential structures, PV glass is likely to grow stronger with time. Given the cost factor associated with everything right from purchase and installation to storage and maintenance, widespread penetration of PV glass seems a distant scenario as of now. This remains one of the important factors collectively delaying realisation of the complete market potential of photovoltaic glass at this point in time.
Opportunities Abound in Developing Asian Markets
Some initiatives like Feed-in Tariff (FIT) programmes (first launched in North America in 2009) are expected to encourage the renewable energy sector at domestic, community, as well as business levels. This is also likely to further work to the advantage of photovoltaic glass market. Apart from the likes of FIT programme, the market is expected to benefit from several government efforts that intend to boost solar industry, create an effective, efficient, and competitive photovoltaic module that would involve the entire solar supply chain.
Identifying the huge potential to provide solar industry with a strong base to firm up faster, governments in the US, Canada, the UK, China, Japan, Malaysia, and India are likely to remain at the forefront in photovoltaic market in future. The electricity supply crisis in developing Asian economies itself holds an opportunity for them to realise their self-potential for electricity production. This fact should open doors of new opportunities to vendors, innovators, and investors in photovoltaic glass market.
The COVID-19 Impact on Photovoltaics and Solar
While solar industry continues to reap benefits from governments’ evolving poly structures to boost renewable energy consumption, the success of solar also lies in its versatility in terms of application, and its ability to have managed through the global COVID-19 pandemic. Solar, unlike most other industries, managed through so effortlessly that it did not experience any demand plunge throughout 2020 when a majority of the world was striving to combat a devastating pandemic. Adoption spans broadly from small-sized greenhouses to massive-scale utility plants.
SolarPower Europe reveals that solar power in fact has set a new yearly record in 2020, attaining 18% growth, and more than 135 GW (new) installations the same year. Moreover, the costs of solar power are consistently falling, pointing to creation of new revenue generation opportunities. With global photovoltaic capacity on a constant rise each year, market participants, and investors expect cost optimisation soon in the near future. Photovoltaic glass adoption is likely to gain momentum once it becomes an economically viable alternative.
Report to Reveal Detailed Competition Analysis
Some of the prominent competitors in global photovoltaic glass market include Borosil Glass Works Limited, Mitsubishi Electric Corporation, Onyx Solar Group LLC, Ja Solar Holdings Co. Ltd, Trina Solar, Jinko Solar, Shenzhen Topray Solar Co., Ltd., Sharp Corporation, Gruppo STG, Wuxi Suntech Power Co., Ltd., Brite Solar, Polysolar, and INFINI Co. Ltd. Key companies have been concentrating on organic growth strategies for desired market expansion through M&A, partnership deals, and new product launches. Some of the important global players are also considering expansion across cheaper Asian markets. Trina Solar has recently revealed its plans to expand in India with its massive manufacturing plant.