Global Solar Photovoltaic Glass Market

Solar Photovoltaic Glass Market Size, Share, Growth Analysis, By Type(Anti-reflective coated glass, tempered glass, and others), By End Use(Residential, commercial, and utility-scale solar projects), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2051 | Region: Global | Published Date: March, 2024
Pages: 178 |Tables: 63 |Figures: 75

Solar Photovoltaic Glass Market Insights

Global Solar Photovoltaic Glass Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 11.73 billion in 2023 to USD 111.40 billion by 2031, at a CAGR of 32.5% during the forecast period (2024-2031).

The global solar photovoltaic glass market is a rapidly growing market that is expected to witness significant growth in the coming years. The key drivers of the market include the increasing adoption of solar energy as a primary source of renewable energy, the rising demand for solar PV systems across various end-use industries, and the favorable government initiatives and incentives to promote the installation of solar PV systems.

According to recent reports, the global solar PV capacity increased by 13% in 2020, reaching a total of 773.2 GW, with China, the United States, and India leading the way in terms of solar PV installations. However, the market also faces several challenges and restraints, such as high production costs, the limited availability of raw materials, and competition from other renewable energy sources such as wind and hydropower. In addition, the COVID-19 pandemic has also affected the market, with supply chain disruptions and reduced demand due to the economic slowdown. Despite these challenges, the market is witnessing several key trends, such as the increasing use of bifacial solar PV panels, which can capture sunlight from both sides, and the development of innovative solar PV glass technologies, such as anti-reflective coatings and self-cleaning glass.

US Solar Photovoltaic Glass Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 8.85 billion

Largest Segment

Anti-Reflective Coated Glass

Fastest Growth

Tempered Glass

Growth Rate

32.5% CAGR

Global Solar Photovoltaic Glass Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Solar Photovoltaic Glass Market Segmental Analysis

Global Solar Photovoltaic Glass Market is segmented on the basis of type, end use, and region. By type, the market is segmented into anti-reflective coated glass, tempered glass, and others. By end use, the market is segmented into residential, commercial, and utility-scale solar projects. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Solar Photovoltaic Glass Market Analysis By Type

The market's largest segment is anti-reflective coated glass, which is expected to hold the largest share due to its ability to enhance the efficiency of solar cells by reducing reflection and increasing light absorption. Anti-reflective coatings are applied to the surface of the glass to reduce reflection and increase the amount of sunlight that is transmitted to the solar cells, resulting in higher energy output. This type of glass is commonly used in solar panels for residential, commercial, and utility-scale solar projects.

The fastest-growing segment of the market is tempered glass, which is expected to experience significant growth due to its durability and ability to withstand extreme weather conditions. Tempered glass is a type of safety glass that is strengthened by heating and cooling it rapidly, making it more resistant to breakage and thermal stress. It is commonly used in solar panels for residential and commercial applications and in utility-scale solar projects.

Solar Photovoltaic Glass Market Analysis By End Use

Utility-scale solar projects dominated the global market. These are large-scale solar power plants used to generate electricity for transmission and distribution to the grid. The utility-scale segment is expected to hold the largest share of the market due to the increasing demand for clean energy and the growing need to meet global energy demand. The development of large-scale solar projects is becoming more feasible due to the decreasing cost of solar technology and the availability of government incentives and subsidies. Moreover, the utility-scale solar projects segment is expected to experience significant growth in developing countries, where there is a high demand for energy and the potential for solar energy generation is high.

The fastest-growing segment of the market is the residential segment, which includes solar panels installed on residential buildings and homes. The residential segment is expected to experience significant growth due to the increasing adoption of rooftop solar panels and the growing trend of sustainable living. To lessen their carbon footprint, save money on energy costs, and boost the value of their homes, homeowners are mounting solar panels on their rooftops. Additionally, government incentives and subsidies for residential solar installations are contributing to the growth of this segment.

Global Solar Photovoltaic Glass Market By Type (%), 2023 (%)

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Solar Photovoltaic Glass Market Regional Insights

Asia Pacific dominated the global solar PV glass market. This can be attributed to the significant investments being made in the renewable energy sector by countries like China and India. Additionally, favorable government initiatives and policies promoting the use of solar energy are driving the growth of the market in the region. According to the International Energy Agency, Asia is expected to account for two-thirds of the global renewable energy growth by 2025, which further strengthens the dominance of the region in the solar PV glass market.

As for the fastest-growing region, Europe is expected to witness significant growth in the solar PV glass market during the forecast period. This can be attributed to the increasing adoption of solar energy in the region to achieve the target of carbon neutrality by 2050. Furthermore, countries like Germany and France are investing heavily in renewable energy sources, including solar energy, which is expected to boost the demand for solar PV glass in the region.

Global Solar Photovoltaic Glass Market By Region, 2024-2031
  • Largest
  • Fastest

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Solar Photovoltaic Glass Market Dynamics

Solar Photovoltaic Glass Market Drivers

Increasing demand for clean energy

  • One of the major drivers of the solar PV glass market is the growing demand for clean and renewable sources of energy. The adoption of solar energy is increasing due to the rising concerns over environmental pollution, global warming, and the depletion of non-renewable resources. For instance, China, which is the largest market for solar PV glass, is aiming to increase the share of renewable energy in its total energy mix to 35% by 2030, as part of its commitment to the Paris Climate Agreement.

Favorable government policies

  • The adoption of solar energy is being encouraged by governments all over the world, which is boosting demand for solar PV glass. For instance, the federal government of the United States has extended the Investment Tax Credit (ITC) for solar installations, enabling individuals and organizations to get tax credits totaling up to 26% of the price of their solar energy systems. Similarly, the Indian government has launched the National Solar Mission, which aims to achieve 100 GW of solar capacity by 2022.

Solar Photovoltaic Glass Market Restraints

High costs of installation

  • The high costs associated with the installation of solar PV glass systems are a major restraint to the growth of the market. The cost of solar panels and other components required for solar energy systems, such as batteries and inverters, can be expensive, which makes it difficult for individuals and businesses to adopt solar energy. 

Dependence on weather conditions

  • Solar energy systems are dependent on weather conditions, such as sunlight and temperature, which can impact their efficiency and output. This can be a major restraint to the adoption of solar energy, especially in regions with low levels of sunlight or extreme weather conditions. For example, in regions with high levels of cloud cover or rainfall, the output of solar energy systems can be significantly reduced.

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Solar Photovoltaic Glass Market Competitive Landscape

Global Solar Photovoltaic (PV) Glass Market is highly competitive, with several major players competing for market share. To acquire a competitive edge in the market, some of the major competitors are concentrating on various methods like mergers and acquisitions, partnerships, collaborations, and new product development. The market is also observing increased investment in R&D projects to create novel and inventive solar PV glass products with higher durability and efficiency. Furthermore, companies are expanding their geographical reach by expanding their distribution networks and establishing new production facilities in emerging markets.

Top Player’s Company Profiles in Solar Photovoltaic Glass Market

  • AGC Inc. (Japan)
  • Nippon Sheet Glass Co., Ltd. (Japan)
  • Xinyi Solar Holdings Ltd. (Hong Kong)
  • Saint-Gobain S.A. (France)
  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • JA Solar Holdings Co., Ltd. (China)
  • JinkoSolar Holding Co., Ltd. (China)
  • Yingli Green Energy Holding Company Limited (China)
  • First Solar, Inc. (US)
  • SunPower Corporation (US)
  • Hanwha Q Cells Co., Ltd. (South Korea)
  • GCL-Poly Energy Holdings Limited (Hong Kong)
  • Longi Green Energy Technology Co., Ltd. (China)
  • China Sunergy Co., Ltd. (China)
  • Renesola Ltd. (China)
  • Sisecam Flat Glass (Turkey)
  • Borosil Renewables Limited (India)
  • Euroglas GmbH (Germany)
  • Guangdong Golden Glass Technologies Ltd. (China)

Solar Photovoltaic Glass Market Recent Developments

  • In March 2024, Quanwei Solar Technology (QW Solar) entered the Japanese market at PV Expo Japan, presenting its high-effectiveness HJT bifacial dual-glass modules known as the "GIWA 5" series and the independently created "OrcaEnergy XII" series. They additionally uncovered late progressions from their collaboration with China's Ocean University, called the "Marine Photovoltaic Technology Joint Research and Development Center," which collected attention from participants and industry specialists alike. This marks QW Solar's emergence as a critical player in the HJT area, displaying its obligation to develop and grow its presence in the solar market. 

    In February 2024, Waaree Energies and Mahindra Susten forged a strategic partnership for a 280 MW solar-based module supply.

     

  • In December 2023, Solitek, a Lithuanian solar PV manufacturer under Global BOD, introduced a new PV carport product line designed for single-family homes, commercial, and industrial sites. This system includes frameless glass-glass modules with a load-bearing structure, along with all necessary fasteners, and offers a selection of inverters from reputable manufacturers like Fronius and Huawei.

Solar Photovoltaic Glass Key Market Trends

  • Increasing demand for building-integrated photovoltaics (BIPV): BIPV refers to the integration of solar PV modules into building materials such as glass, facades, and roofing systems. This trend is gaining popularity due to the aesthetic appeal of integrated solar panels, as well as the potential cost savings from using the building material itself as a source of energy. For example, Tesla has launched a range of solar glass roof tiles that can generate electricity and replace traditional roofing materials.
  • Technological advancements: The solar PV glass market is witnessing rapid technological advancements, which are improving the efficiency and output of solar energy systems. For example, researchers at the National Renewable Energy Laboratory (NREL) have developed a transparent solar cell that can be integrated into windows, enabling buildings to generate electricity without obstructing the view. Additionally, advancements in nanotechnology and materials science are leading to the development of new types of solar PV glass with higher efficiencies and lower costs.

Solar Photovoltaic Glass Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Solar Photovoltaic (PV) Glass Market analysis, Due to rising solar energy demand and supportive government policies encouraging the use of renewable energy sources, the market is anticipated to increase significantly over the coming years. The growing adoption of green building practices, along with technological advancements in the manufacturing process, is also expected to fuel market growth. However, the market may be restrained by high installation costs, intermittent solar power generation, and regulatory uncertainties. Despite these challenges, the solar PV glass market is poised for growth, with the Asia Pacific region expected to emerge as the fastest-growing market due to increasing investments in renewable energy infrastructure and rising demand for sustainable energy solutions in the region.

Report Metric Details
Market size value in 2023 USD 8.85 billion
Market size value in 2031 USD 111.40 billion
Growth Rate 32.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Anti-reflective coated glass, tempered glass, and others
  • End Use
    • Residential, commercial, and utility-scale solar projects
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • AGC Inc. (Japan)
  • Nippon Sheet Glass Co., Ltd. (Japan)
  • Xinyi Solar Holdings Ltd. (Hong Kong)
  • Saint-Gobain S.A. (France)
  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • JA Solar Holdings Co., Ltd. (China)
  • JinkoSolar Holding Co., Ltd. (China)
  • Yingli Green Energy Holding Company Limited (China)
  • First Solar, Inc. (US)
  • SunPower Corporation (US)
  • Hanwha Q Cells Co., Ltd. (South Korea)
  • GCL-Poly Energy Holdings Limited (Hong Kong)
  • Longi Green Energy Technology Co., Ltd. (China)
  • China Sunergy Co., Ltd. (China)
  • Renesola Ltd. (China)
  • Sisecam Flat Glass (Turkey)
  • Borosil Renewables Limited (India)
  • Euroglas GmbH (Germany)
  • Guangdong Golden Glass Technologies Ltd. (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Solar Photovoltaic Glass Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Solar Photovoltaic Glass Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Solar Photovoltaic Glass Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Photovoltaic Glass Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Photovoltaic Glass Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Solar Photovoltaic Glass Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Solar Photovoltaic Glass Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 11.73 billion in 2023 to USD 111.40 billion by 2031, at a CAGR of 32.5% during the forecast period (2024-2031).

Solar Photovoltaic (PV) Glass Market is highly competitive, with several major players competing for market share. To acquire a competitive edge in the market, some of the major competitors are concentrating on various methods like mergers and acquisitions, partnerships, collaborations, and new product development. The market is also observing increased investment in R&D projects to create novel and inventive solar PV glass products with higher durability and efficiency. Furthermore, companies are expanding their geographical reach by expanding their distribution networks and establishing new production facilities in emerging markets. 'AGC Inc. (Japan)', 'Nippon Sheet Glass Co., Ltd. (Japan)', 'Xinyi Solar Holdings Ltd. (Hong Kong)', 'Saint-Gobain S.A. (France)', 'Trina Solar Limited (China)', 'Canadian Solar Inc. (Canada)', 'JA Solar Holdings Co., Ltd. (China)', 'JinkoSolar Holding Co., Ltd. (China)', 'Yingli Green Energy Holding Company Limited (China)', 'First Solar, Inc. (US)', 'SunPower Corporation (US)', 'Hanwha Q Cells Co., Ltd. (South Korea)', 'GCL-Poly Energy Holdings Limited (Hong Kong)', 'Longi Green Energy Technology Co., Ltd. (China)', 'China Sunergy Co., Ltd. (China)', 'Renesola Ltd. (China)', 'Sisecam Flat Glass (Turkey)', 'Borosil Renewables Limited (India)', 'Euroglas GmbH (Germany)', 'Guangdong Golden Glass Technologies Ltd. (China)'

One of the major drivers of the solar PV glass market is the growing demand for clean and renewable sources of energy. The adoption of solar energy is increasing due to the rising concerns over environmental pollution, warming, and the depletion of non-renewable resources. For instance, China, which is the largest market for solar PV glass, is aiming to increase the share of renewable energy in its total energy mix to 35% by 2030, as part of its commitment to the Paris Climate Agreement.

Increasing demand for building-integrated photovoltaics (BIPV): BIPV refers to the integration of solar PV modules into building materials such as glass, facades, and roofing systems. This trend is gaining popularity due to the aesthetic appeal of integrated solar panels, as well as the potential cost savings from using the building material itself as a source of energy. For example, Tesla has launched a range of solar glass roof tiles that can generate electricity and replace traditional roofing materials.

Asia Pacific dominated the solar PV glass market. This can be attributed to the significant investments being made in the renewable energy sector by countries like China and India. Additionally, favorable government initiatives and policies promoting the use of solar energy are driving the growth of the market in the region. According to the International Energy Agency, Asia is expected to account for two-thirds of the renewable energy growth by 2025, which further strengthens the dominance of the region in the solar PV glass market.

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