Solar PV Glass Market to witness substantial growth till 2024, Latin America to depict lucrative investment trends

Global Solar PV Glass Market is gaining remarkable momentum with escalating investments toward boosting energy efficient technology and conserving the energy mix. Favorable government initiatives and projects toward the usage of clean energy sources to reduce carbon footprints have brought about huge growth prospects for solar PV glass industry over the coming seven years. In 2016, global Solar PV glass market was worth over USD 2 billion and the overall consumption is projected to cross 700 million square meters by 2024, according to a report by Global Market Insights, Inc.

Stringent government norms toward reduction of carbon footprints by increasing the installation of clean energy sources will stimulate the solar PV glass market size. The Government of UK, in 2015 had set a target to replace all the conventional fired power stations with clean systems by 2025. Germany under its Climate Change Act 2008 had set a target to curb carbon footprints by 40% from 1990 level by 2020.

Increasing funding from public and private financial institutions including the World Bank, Asian Development Bank (ADB) to explore PV potential across developing regions will foster the solar PV glass market. In 2017, International Solar Association announced a global funding of about USD 300 billion to support sustainable energy over next ten years. In 2017, Softbank, Japan announced a funding of about USD 100 billion under its Vision Fund program towards solar installations across India.

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Government initiatives towards sustainable energy integration coupled with growing measures toward energy conservation will augment the U.S. solar PV glass market. In 2016, The U.S. Government revised its SunShot initiative plans with an aim to achieve cost targets of about USD 0.05 /Kwh and USD 0.04/ Kwh for residential and commercial photovoltaic applications respectively. Annealed solar PV glass market will witness strong growth owing to its cost competitiveness, and ease of manufacturing. In 2016, a research team from the U.S. based University of Utah developed latest laser annealing technique in thin film chalcogenide PV systems with an aim to cut down overall solar manufacturing costs. Product flexibility subject to heat strengthening, ease of polishing & machining and easy cutting will further complement demand outlook.

Financial and technical assistance including rebates, subsidies, and asset leveraging, by government authorities will embellish the solar PV glass market growth. In 2017, Energy ministry of France awarded an average feed-in-tariff premium of USD 70.25/MWh towards large-scale ground-based photovoltaic installations. The government has further led targets of achieving about 20.2 GW solar PV capacity by 2023.

Global Solar PV Glass Market in U.S. size in 2016 was over 90-million-meter square. Measures towards energy security along with stringent government regulations to deploy sustainable energy will propel the industry growth. In January 2017, the U.S. legislation introduced a Department of Energy Research and Innovation Act under H.R.589 to improve traditional laboratories and focus more towards the electricity storage and solar fuels research activities.

Crystalline silicon solar PV glass market is set to exceed 5-million-metric tons by 2024. High operational efficiencies and increasing R&D investments will further stimulate the business landscape. In 2017, researchers from Korea Advanced Institute of Science and Technology in collaboration with Sungkyunkwan University introduced their semi-transparent solar cell for solar windows in automobile and buildings. The perovskite integrated cell technology generates electricity and also provides smart heat management for indoor activities.

Netherlands solar PV glass market size in 2016 was valued over USD 20 million. Ongoing government initiatives to expand rooftop installations along with stringent norms pertaining to reduction of GHG emissions will drive growth. In 2016, Government of Netherland has revised its renewable integration targets to 14% by 2020. The government further extended their solar tax scheme in compliance to EU’s climate action plan.

Rising investments towards energy efficient technology and maintaining energy mix will drive the UAE solar PV glass market. Independent Power Project bids along with Engineering, Procurement and Construction programs lead to low LCOE’S, which will further complement the business growth.