In less than a decade, solar PV domain has rather transited from a mere cottage industry to a multi-billion business space. Solar photovoltaic glass market, being rightly considered as one of the integral verticals of the aforementioned domain, is thereby gaining a substantial traction by the similar trends. Having recognized the unfortunate fact that fossil fuels are on its way to extinction, a plethora of governmental initiatives have been undertaken to bring a shift from conventional to renewable energy sources.
For instance, in the year 2015, the American Government introduced an EO (Executive Order 13693), grounding on Federal Sustainability. Under the plan, the government aims to cut down the GHG emissions by almost 40% over a period of 2008-2018. As per authentic sources, the policy also reiterates around utilizing renewable energy sources in almost 30% of the total electricity consumption in buildings by 2025. Not to mention, these kinds of sustainability march by the regional governments have undoubtedly created a massive demand for the regional solar photovoltaic glass market. As per authentic sources, U.S. solar PV glass market, accounted for over 90 million square meters in terms of area in the year 2016.
On a global scale, the commercialization potential of the business space is forecast to exceed a valuation of USD 3 billion by 2024. Major economies have been increasingly investing in technological upgradation in a bid to develop advanced solar power panels and appliances for harnessing maximum of the solar energy. China, in this regard, is one of the prominent terrains actively taking a part in manufacturing cost-effective yet efficient solar panels. In fact, China solar PV glass industry accounted for almost 50% of the overall share in 2016 and is deemed to continue the trend over the coming years as well.
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Undoubtedly, the regional Government has a major role to play behind the business growth. For the records, toward the end of 2016, the regional government revised its 13th Five Year Plan, which aims to achieve bulk production of crystalline silicon PV cells by the end of 2020, having an efficiency of at least 23%. Add to it, the country also holds a record of pegging the top position in production, consumption, and export of photovoltaic system, which by extension strengthens its position for solar photovoltaic glass industry.
Chile is yet another region making profound headways in solar photovoltaic glass market. In the year before last, the nation made it to the headlines with the launch of its largest photovoltaic project of 160MW capacity by Enel Green Power, Chile. Reportedly, the company invested nearly USD 270 million in the gigantic project for generating almost 400 GWh per year. As per estimates, Chile solar PV glass industry is slated to register a y-o-y growth of 10% over 2017-2024.
Speaking of the competitive landscape, production capacity enhancement is one of the major strategies that solar photovoltaic glass industry players are highly backing on, to reinforce their business position. Say for instance, recently, Sisecam group, one of the leading names in solar photovoltaic glass market has invested a hefty sum of USD 112.5 million in a Turkey based glass fiber plant, boasting of an annual capacity of 70,000 metric tons. Some of the other giants witnessing a similar portfolio in the business space include Nippon, Xinyi, Onyx, AGC, Guardian Industries, Borosil, Saint Gobain, and Sunarc Technologies. All in all, with extensive efforts undertaken by the market giants to enhance their production facilities and a strong regulatory frame of reference backing it, the growth prospect of solar photovoltaic glass industry size is claimed to be nothing but humongous over the ensuing years.