Progress in Building Integrated Photovoltaics to Create Opportunities for the Global Solar Control Glass Market Through 2019, Says Technavio
Technavio analysts forecast the global solar control glass market to post a CAGR of close to 9% by 2019, according to their latest report.
The research study covers the present scenario and growth prospects of the global solar control glass market for 2015-2019. The report also lists commercial buildings, residential buildings, and automotive as the three major segments where the use of solar control glass is used the most.
Technavio’s chemicals and materials research analysts highlight the following four factors influencing the growth of the global solar control glass market:
Growth in the building integrated photovoltaics (BIPV) market
Growing demand for green buildings
Increase in government support
Growing environmental concerns
Growth in the BIPV market
BIPV are materials that are largely used in the construction of new buildings as the major source of electrical power, rather than traditional building materials. They are used in many applications such as vertical and horizontal surfaces, which helps in generating solar energy in wider areas. Moreover, the marginal additional cost of the installation of BIPV makes the market the fastest growing segment of the PV industry.
Debasish Nayak, a lead glass and ceramics expert at Technavio, says, “The recent innovations and advances in BIPV products such as colored, transparent, and insulated BIPV windows will further create prospects in the market. This continuous growth in the BIPV market will create opportunities in the solar control glass market owing to the rising awareness toward carbon emissions globally.”
Growing demand for green buildings
Solar control glass is mainly used in residential and commercial buildings, which will propel demand in the market. Solar control glass helps in cutting heat and allows optimum light to penetrate the buildings. Moreover, the increasing shift toward the need for eco-friendly and energy efficient infrastructure and buildings will fuel the growth of green buildings.
“The materials used in the construction of green buildings emit toxins that are less harmful to health, thereby propelling the governments of many countries to promote green buildings,” adds Debasish.
Increase in government support
Another driver influencing the growth of the solar PV market is subsidies by various governments such as FIT programs, investment tax credit, and other tax benefit schemes. Globally, governments are supporting the development of solar PV technology by encouraging the use of power purchase agreement (PPA). These instruments are designed to encourage investment in technologies related to renewable energy generation.
PPA is a financial agreement for residential and commercial users, whereas the FIT policy provides a fixed amount for each unit of electricity generated. PPA is used for the sale of electricity and is a financial contract between the buyer and seller (in this context, the one who generates the electricity is a seller and the one who consumes the electricity is a buyer). PPA policy facilitates the financing, construction, and installation of solar energy. This in turn, encourages many investors to invest in solar PV, which results in the increase in overall PV installations.
Growing environmental concerns
Thermal power generation is a leading cause of air pollution and the single largest source of global warming and CO2 emissions. Coal is the worst offender in this respect. As a result, countries such as China, India, and the US have started investing in clean technology. This is an area where PV has an edge because it produces clean and renewable solar electricity from a free and nearly infinite resource, i.e., sunlight. Thus, the need for clean sources of energy will drive the market over the next few years.
