|Status : Published||Published On : Apr, 2023||Report Code : VRCH2073||Industry : Chemicals & Materials||Available Format :||Page : 158|
The global solar control glass market was valued at USD 6,401.3 million in 2022 and is expected to grow at a CAGR of 9.0% during the forecast period 2023–2030. The incremental development of both commercials, as well as residential buildings and a tremendous rise in the BIPV market (Building Integrated Photovoltaic), are major factors contributing towards the growth of the solar control glass market globally.
Solar control glass is excessively being used for reducing the gain of solar heat and helps in dispersing a huge amount of natural light enabling a comfortable and pleasant stay for individuals.
Insight by Product
Based on the product, the global solar control glass market is categorized into absorbing solar control glass, and reflective solar control glass. Among these two, the reflective solar control glass category accounts for the larger market share of more than 55.0% in 2018 in the global market owing to the increasing demand from construction and automotive industries.
Insight by Thickness
Based on thickness, the global solar control glass market is segmented into <3mm, 3-5mm, and >5mm. Of all, the 3-5mm thickness category is expected to witness the fastest growth during the forecast period.
Insight by Application
On the basis of application, the solar control glass market is segmented into commercial buildings, residential buildings, and automotive. In 2018, among all these applications commercial building segment is projected to occupy the largest share of the global solar control glass market. These glasses help in decreasing the requirement for costly obtrusive blind windows and air-conditioners. Moreover, solar control glasses reflect an infrared (IR) component that eliminates the huge amount of heat entering buildings, as a result, it helps in reducing unpleasant glare. However, it enables efficient transmission of natural sunlight into the interior of the buildings.
The increasing tax benefits and government initiatives are the major factors driving the growth of the global solar control glass market. The various subsidies provided by government agencies in regions of Europe and Asia-Pacific are the key reforms for strengthening this market.
The various aids provided by government organizations include investment tax credits, FIT programs, and other tax assistance reforms. For instance, in India, it has been observed that the government has introduced several developmental reforms for the upgradation and upliftment of the solar glass market. The regulation for providing tax relief to construction developers and aiding 100% FDI (foreign direct investment) for infrastructural development are a few such instances that portray the growth of the global solar control glass market in the Asia-Pacific region.
Furthermore, the increasing growth of the BIPV market is further strengthening the global market base for the solar control glass market. BIPV is extensively being used for developing new buildings for the purpose of providing electrical power to several areas, in spite of constructing traditional building constructions. Additionally, the marginal cost involved with the advancement and innovation of BIPV offerings such as insulated BIPV windows, and colored and transparent windows is further expected to impact the solar control glass market in a highly positive manner in the near future.
The increased number of cases witnessing seasonal fluctuations in solar power availability is the major factor hindering the growth of the global solar control glass market. For instance, the setting up of solar control glasses in a cool climate is not a viable option as it can reduce the requirement of crucial solar heat in the building. These glasses are not considered to be an economical alternative in cold climates and can increase unwarranted electricity bills in that season. Moreover, the high cost of setting up these glasses as compared to normal glass is hindering the growth of the global solar control glass market.
Globally industry players in the global solar control glass market are employing besieged investments in optimizing manufacturing processes and investing in improved and upgraded technology. The key players are seeking opportunities for enhancing plant-wide upgradation specifically in global markets. The users of these offerings observed enhanced security, reliability, and secure remote at affordable prices.
Asia-Pacific is expected to witness the fastest growth in the global solar control glass market. The large population, increasing disposable income, and swelling construction industry in this region are the major factors contributing to the growth of the solar control glass market. Moreover, technological upgradation, supportive government regulations, and increasing demand for the BIPV market in the region are further accelerating the growth of solar control glass in Asia-Pacific.
Market players in the solar control glass market are constantly upgrading and enhancing their technological efficiency in order to provide the best offerings to their customers. Some of the key players operating in the global solar control glass market are Saint-Gobain S.A., Asahi Glass Co. Ltd., Nippon Sheet Glass Co. Ltd., Guardian Industries, Taiwan Glass Group, Trakya Cam Sanayii A., PPG Industries Inc., CSG Holding Limited, Arcon Flachglas-Veredlung GmbH & Co. KG, and Cardinal Glass Industries, Inc.
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