Report Overview

Increasing demand for solar photovoltaic (PV) glass among residential application as well as supportive government regulations for the usage of solar PV technology are expected to boost the growth of Saudi Arabia photovoltaic glass market during the forecast period between 2023 and 2029.

Saudi Arabia Solar Photovoltaic Glass Market - Industry Trends & Forecast Report, 2029

Saudi Arabia solar photovoltaic (PV) glass market size was estimated at USD 725.4 million in 2022. During the forecast period between 2023 and 2029, the Saudi Arabia solar photovoltaic (PV) glass market size is projected to grow at a CAGR of 31% reaching a value of USD 4,770.96 million by 2029. Major growth factors for the Saudi Arabia solar photovoltaic glass market include increasing private and public investment in infrastructural development along with rising government funding towards renewable energy sources and reducing carbon footprint. The increasing construction of residential and commercial facilities with economic development and diversification has propelled the demand for solar photovoltaic glass to boost solar energy utilization, offering lucrative growth opportunities to the market.

Saudi Arabia Solar Photovoltaic Glass Market – Overview

Photovoltaic glass (PV glass) is a technological advancement that makes it possible to convert solar light into power. Transparent semiconductor-based photovoltaic cells, sometimes referred to as solar cells, are incorporated into the glass to convert sunlight into solar energy. PV glass transforms buildings into vertical power producers by generating free and renewable electricity due to the sun. Additionally, it offers thermal and acoustic insulation, guaranteeing excellent filtration as up to 95% of infrared radiation and 99% of dangerous UV radiation may be absorbed. The three main PV cell technologies—monocrystalline silicon, polycrystalline silicon, and thin film—control the global market.

Saudi Arabia Solar Photovoltaic Glass Market

Growth Drivers

Favorable Government Policies to Boost Renewable Energy

According to the International Trade Administration, Saudi Arabia has increased the use of renewable energy and prioritized ACWA Power in its Vision 2030 objective. Saudi Arabian company ACWA Power is prepared to lead the country's energy revolution as a developer, investor, and operator of electricity generating and water desalination facilities. A 2,060-megawatt solar PV facility will be developed and built in western Saudi Arabia by the Saudi energy business ACWA Power and the kingdom's Public Investment Fund, as reported by Al-Monitor. These factors are expected to provide lucrative growth opportunities to Saudi Arabia solar photovoltaic glass market during the forecast period.

Restraints

High Cost of PV Glasses

Cost is the main drawback of solar photovoltaic glass. It is more costly than regular glass. A little amount of heat is absorbed by solar control glass, which might cause the glass to overheat. Additional expenditure is needed for inverters and storage batteries when using PV cells. For usage on power networks, inverters convert direct electricity to alternating electricity. Despite the fact that solar PV requires no upkeep or ongoing expenses, it is easily broken due to its fragility. Adding more insurance protection to protect investment might be the answer in this situation, however, it further adds an overhead expense to the owner, which may restrict the growth of Saudi Arabia solar photovoltaic glass market growth.

Impact of COVID-19 on Saudi Arabia Solar Photovoltaic Glass Market

The market for solar photovoltaic glass in Saudi Arabia experienced a substantial slowdown as a result of the unprecedented COVID-19 pandemic. Lockdowns and import-export restrictions imposed by a number of countries hindered the production of solar photovoltaic glass as well as the demand and supply for it. Due to a labor shortage, the infrastructure-related operations associated with the renewable energy sector were also briefly put on hold. During the initial outbreak, all these variables led to significant losses for the Saudi Arabian solar photovoltaic glass sector. Yet, the business experienced great development as energy consumption increased and sustainability consciousness spread in the years after COVID-19.

Saudi Arabia Solar Photovoltaic Glass Market

Segmental Coverage

Saudi Arabia Solar Photovoltaic Glass Market – By Type

Based on type, Saudi Arabia solar photovoltaic glass market is divided into anti-reflective (AR) coated solar PV glass, tempered solar PV glass, TCO-coated solar PV glass, and other segments. The tempered solar PV glass segment holds the highest share of Saudi Arabia's solar photovoltaic glass market. Solar panels are made from tempered glass, sometimes referred to as toughened glass. Tempered glass is well suited for the manufacture of solar panels because, among other things, it is far more durable than other types of glass, which is driving its market growth.

Saudi Arabia Solar Photovoltaic Glass Market – By Application

Based on application, Saudi Arabia solar photovoltaic glass market is segmented into residential, non-residential, and utilities. The utilities segment accounts for the highest market share. Governments can use utility-scale solar power to provide fixed-price electricity during periods of peak demand when electricity from fossil fuels is the most expensive. The Saudi Government has various solar projects, such as the Sakaka Solar Power Plant Project near Al Jawf and launching new ones to boost the solar energy sector in the country.

Saudi Arabia Solar Photovoltaic Glass Market – By Installation

Based on the installation, Saudi Arabia solar photovoltaic glass market is segmented into float glass technology and patterned glass technology. Pattern installation technology accounts for a higher share in the Saudi Arabia solar photovoltaic glass market. The market share of pattern installation techniques is larger. This type of installation technique provides controlled light directly into the cells, boosting the efficiency of these solar systems. They also provide enhanced optical and aesthetic performance. Due to their small size, they also provide a logistical benefit that reduces their total cost.

Saudi Arabia Solar Photovoltaic Glass Market – By Modules

Based on modules, the Saudi Arabia solar photovoltaic glass market is segmented into crystalline silicon PV modules, thin film PV modules, and perovskite modules. A substantial share of the global market for solar photovoltaic glass is made up of crystalline silicon PV modules. Crystalline technologies often have the highest "STC" (standard test conditions) efficiency ratings; for multi-crystalline modules, these values vary from 12% to 17%, while monocrystalline modules can reach up to 20%. However, because of their improved low-light performance and strong structural design, thin-film PV modules are anticipated to see significant growth throughout the projected period.

Competitive Landscape

Major players operating in Saudi Arabia's solar photovoltaic glass market include Saudi Basic Industries Corporation (SABIC), Emirates Insolaire, Guardian Glass, Onyx Glass, Saint-Gobain, Jinko Solar, Trina Solar, Xinyi Solar, Euroglass, and Interpane. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Anti-Reflective (AR) Coated Solar PV Glass

• Tempered Solar PV Glass

• TCO Coated Solar PV Glass

• Others

By Application

• Residential

• Non-Residential

• Utilities

By Installation

• Float Glass Technology

• Patterned Glass Technology

By Modules

• Crystalline Silicon PV Modules

• Thin Film PV Modules

• Perovskite Modules