Cleveland OH, June 21, 2023 – According to a new study by The Freedonia Group,
Global Flat Glass, global demand for fabricated flat glass in the solar energy market is forecast to increase over 20% per year to $43.3 billion in 2027, rising to 30% of total sales. Government initiatives to promote the adoption of renewable energy will drive continued rapid growth in solar module manufacturing, fueling expanded demand for cover glass.
China will remain by far the world’s largest market for solar energy glass, accounting for 45% of the global total in value terms in 2027.
The US is expected to post particularly fast growth and account for the second largest share of demand gains behind China through 2027. Growth in the US solar module industry will be driven by both increasing domestic demand and attempts to reduce the country’s reliance on trade with China. Tariffs have been placed on imports of solar components from China, and in June 2022, the Biden administration authorized the use of the Defense Production Act to support development of the US’s domestic solar industry.
Concerns about securing domestic supply chains will also contribute to strong growth in European markets. In addition to targets for solar deployment, the EU has also set targets for local solar component manufacturing capacity, with a near-term target of 30 GW of solar module production capacity in Europe by 2025.
Outside of the US, China, and Europe, most of the growth in solar energy flat glass demand will occur in other Asia/Pacific markets through 2027. The region was home to nine of the world’s 10 largest solar module manufacturers in 2021, with fast-growing industries in various South and Southeast Asian nations and relatively established solar industries in Japan and South Korea. Offshoring efforts by Chinese producers are expected to drive continued growth in solar module manufacturing throughout the region.