(MENAFN – GetNews) The demand for sustainable and energy-efficient infrastructure around the world, coupled with the desire of automotive companies to achieve optimum sustainability and fuel efficiency in their products, has radically increased the demand for solar control glass, according to a recent report by Grand View Research.
The global solar control glass market is projected to be worth USD 8.88 billion by the year 2024, advancing at 9.3% CAGR over the forecast period, as per a report by Grand View Research, Inc. The exponential increase in demand for innovative heat and light control solutions, on account of the positive developments in the construction and automotive industry, is expected to propel market growth.Solar control glass allows a significant amount of sunlight to pass through and reflects a large amount of solar heat, thus making it suitable for green building applications. The growing trend of green buildings constructions with high energy efficiency and reduced carbon dioxide emissions is expected to drive the industry demand for solar control glass over the forecast period.
Major global economies such as the US and China are the forefront of the industry growth, as these regions have witnessed technological advancements by leaps and bounds in recent years. Furthermore, the high degree of industrialization in these regions, as well as many other developed and emerging economies, has heightened the necessity of such solutions in building infrastructure. The presence of favorable government policies in order to encourage adoption of solar control glass in the construction and automotive sectors is also expected to drive innovation in the industry. Solar control glasses have greatly reduced the air conditioning costs in the automotive sector, thus leading to an increase in demand. Furthermore, the mandatory emission reduction targets that have been set by the European Union legislation for new cars are expected to have a positive impact on solar glass demand in the coming years.
Solar control glass has witnessed high adoption in numerous construction projects in recent years, with some notable ones being the construction of the Gibraltar Airport and the Onyx Hotel in Hamburg. Commercial and residential buildings, as well as the automotive sector, are the leading application areas for solar control glass. The notable industry players that are contributing to the segment growth include NSG, AGC Europe, and Saint-Gobain who account for a majority share in the market. Some other competitors in the market are PPG Industries Inc.; Guardian Glass; Asahi India; CSG Architectural Glass; Arcon Flachglas Veredlung Gmbh Co. & KG; Sisecam Flat Glass; Cardinal Glass; and Euroglas GmbH. With the increasing scope in the automotive sector, many of these companies have started collaborating with leading automakers, as a means to garner higher market share.
Further key findings suggest:
1 Solar control glass comprises invisible layers of special materials that display the dual effect of repelling solar heat, while allowing sunlight in. They are used in hot environments for minimizing solar heat gains, as well as in a more temperate environment for balancing solar control with natural light admission
2 The European Automobile Manufacturers’ Association (ACEA) has specified the usage of solar control glass in automobiles in a report, by highlighting the various advantages, such as heat load reduction on the vehicle, which conversely reduces the need for air conditioning
3 Some of the notable advantages that solar control glass offers for vehicles include longer upholstery life, high degree of UV protection, avoidance of signal blockages in communication, and better range for electric vehicles
4 Commercial buildings are expected to show the fastest volume growth at 9.1% CAGR through 2024, owing to increasing number of energy efficient projects, coupled with government regulations promoting energy efficient buildings
5 The European solar control glass market was valued at USD 1.74 billion in 2015 and will show significant rise over the forecast period, owing to rising demand for commercial buildings with provisions to reduce the CO2 emissions
6 Building operations in the United Kingdom account for 30% of carbon dioxide emissions, which come from electricity use, as well as heating and cooling setup. The demand for solar control glass is thus, high in this region, as a means to achieve net-zero carbon infrastructure
7 The Middle East and Africa region will witness significant revenue growth at a CAGR of 10.1% through 2024, in light of the increasing construction projects and arid climatic conditions in that region that necessitate the presence of advanced heat and radiation control solutions
8 The outbreak of the COVID-19 pandemic at the beginning of 2020 led to lockdowns and industry closures on government orders across the globe. The construction sector was negatively affected, with many projects remaining unfinished for the majority of the year. However, the industry is expected to pick up pace in 2021, as governments relax lockdown norms and construction projects get back to normal
9 Companies are focusing on increasing their footprint within the global solar control glass industry through various strategic initiatives. For example, in December 2020, T-Mobile Czech Republic and AGC completed the testing of ‘WAVETHRU’ thermal insulation window glass that has been designed for enabling efficient circulation of radio signals in buildings
10 In March 2020, Saint-Gobain Glass launched a new double-silver coated solar control glass, the COOL-LITE SKN 183 & SKN 183 II, that offers 75% light transmission, and can be used in settings such as hospitals, educational institutes, commercial offices, and residential buildings
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Grand View Research has segmented the global solar control glass market on the basis of application and region:
Solar Control Glass Application Outlook (Volume, Million Square Meter; Revenue, USD Million, 2013 – 2024)
- Commercial Buildings
- Residential Buildings
Solar Control Glass Regional Outlook (Volume, Million Square Meter; Revenue, USD Million, 2013 – 2024)
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About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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