Solar Windows Market to Register Substantial Expansion by 2030

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Solar Windows: Introduction

• Solar windows are usually windows that function as solar panels to harvest the solar energy from the Sun and convert it to electricity. Solar windows are used on residential and commercial buildings with little to no upfront costs.
• Solar windows can be purchased as separate units or could be created by applying a photovoltaic film onto the glass of the window. Furthermore, some manufacturers create independent solar windows by sandwiching existing solar panel cells between two layers of glass.
• Solar independent window units are also made from photovoltaic glass in which invisible wires are utilized to collect energy made from the photovoltaic glass and subsequently, transfers it to the power grid
• Solar windows make solar photovoltaics virtually applicable to every household, even those in skyscrapers of the mega-cities around the globe
• Solar windows are generally considered ‘building-integrated photovoltaics’ or BIPV technology. BIPV technologies offer certain benefits. Moreover, they are esthetically more appealing and convenient to maintain as compared to conventional solar options that are available depending on the type of its installation.

Key Drivers of Global Solar Windows Market

• Surge in transition toward renewable energy is likely to offer significant opportunities to lease providers due to the long-term benefits of solar energy. This is expected to drive the global market for solar windows during the forecast period.
• Business models and mutual financing options play a key role in driving the solar windows market. Dense urban areas in several cities across the globe could benefit from this technology owing to large vertical window space and a lack of rooftops for solar panels. Moreover, solar windows could also help meet peak energy demands.
• Government subsidies for solar power across the world can be leveraged by solar window manufacturing companies. This is estimated to offer considerable opportunities to the global solar windows market during the forecast period.

Restraints of Global Solar Windows Market

• Solar windows cost an estimated 40% more than traditional windows options. Additionally, traditional solar panels are more efficient and cost-effective than solar windows. Thus, building owners who have the space for solar panels would be not interested in solar windows. This is likely to restrain the global solar windows market during the forecast period.
• Solar windows could be able to transform the photovoltaics industry; albeit, a lack of sufficient real-world testing of the technology has been unable to conclusively prove its financial viability in the near future. This is expected to restrain the solar windows market in the near future.

Major Developments

• In April 2020, a team of scientists from Australian Research Council’s Center of Excellence in Exciton Science in Australia have produced next-gen perovskite solar cells with a conversion efficiency of 17%, which they say can transform windows into power generators. The semi-transparent solar cells are able to generate electricity while allowing light to pass through them.
• In March 2020, an Italy-based startup company Glass to Power, announced the development of a luminescent solar concentrator technology, which can be integrated with active architectural windows and elements. It also announced that the technology is based on nanoparticles, known as chromophores, which can decouple the absorption and light emission processes. The company also claimed that the new technology achieved a conversion efficiency of up to 3.2%, with a degree of transparency in the visible spectrum of around 80%.

Europe to Hold Major Share of Global Solar Windows Market

• Based on region, the global solar windows market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Europe is likely to dominate the global solar windows market during the forecast period. High investments, especially by governments of countries such as Germany, and technological advancements are projected to drive the market in the region from 2020 to 2030.
• The European Union (EU) aims to achieve 20% share of energy from renewable energy sources (RESs) in the final energy consumption by the end of 2020. This is expected to drive the market in the region during the forecast period.
• On the other hand, the size of the renewable energy industry in the U.S. in North America is anticipated to double by the end of the forecast period. Renewable energy projects in the country are likely to benefit from multi-year federal tax incentives and several state-level policies that promote the use of solar energy in the next few years.
• Asia Pacific is projected to offer significant opportunities to the global solar windows market during the forecast period, due to a rise concerns about air pollution and carbon emissions in India and China. Additionally, government tariff and policies toward the use of solar technology is likely to propel the solar windows market in the region.