Latin America Solar PV Glass Market: By Glass Type (3.2 mm, 2 mm), By End-User (Residential, Commercial), and Country (Brazil, Mexico, Argentina, and Rest of Latin America) and forecast to 2030

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Latin America Solar PV Glass Market is experiencing significant growth, with installed and glass consumed volume reaching 287.2 million sq.mts in 2023 and projected to grow at a CAGR of 6.2%. The market value is expected to rise from USD 1,038.8 Mn in 2023 to USD 1,700.7 Mn in 2030, with a CAGR of 4.0%. Solar PV glass, which converts solar energy into electricity using solar cells, is gaining traction in Latin America countries due to increased demand for solar PV installations, decreasing PV module prices, and rising rooftop solar installations, particularly in the residential sector. Technological advancements are revolutionizing the market, enhancing efficiency and affordability through innovations in panel designs, energy storage, and smart grid technologies.

The integration of AI and machine learning is optimizing energy production and reducing costs. In November 2023, perovskite tandem solar cells set a new world record for efficiency, surpassing the previous record set just months earlier. In 2022, Brazil completed nearly 10 GW of solar projects, bringing the country's total installed solar capacity to more than 25 GW, accounting for 11.6% of the national power mix. The utility-scale PV sector adds 7.8 GW to this total. The constant increase in solar capacity demonstrates Brazil's commitment to growing renewable energy infrastructure and promoting sustainable energy growth.

Despite challenges like supply chain limitations and permitting obstacles, the Latin America solar PV glass market is expected to transform, with M&A activity predicted to increase significantly in 2024. Researchers have made progress with multi-junction PV cells, achieving efficiencies over 45%. Bifacial solar panels, capturing light on both sides, show 30-40% higher efficiency when combined with sun-tracking technology. Agrivoltaics, integrating solar panels with farmland, addresses land-use conflicts and can increase farm yields. However, limitations on PV efficiency, geographic constraints, and lack of awareness hinder adoption. Moreover, centralized systems in the Brazilian solar market increased and surpassed 1.5 GW. The introduction of various power purchase agreements (PPA) based systems and energy auctions intended for large-scale power plants were the main causes of this expansion.

Latin America Solar PV Glass Market Key Developments:
  • In June 2024, Brazil's federal government announced a R$3 billion investment for the Minha Casa, Minha Vida program. The funds will support the installation of photovoltaic systems in 500,000 social housing units, marking a significant step towards sustainable energy adoption in affordable housing projects across the country.
  • In June 2024, Plutón Solar submitted an environmental impact assessment for a 172 MW solar power plant project to Mexico's Ministry of Environment. The plant will feature 354,480 photovoltaic panels, 30 inverters, and 17 battery storage modules. The generated energy will be fed into the national electrical system through a CFE substation.

Latin America Solar PV Glass Market Dynamics

Technological advancements are significantly enhancing the efficiency and affordability of solar PV systems. Innovations in solar panel designs, energy storage solutions, and smart grid technologies are making solar power more accessible and reliable. The integration of artificial intelligence (AI) and machine learning in solar operations is optimizing energy production, reducing maintenance costs, and improving overall system performance. For example, in November 2023, a new solar technology set a world record for efficiency. The previous record, established only five months earlier, was quickly surpassed. This rapid progress is due to the development of perovskite tandem solar cells, a next-generation solar technology. These cells combine traditional silicon with materials possessing a unique crystal structure, enabling them to convert more sunlight into electricity. Moreover, in 2022, Brazil completed nearly 10 GW of solar projects, bringing the country's total installed solar capacity to more than 25 GW, accounting for 11.6% of the national power mix. The utility-scale PV sector adds 7.8 GW to this total. The constant increase in solar capacity demonstrates Brazil's commitment to growing renewable energy infrastructure and promoting sustainable energy growth.

Latin America Solar PV Glass Market Segmentation

By End User
  • Residential
  • Commercial
By Country
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

Frequently Asked Questions

The Latin America solar PV glass market was valued at USD 1038.8 million in 2023 and is expected to grow at a 4.0% CAGR from 2024 to 2030.

AGC Inc., Nippon Sheet Glass Co., Ltd., Xinyi Solar Holdings Ltd., Saint-Gobain S.A., Borosil Renewables Limited, Euroglas GmbH, and Trina Solar Limited are some of the major players operating in Latin America solar PV glass market.

Limitations on PV efficiency, geographic constraints, and lack of awareness are expected to limit the growth of the Latin America solar PV glass market.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030).
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory frameworks, and reimbursement scenarios.
  • AGC Inc.
  • Nippon Sheet Glass Co., Ltd.
  • Xinyi Solar Holdings Ltd.
  • Saint-Gobain S.A.
  • Borosil Renewables Limited
  • Euroglas GmbH
  • Trina Solar Limited
  • Canadian Solar Inc.
  • JA Solar Holdings Co., Ltd.
  • JinkoSolar Holding Co., Ltd.
  • SunPower Corporation
  • Sisecam Flat Glass
  • PPG Industries, Inc.
  • Corning, Inc.
  • Guardian Industries

Adjacent Markets