Solar Window Market: Current Analysis and Forecast (2023-2030)

Solar PV generation increased by 22%, an amount of 179*TWh in 2021 to exceed 1*000*TWh overall power. Solar PV is one of the world's lowest-cost options for electricity generation. Solar PV accounts for nearly 3.6% of electricity generation globally. Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of Solar Windows globally during the projected period.

The Solar Window Market is expected to grow at a strong CAGR of 21.7% during the forecast period. It is mainly owing to the government programs and incentives to promote cleaner renewable energy in order to meet climate change policies globally. Although solar windows were in development for a long time, they were introduced a decade back to the public. Sharp Corporation introduced solar windows in 2012 at a press conference in Japan. The product received good news coverage but had very low solar energy efficiency. The company planned to launch the technology in Japan as a test market but hold its plans in order to increase its efficiency before officially launching the product.

Solar Windows can only be seen in commercial properties as it has not been launched for the residential sector. Even in the commercial segment, only some countries have access to solar windows. Most companies have not started producing the product commercially as the efficiency of the panel is still a huge hurdle many organizations have not been able to solve yet. However, huge organizations are incorporating new solar window technology in their buildings. For instance - Bell Works in Holmdel, NJ; Tanjong Pagar in Singapore; Edmonton Convention Center Atrium in Canada, National Energy Services Reunited Corp in Dammam, Saudi Arabia and Newark Liberty International Airport in New Jersey, United States.

Based on End User, The Solar Window market is divided into Commercial Buildings and Others (Agriculture, Automotive, etc.) segments. The Commercial Buildings segment acquired a majority share in the Solar Window market and is expected to showcase a substantial growth rate during the forecast period. Solar PV remains the most competitive source of Renewable energy generation globally; however, building large-scale installations is becoming increasingly challenging in many regions of the world due to the lack of suitable sites. Moreover, Solar PV is the main choice for the private sector if they want to invest in renewable energy. Companies investing in distributed (including rooftop) solar PV installations on their commercial buildings and premises are responsible for around 30% of the total installed PV capacity, moreover, Companies are entering into corporate power purchase agreements with solar PV plant operators. The main target consumer of the solar window is big corporate buildings as solar window requires a large vertical area in order to generate the required energy solar windows have a very low solar-to-energy conversion rate. A day school in Denmark called Copenhagen International School, has installed 12,000 "hued but clear" solar panels.

Based on Application, the solar window market is segmented into skylight, curtain wall & Facade and Others segment. The solar windows can be applied to any part of the building but since the market is still in development stage, the main areas of application right now is skylight and curtain wall & Facade. Photovoltaic skylights not only generate free electricity, but also provide natural light, as well as UV and IR filter. Novartis Pharmaceutical's HQ, the American Airlines Arena in Florida, and Bell Works in New Jersey are some of the companies which have incorporated solar window skylight in their companies. However, the most popular Segment would be Curtain Wall and Facade, these constitute the most surface area in a building where solar windows can be installed and are also the main target of solar window companies. USA (Culver City Creative Office Building designed by Gensler); Spain (GDR Headquarters and also Valdecilla Hospital); and Chile (Punta Arenas) are some of the buildings which have already incorporated solar windows in their buildings.

For a better understanding of the market adoption of Solar Window, the market is analyzed based on its worldwide presence in the countries such as North and South America (U.S.A, and the Rest of North and South America), Europe (Germany, Italy, United Kingdom, Netherlands, France, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific) and Rest of World. APAC registered the highest market share in the Solar Window market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Window projects taking place in China, south korea, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B's AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.

Some of the major players operating in the market are: Ubiquitous Energy Inc., SolarWindow Technologies, Inc., ClearVue Technologies Limited, PHYSEE Group B.V., EnergyGlass Limited, Glass to Power SpA, Brite Hellas S.A., Onyx Solar Group LLC, Polysolar Ltd, and NEXT Energy Technologies.