Global Solar Power Window Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)
The presence of a large number of skyscrapers makes rooftop solar power systems unviable. However, the windows of these tall buildings have the potential to be converted into solar power panels, which can produce at least a third of the buildings’ power requirement. Moreover, solar power windows eliminate the need for huge amount of land for setting up ground-mounted solar parks. The electricity generation capability, even in the presence of low sunlight, is an added advantage.
Installation of solar power windows have the capacity to not only reduce the stress on cooling systems, but also generate power for consumption, thereby, enabling the realization of constructing energy neutral buildings.
Quick Return of Investment - Boosting Demand for Market
The return on investment of the solar power windows is expected to be about two years. As of 2018, most of the other types of renewable technologies have a return on investment between five to ten years, and sometimes as high as twenty years in some cases, this technology has more potential for deployment. The solar power windows are about 40% costlier than the conventional solar control window films. However, driven by the better power generating capability of these windows, along with all the benefits of solar control windows and the smaller return of investment period, the demand for solar power window market is expected to grow during the forecast period.
Structural Limitations - Short-term Restraint for the Global Solar Power Window Market
The lateral surface area of high-rise buildings is subject to shade from other buildings that drives down the efficiency of the system. These limitations are expected to restrain the market in the medium-term, until and unless a technological solution evolves.
Asia-Pacific - Highest Demand for Solar Power Window Market
The Asia-Pacific region is one of the potential markets for solar power windows, as the construction sector is one of the major end-user industries for solar power windows. With consistent economic growth in the Asia-Pacific countries, coupled with growing tourism and improving business potential, the demand for infrastructure in countries, such as India, China, Malaysia, and Indonesia, is growing at a significant rate. In Asia-Pacific, China is one of the most dominant countries, which is expected to drive the solar power window market. Whereas, countries, such as India, Japan, China, Australia, and Malaysia, are the potential future markets for the solar power windows.
China’s Construction Market - Provides Huge Opportunity
China is the largest building construction market in the world, with up to 2 billion square meters constructed annually. China’s 13th Five Year Plan for Building Energy Efficiency and Green Building Development includes aggressive goals for green building construction and renovation, including a requirement for 50% of all new urban buildings to be certified green buildings. The plan also specifies pilot programs for constructing and renovating energy efficient buildings. Moreover, China achieved an astonishing transformation over the past three decades. The country has become an industrial powerhouse, and has lifted hundreds of millions of citizens out of poverty, and created a growing middle class with rising levels of prosperity. These are among the positive factors creating an opportunity for the adoption of solar power windows in the years to come.
Major Players: SOLAR WINDOW TECHNOLOGIES Inc., UBIQUITOUS ENERGY Inc., SOLARIA CORPORATION, ONYX SOLAR ENERGY SL, BRITE SOLAR, PHYSEE, OXFORD PHOTOVOLTAICS, STAR 8 INTERNATIONAL Limited, amongst others
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