Over 200 million homeowners target market for solar glass windows
Globally, the interest in solar energy is growing due to increasing awareness of environmental issues and the potential for cost savings on energy bills. However, detailed global statistics specifically for solar windows are not readily available.
If you are a company or business that provides solar windows, a technology that lets you generate electricity from more than just rooftop panels, then this analysis is for you.
As the solar market evolves and expands, companies are looking into new solar technologies to spread solar energy generation beyond traditional rooftop and ground-mount solar panels. Solar windows have gained momentum recently and could represent the future of the solar market.
Solar windows will have an advantage over conventional solar panels because they can be installed where windows typically go; on the side of buildings. This distinction is important because they can absorb the UV light or infrared light that bounces off surfaces and hits the windows from all directions. This means solar windows do not need to be angled towards the sun to catch the energy-giving rays.
Defining Your Target Market
Accordingly, solar windows are still beginning to touch the market. Solar window technology (sometimes called solar glass) isn’t ready for bulk commercial production as yet, however scholars believe that it will soon take its leap because of foreseen demand. While solar windows aren’t fully commercially available yet, the cost of installing traditional solar panels is falling rapidly, and advances in manufacturing mean that they are more efficient than ever.
Generally, the target end users for the above are all homeowners that are looking for sustainability and renewable energy solutions to reduce the cost of electricity. If we are to exaggerate, the target market is all the consumers in the world that are using electricity or specifically renewable energy since it becomes a necessity, and everyone would want to decrease the costs of electricity.
Before we deep dive into the total addressable market analysis including serviceable available market and serviceable obtainable market, we will first look at the current market trends of the related broader market.
Current market trends and overview
Main Market: Global renewable energy current and projected market size & solar power segment
According to Grandview Research, the global renewable energy market size was estimated at $1.21 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.2% until 2030. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to the renewable energy sector.
Meanwhile, The solar power segment accounted for the largest market share of 30.95% in 2023, and is expected to grow at a significant rate over the forecast period. It is low cost, offers a home or business ‘green label’, and reduces electricity interruptions.
[Global year-by-year market size of the overall renewable energy]
2023: $1,210 billion
2024: $xx billion
2025: $xx billion
…
2030: $xx billion
[Solar power segment at a market share of 30.95%]
2023: $xx billion
2024: $xx billion
…
2030: $xx billion
(All values and calculations are provided in the report)
Specific Market: Global solar power windows current and projected market size
According to the World Economic Forum, solar energy is growing faster than any other energy technology in history and is expected to completely replace fossil fuels worldwide by 2050.
A report published June 2024 stated the global solar power windows market size is expected to be worth around $xx million ($xx billion) by 2033, from $xx million in 2023, growing at a CAGR of xx%. In 2023, the solar power windows market experienced a significant transformation, with global investments in solar energy reaching a staggering $xx billion. This investment level not only surpassed traditional upstream oil sectors for the first time but also signaled a global shift towards renewable energy sources.
Other significant findings are as per below
- Thin film technology leads with a xx% market share in 2023 for its lightweight and flexible integration properties.
- High-transparency solar windows hold a xx% market share, favored for architectural aesthetics and energy efficiency.
- The construction sector dominates with a xx% market share in 2023, driven by energy-saving mandates and sustainability goals.
- Asia Pacific leads with a xx% market share, propelled by urbanization and strong governmental support for solar technologies.
[Global year-by year market size of the solar windows industry at a CAGR of xx%]
2023: $ million
2024: $ million
…
2032: $ million
A. BOTTOM-UP METHOD MARKET ANALYSIS
Target Market / End-users Statistics And Data For TAM, SAM and SOM
Possible number of households/homeowners that are middle income and higher
- In 2020, researchers measured a 91.3% homeownership rate globally in residential areas. This statistic leaves only 8.7% of residential units to renters.
- The current global population is at 8.22 billion and the global average size of people per family is 3.45. Thus, the estimated number of households in the world is 2.38 billion.
- From the above data, we can calculate that the estimated total number of homeowners or families with a house is 2.17 billion.
- Accordingly, households with lower income are not interested in solar energy. For example, only x% of homes with a household income of less than $20,000 use solar, compared with x% of homes with a household income of more than $150,000. Thus, we can only consider the estimated number of homeowners that are considered middle class and higher.
- From Pew Research Center, in percentage terms, x% of the global population could be considered middle income in 2020. Most people were either low income (x%) or poor (x%), while nearly x% lived at an upper-middle-income standard and x% were high income.
Estimated number of homeowners that are middle class and above globally
Possible number of households/homeowners that can afford solar windows
- A significant number of homeowners are showing interest in solar energy solutions. According to a 2022 survey, x% of homeowners are interested in solar energy primarily because they believe it will lower their electricity bills. Additionally, x% think that solar energy will provide a solid return on investment.
- Among homeowners without solar power, x% express interest in installing in the future. Notable statistics regarding this cohort include the following:
- Nearly x% cite upfront costs as the primary reason for not moving forward with installation.
- About x% feel the price of installing solar panels is too expensive and outweighs solar’s benefits.
- Over x% decided against installation because their roof would need to be replaced, increasing the cost of installation.
- With the above statistical indications, we are now able to come up with a realistic addressable market with regards to solar windows.
- Knowing that installing solar energy will at least cost an average of $12,700 per home, we will also consider the percentage of those who may likely be able to afford the cost. According to a survey done a few years back, results reveal that x% of homeowners do not have the savings needed to afford a major home repair, which leaves 46% that possibly can afford installation.
Estimated number of homeowners that could possibly install solar windows globally
- To determine the estimated number for the United States, we will use its market share in renewable energy. The United States market share on renewable energy against global is about xx%.
Estimated number of homeowners that could possibly install solar windows in the US
Total Addressable Market (TAM) and its potential revenue: Global
From the above data;
| Global potential end users (TAM) | Estimated total number |
| Homeowners that could possibly install solar windows globally | xx million |
To calculate potential TAM value at full market penetration, we will assume that since the average spending for solar energy per house is at $12,700, this is also the amount of money that end users are willing to spend on average for solar windows as an alternative for solar panels.
Possible revenue assuming 100% penetration of the TAM target end users
= Total number of potential clients * average spending
= $x billion
Serviceable Available Market (SAM) and its potential revenue: United States
From the above data;
| United States potential end users (SAM) | Estimated total number |
| Homeowners that could possibly install solar windows in the United States | xx million |
To calculate SAM potential revenue, we will use the same average spending as above;
Possible revenue assuming 100% penetration of the SAM target end users
= Total number of potential clients * average spending
= $xx billion
Serviceable Obtainable Market (SOM) and its potential revenue: Nevada
From the above data;
| Nevada potential end users (SOM) | Estimated total number |
| Homeowners that could possibly install solar windows in Nevada | xx |
To calculate SOM potential revenue, we will use the same average spending as above;
Possible revenue assuming 100% penetration of the SOM target end users
= Total number of potential clients * average spending
= $x billion
TAM, SAM and SOM Summary: BOTTOM-UP METHOD
B. TOP-DOWN METHOD MARKET ANALYSIS
The above analysis (bottom-up method) is a thorough analysis of determining the potential market because we considered potential end-users using statistics. Another way of determining the TAM is by using a top-down method–from the total renewable energy market. According to the World Economic Forum, scholars believe that solar windows and related transparent solar technologies could provide around xx% of energy demand, for example in the United States. Combined with rooftop solar units, this could rise to almost 100%. There’s so much glass in the world, the potential is huge.
To easily determine the total addressable market for solar windows using the market for renewable energy, we can just assume that all renewable energy can possibly be the market for solar windows as everyone is looking to reduce costs and adopt which one is most convenient.
Total Addressable Market (TAM)
= $x billion (the total market size for renewable energy globally by 2030)
Serviceable Available Market (SAM)
= $x billion * x% market share for the US
= $xx billion (the total market size for renewable energy in the US by 2030)
Serviceable Obtainable Market (SOM)
= $x billion * x% market share for Nevada
= $x billion (the total market size for renewable energy in Nevada by 2030)
TAM, SAM and SOM Summary: TOP-DOWN METHOD
To get a complete copy of this analysis, purchase it via our Etsy store.
PRICE: $6.50
PURCHASE THIS REPORT ANALYSIS VIA OUT ETSY STORE
_________________________________________________________________
Hire a freelancer, expert of professional for any your business needs!
KEY QUESTIONS:
- How many homeowners are adopting or using solar glass windows?
- Are homeowners considering sustainability by using renewable energy such as solar windows?
Researching a market? Feel free to browse our already completed and analyzed market research reports such as market size, market trends, total addressable market (TAM SAM SOM), top competitors and all other industry-related articles. We help startups, entrepreneurs, and small business owners to understand their industry trends either globally or locally.