Solar Panel Coatings Market Growth | Industry Size, Analysis, Overview, Report Analysis, Revenue and Business Plans Forecast to 2027
The growing demand for a sustainable energy source in the commercial sector is likely to drive the growth of the global solar panel coatings market during the forecast period.
The preference for solar energy as an alternative to conventional
energy sources for the generation of electricity has increased across the
globe. Installation of solar panels is an economical and eco-friendly method to
harness power. However, the harsh environmental conditions hamper the
operational efficiency of the photovoltaic cells. To overcome this challenge,
solar panel coatings are developed that possess functional features such as
conductivity and wettability, which enhance the performance of solar
panels. The global market for solar panel coatings was
valued at over USD 4.65 billion in 2018 and expected to register a robust CAGR
of 23.4% during the review period.
The global Solar Panel Coatings Market Growth has been classified based on type and
application segments.
The types of solar panel coatings analyzed under the scope of the
report are anti-reflective, hydrophobic, self-cleaning,
anti-soiling, anti-abrasion, and others. The anti-reflective solar panel
coating segment account for the largest market share in 2018 owing to its
excellent properties such as high light transmission, spectral stability, and
high strength, thus improving the efficiency of solar cells. The hydrophobic
segment is expected to register the highest CAGR during the forecast period
owing its property to repel water-based contaminants from the surface of solar
panels.
The Non
Reflective Solar Panels application segments of
the global solar panel coating market share are residential, commercial, energy, agriculture, automobiles,
and others. The commercial segment is expected to dominate the global market
during the review period owing to the increasing preference for economical,
renewable, and pollution-free energy sources. The residential segment is likely to be the fastest-growing
segment in the coming years owing to the increasing solar panel installations
to meet the high demand for electricity. For instance, according to the Solar
Energy Industries Association (SEIA), the US installed 1.7 gigawatts (GW) of
solar PV capacity in Q3 2018 to supply power to 11.3 million US homes.
Furthermore, the increasing demand for building-integrated photovoltaics (BIPV)
as a replacement of conventional building materials is further driving the
demand for solar panel coatings in the commercial and residential buildings.
Regional
Analysis
The global solar panel coatings have been
analyzed across five key regions, namely Asia-Pacific, North America, Latin
America, Europe, and the Middle East & Africa.
The
Asia-Pacific market dominated the global market and is likely to register the
highest CAGR in the coming years owing to growing
industrialization in the region. China is projected to be the leading
country-level market in the region owing to the surging demand for solar panel
coatings in photovoltaics. India, Malaysia, and South Korea are other regional
contributors to regional market growth.
North America accounted for a substantial market share in 2018
and is expected to register a significant CAGR during the forecast period owing
to the rising constructional activities coupled with rising demand for clean
and cheaper energy sources when compared with fossil fuels.
Europe is expected to register a considerable CAGR owing to
increasing environmental concerns coupled with a radicle shift towards
sustainable sources of energy.
Latin America and the
Middle East & Africa are expected to show substantial growth during the
forecast period owing to rising industrialization and various green initiatives
undertaken to limit the carbon footprint.
Competitive Analysis
Unelko Corporation (US),
Optitune Oy (Finland), Diamon-Fusion International, Inc (US), Element 119 (US),
Arkema S.A. (France), FENZI S.p.A. (Italy), Nanotech Products Pty Ltd
(Australia), DSM (The Netherlands), 3M (US),
PPG Industries Inc (US), Sinovoltaics Group
(China), ZSD (Egypt), Solar Sharc (UK), and Advanced Nanotech Lab (India).
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