Solar Panel Coatings Market, Size Likely To Touch New Heights By End Of Forecast Period

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. Solar Panel Coatings Market is projected to be worth USD 15.9 billion by 2030, registering a CAGR of 22.8% during the forecast period (2021 - 2030).

The global Solar Panel Coatings Market 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 2021 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 application segments of the global solar panel coating market growth 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.

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Regional Analysis

The global solar panel for industry cost 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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