According to a new report published by Transparency Market Research (TMR) titled ‘Solar Panel Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2026’, the global solar panel coatings market was valued at around US$ 2,000 Mn in 2017 and is anticipated to expand at a CAGR of approximately 27% during the forecast period. The global solar panel coatings market is driven by rise in the demand for solar panels and increase in government-supported incentives to generate renewable energy by using solar panels. Solar panel coatings have excellent absorption capacity and high light transitivity. They offer resistance to dust and harsh environmental conditions. Solar panels are extensively utilized in generating energy in residential and other end-use industries such as commercial, energy, agriculture, and automotive. The solar panel coatings market in Asia Pacific is expanding at a considerable CAGR, due rise in the demand for solar panels to generate energy.
High demand for solar panels and minimal maintenance costs to drive market
Rise in the demand for solar panels for generating energy led by the shift toward using renewable energy for power generation is driving the solar panel coatings market. Also, minimal costs incurred for maintenance of solar panels are propelling the solar panels industry. This, in turn, drives the solar panel coatings market. Solar panel coatings make solar panels resistant to impact and scratches and provide waterproofing to these panels.
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Furthermore, they do not allow dust or water to accumulate on solar panels. This, in turn, drives the solar panel coatings market. Solar panel coatings ultimately reduce the maintenance cost and improve the life and efficiency of solar panels by 30%. This increases the life span and overall efficiency of solar panels. This factor is projected to propel the solar panel coatings market during the forecast period.
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Solar panel coatings offer excellent light transitivity and high absorption capacity and reduce reflection. This results in reduction of energy loss, which makes these coatings ideal for application in various end-use industries such as residential, commercial, energy, agriculture, and automotive. However, manufacturers of solar panels face challenges such as high initial investment and low returns on investment (RoI). This acts as a restraint for the solar panel coatings market.
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Rising demand for solar panels to boost the anti-reflective segment
Based on type, the global solar panel coatings market has been segmented into anti-reflective, hydrophobic, self-cleaning, anti-soiling, anti-abrasion, and others. The anti-reflective segment is anticipated to account for a major share of the market from 2018 to 2026, due to rise in the demand for solar panels from end-use industries such as residential, commercial, energy, agriculture, and automotive. Anti-reflective solar panel coatings offer increased absorption capacity and improve light transitivity, thereby enhancing the overall efficiency of solar panels.
Residential end-use industry segment to dominate the global solar panel coatings market
In terms of end-use industry, the global solar panel coatings market has been divided into residential, commercial, energy, agriculture, automotive, and others. The residential segment is anticipated to dominate the global market between 2018 and 2026, owing to rise in the adoption of installation of solar panels for generating energy for residential purposes across the globe. The residential segment is anticipated to expand at a significant pace from 2018 to 2026, due to the rising demand for installing rooftop solar panels for generating solar energy.
Increase in solar panel installations for generating energy in developing countries such as China, India, and Brazil to offer growth opportunities to the market
Geographically, the global solar panel coatings market has been segregated into major five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to hold a major share of the global market during the forecast period, led by China. This is attributable to increase in the number of solar panel installations in the region. The solar panel coatings market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rising demand for solar panels from the residential sector in Asia Pacific is anticipated to boost the solar panel coatings market in the region between 2018 and 2026.
Consolidated market with a few players dominating the market
Key market players covered in this report are Arkema Group, Fenzi SpA, NanoTech Products Pty Limited, Koninklijke DSM N.V, 3M, PPG Industries Inc., nanoShell Limited, Unelko Corporation, Optitune Oy, and Diamon-Fusion International Inc. (DFI). India and China are rapidly expanding economies in the world. Successful penetration of solar panel coatings market in these countries is anticipated to create more opportunity to these companies during the forecast period.