Rising demand for solar panels led by increasing government support for generating renewable forms of energy to drive global solar panel coatings market through 2024
According to TechSci Research report, “Global Solar Panel Coatings Market By Type, By End User Industry, By Region, By Company, Competition, Forecast & Opportunities, 2024”, the global solar panel coatings market is expected to grow at a CAGR of around 20% during the forecast period. Solar panel coatings are witnessing adoption in various end-user industries since they improve the life and efficiency of solar panels, thereby resulting in higher energy production. However, manufacturers of solar panel coatings face challenges such as high initial investment and low returns on investment (RoI) on the installation of solar panels which is likely to hamper the growth of the market during the forecast period.
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The global solar panel coatings market is segmented based on type, end user industry, region and company. Based on type, the market can be segmented into Anti-reflective, Hydrophobic, Self-cleansing, Anti-soiling, Anti-abrasion and Others. The anti-reflective coatings market is anticipated to dominate the market during the forecast period followed by hydrophobic coatings. This can be accredited to their properties such as high absorption capacity, improved light transitivity, and reduced reflection. Based on end-user industry, the market can be fragmented into Residential, Commercial, Energy, Agriculture, Automotive and Others. The residential sector is projected to dominate the market during the forecast period on account of rising demands for solar panels to generate electricity in the residential sector.
NanoTech Types Pty Limited, Koninklijke DSM N.V, PPG Industries Inc., Nano Shell Limited, Unelko Corporation, Diamon-Fusion International Inc. (DFI), Optitune Oy, Arkema Group Co., Ltd, Fenzi S.p.a.,3M Co and others are some of the leading players operating in the global solar panel coatings market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
“Asia-Pacific is expected to be the largest and fastest-growing market in solar coatings market during the forecast period. The growth of the region can be attributed to the increasing investments in solar panel installations and growing government support and incentives for generating renewable energy by using solar panels in the region. Additionally, the demand for rooftop solar panels for generating power for residential and commercial purposes is increasing in the region, thereby further fueling growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Global Solar Panel Coatings Market By Type, By End-User Industry, By Region, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global solar panel coatings market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in global solar panel coatings market.
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