According to a new report published by Allied Market Research, titled, "Solar panel coatings market by type, and by application: Global Opportunity Analysis and Industry Forecast, 2020-2030,"
The solar panel coatings market size was valued at $2.08 billion in 2020, and expected to reach $15.7 billion by 2030, with solar panel coatings market forecast expected at a CAGR of 22.4% from 2021 to 2030.
Solar panel is a device that converts light into electricity. It is a collection of solar cells spread over a large area, which work together to produce power. Solar panel coatings are applied on solar panels to protect them from dust, dirt, and external harsh environment. Solar panels are layered with solar panel coatings during their manufacturing. Solar panel coatings increase the efficiency and protection level of solar panels, which help in higher energy generation.
Energy plays an important role in the development of industries and to provide comfortable living environment to the people. Increase in innovation in regards to the development of heavy machineries, which are major consumers of electricity and the presence of large-scale energy consuming manufacturing industries such as Tesla, Airbus, Boeing, and other multinational companies across the globe and their investment toward renewable energy augment the growth of the solar panel coating market. Moreover, increase in awareness among people regarding the effect on the environment due to solar energy has fostered the demand for solar PV industries, which, in turn, augmented the growth of the solar panel coating market.
However, the production cost of the coating material is high. Thus, initial investment to develop coating material is huge, which hampers the market growth. In addition to this, complexity involved in the production of these materials limit the growth of the market.
The global solar panel coatings market is segmented on the basis of by type, by application, and region.
By type of coatings, the global solar panel coatings market is categorized into anti-reflective, hydrophobic, self-cleaning, anti-soiling, anti-abrasion, and others. Depending on application, it is fragmented into residential, commercial, energy, agriculture, automotive, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include Arkema Group, Advanced Nanotech Lab, Diamon-Fusion International Inc., Fenzi SpA, Koninklijke DSM N.V, Nanoman, Nanopool GmbH, PPG Industries Inc., Unelko Corporation, and 3M. Owing to rapidly increasing demand for eco-friendly power generation from renewable resources such as solar energy, key manufacturers have focused on expanding their production capacities of solar panels to meet market demand for energy across the globe, which led to surge in demand for solar panel coatings.
Impact Of Covid-19 On The Global Solar Panel Coatings Market
- Emergence of COVID-19 had a negative impact on the growth of the solar panels coatings market during this period.
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand power hence decrease in the demand for solar panel coatings market during this period.
- The decrease in demand for many non-essential products and shut down of electrical, automotive, and other solar panel related industries has created a negative impact on the development of solar panel coatings market
- The increasing demand for environment friendly resources and increase in awareness among the people regarding the advantages of the power generate from solar panels towards environment will provide good opportunities for the growth of solar panel coatings market.
- Thus, the abovementioned factors are expected to have great impact on the development of solar panel coatings market growth in this forecast period.
Key findings of the study
- By Region wise, the Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- As per solar panel coating market analysis, by type, the anti-reflective segment accounted for the largest market share in 2020 in terms of volume.
- On the basis of application, the energy segment holds the largest market share in 2020 in terms of value.