Report Code: A11896
The global solar panel coatings market size was valued at $2.08 billion in 2020, and is expected to reach $15.7 billion by 2030, with global solar panel coatings market forecast expected at a CAGR of 22.4% from 2021 to 2030.
The COVID-19 pandemic has negatively impacted the Global solar panel coating market . 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.
Solar panel is a device, which is a collection of photovoltaic cells that can convert light energy into electrical energy. These solar panels are treated with coating during the manufacturing period, as they make these panels resistant to impact and scratches while providing water proof properties to prevent accumulation of water. In addition to this, they are coated with anti-dust coating material to prevent dust accumulation on the solar panels. Solar panel coatings ultimately reduce the maintenance cost while improving the life and efficiency of solar panels by 30%. Thus, the abovementioned factors are driving the growth of the solar panel coating market.
Solar panel coatings offer excellent light transitivity and high absorption capacity while reducing the reflection, which results in energy loss, making these coatings ideal for the application in various end-use industries. Increase in awareness among people and large-scale industries regarding the advantages of the solar panel power generation is a major driving factor for the growth of the market. The government policies and investment of the state & private organization to construct solar power plants to meet the future energy demands is a major factor, which will provide opportunities for the growth of the market. The manufacturers of solar panels face challenges such as high initial investment and low returns on investment, which hamper the growth of the solar panel coatings market.
The global solar panel coatings market is segmented on the basis of type, application, and region.
On the basis of 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 Europe and Asia-Pacific.
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 led the key manufacturers expand their production capacities of solar panels to meet market demand for energy across the globe which led to surge in the demand for solar panel coatings. Additional growth strategies such as partnership and product launch are also adopted to attain key developments in the solar panel coatings market trends.
The Asia-Pacific dominates the solar panel coating market. The region garnered the largest share of solar panel coatings market. India and China are major players in this region majorly due to the presence of huge population and due to their demand for energy. Solar power in India is a fast developing industry as a part of the renewable energy in India. The country has installed solar capacity about 44.3 GW as of August 2021. Moreover, India has established nearly 42 solar parks to make land available to the promoters of solar plants. In addition to this, the Ministry of New and Renewable Energy had stated that a further 36.03 GW of solar projects are under various stages of implementation and 23.87 GW were in the tendering process as of January 2021. The International Solar Alliance was proposed by India as a founder member is headquartered in India and has put forward the concept of “One Sun One World One Grid” and “World Solar Bank” to harness abundant solar power on a global scale. In 2019, 3.9% of the total energy produced by China comes in the form of solar energy. At the end of 2020, China’s total installed photovoltaic capacity was 253 GW accounting to 33.27% of the world’s total installed photovoltaic capacity which is around 760.4 GW. The China National Energy Administration (NEA) drafted a policy to steadily increase the amount the power purchased from clean generation resources from 28.2% in 2020 to 40% by 2030 through grid companies. The national policies to Make China “Carbon Neutral” by 2060 have boosted the share of non-fossil fuels in primary energy consumption to around 25% by 2030 will drive the demand for solar PV industry which will provide ample opportunities for the growth of the solar panel coating market.
The others (nano coatings) dominate the solar panel coating market. Surge in the application, development and production of nano materials on the surface of the finished product are the major factors driving the demand for nano material coatings in the solar panel coating market. In addition, surge in demand for power and to reduce the usage of water for cleaning solar panels has propelled the application of hydrophilic coating material in the solar panel coating market. Moreover, rise in awareness and investment of government toward solar power plants are expected to provide ample opportunities for the growth of the solar panel coatings market.
The energy dominates the solar panel coating market due to the wide range of applications. Solar energy applications have gained momentum in recent years. Increase in manufacturing of solar panels led to decline of production cost and awareness among people regarding the financial and environmental benefits of solar energy have increased the demand for solar panel coatings market. A distributed solar PV system is installed on rooftops of homes or business. These solar power systems generate electricity to offset the property owner’s usage and send any excess production to the electric grid. The ever-growing investment of the government toward solar power plants to curb the demand for power has increased the demand for solar panel coatings market.
COVID-19 disease began to spread around the world, millions of people across the globe were infected with COVID-19 disease, major countries around the world have implemented lock down and work stoppage orders. Most of the manufacturing industries are negatively impacted due to the pandemic except for the medical supplies and life support products industries. Solar panel coatings industries have been significantly affected due to improper transportation of raw materials required by the manufacturers and decline in the usage of power led to decline in the demand for the solar panel industry market. The government support to create awareness regarding global warming during the pandemic time and the decrease in energy resources such as coal and fossil fuels will provide ample opportunities for the development of solar panel manufacturing industry which will boost the demand the solar panel coating material.
Key benefits for stakeholders
Solar Panel Coatings Market Report Highlights
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The solar panel coatings market is expected to witness increased demand during the forecast period, due to rapidly increase in the need for renewable energy across the globe. This is attributed to surge in application of electronic appliances and machineries.
The need to sustain the demand for power in the future and the depletion of non-renewable energy resources such as coal and fossil fuels led to the development of renewable energy resources such as solar, wind, and tidal. Among all these renewable resources harvesting solar energy is cost efficient compared to other power generating renewable resources. The increasing awareness regarding the need for power in future generation and breakthrough & innovation of technology in the solar power generation sector is a major factor driving the growth of the solar panel manufacturing industries.
The government policies towards the tax rebates and strict regulations regarding the carbon emissions to the major manufacturing industries led to the development of renewable energy resources. The increase in population and innovation in the agricultural machinery and automation in most of the sectors have led to increase in the demand for power. This lead to the development of solar power plants in the developing and developed countries led to business expansion of photovoltaic manufactures hence fuelling the demand for the solar panel coating market.
A. Increase in surge in applications with widespread usage of solar energy as an alternative for conventional power generation and the support policies and the investment of the government and private organisations to promote solar energy are the driving factors and opportunities in the solar panel coating market.
A. Partnership and agreement are the key growth strategy for solar panel coating market players in order to attract the end users.
A. Asia-Pacific will provide more business opportunities for solar panel coating in future.
A. Akrema Group, Advanced Nanotech Lab, Diamon-Fusion International Inc., Fenzi SpA, Koninklijke DSM N.V, Nanoman, Nanopool GmbH, PPG Industries Inc., Unelko Corporation, and 3M.
A. Other (Nano Coating) segment holds the maximum share of the solar panel coating market.
A. Energy, Commercial, Residential, and Agriculture are the potential customers of Solar Panel Coating industry.
A. Increase in demand for power due to increase in innovation of extensive power consuming electronic products led to the development of solar energy and this current trend expected to influence the Solar Panel Coating Market in the next few years.
A. Automotive, Agriculture and electronic solar powered devices are key applications expected to drive the adoption of Solar Panel Coating.
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