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 wasvalued at around US$ 2,000 Mn in 2017 and is anticipated to expand at a CAGR ofapproximately 27% during the forecast period. The global solar panel coatingsmarket is driven by rise in the demand for solar panels and increase ingovernment-supported incentives to generate renewable energy by using solarpanels. Solar panel coatings have excellent absorption capacity and high lighttransitivity. They offer resistance to dust and harsh environmental conditions.Solar panels are extensively utilized in generating energy in residential andother end-use industries such as commercial, energy, agriculture, andautomotive. The solar panel coatings market in Asia Pacific is expanding at aconsiderable CAGR, due rise in the demand for solar panels to generate energy.
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High demand for solar panels and minimalmaintenance costs to drive market
Rise in the demand for solar panels for generating energy led by theshift toward using renewable energy for power generation is driving the solarpanel coatings market. Also, minimal costs incurred for maintenance of solarpanels are propelling the solar panels industry. This, in turn, drives thesolar panel coatings market. Solar panel coatings make solar panels resistantto impact and scratches and provide waterproofing to these panels. 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 reducethe maintenance cost and improve the life and efficiency of solar panels by30%. This increases the life span and overall efficiency of solar panels. Thisfactor is projected to propel the solar panel coatings market during theforecast period.
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Solar panel coatings offer excellent light transitivity and highabsorption capacity and reduce reflection. This results in reduction of energyloss, which makes these coatings ideal for application in various end-useindustries such as residential, commercial, energy, agriculture, andautomotive. However, manufacturers of solar panels face challenges such as highinitial investment and low returns on investment (RoI). This acts as arestraint for the solar panel coatings market.
Rising demand for solar panels to boost theanti-reflective segment
Based on type, the global solar panel coatings market has been segmentedinto anti-reflective, hydrophobic, self-cleaning, anti-soiling, anti-abrasion,and others. The anti-reflective segment is anticipated to account for a majorshare of the market from 2018 to 2026, due to rise in the demand for solarpanels from end-use industries such as residential, commercial, energy,agriculture, and automotive. Anti-reflective solar panel coatings offerincreased absorption capacity and improve light transitivity, thereby enhancingthe overall efficiency of solar panels.
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Residential end-use industry segment to dominatethe global solarpanel coatings market
In terms of end-use industry, the global solar panel coatings market hasbeen divided into residential, commercial, energy, agriculture, automotive, andothers. The residential segment is anticipated to dominate the global marketbetween 2018 and 2026, owing to rise in the adoption of installation of solarpanels for generating energy for residential purposes across the globe. The residentialsegment is anticipated to expand at a significant pace from 2018 to 2026, dueto the rising demand for installing rooftop solar panels for generating solarenergy.
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Increase in solar panel installations forgenerating energy in developing countries such as China, India, and Brazil tooffer growth opportunities to the market
Geographically, the global solar panel coatings market has beensegregated into major five regions: North America, Europe, Asia Pacific, LatinAmerica, and Middle East & Africa. Asia Pacific is anticipated to hold amajor share of the global market during the forecast period, led by China. Thisis attributable to increase in the number of solar panel installations in theregion. The solar panel coatings market in Asia Pacific is projected to expandat a rapid pace during the forecast period. Rising demand for solar panels fromthe residential sector in Asia Pacific is anticipated to boost the solar panelcoatings market in the region between 2018 and 2026.
Consolidated market with a few players dominatingthe 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-FusionInternational Inc. (DFI). India and China are rapidly expanding economies inthe world. Successful penetration of solar panel coatings market in thesecountries is anticipated to create more opportunity to these companies duringthe forecast period.
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